Countries like the Netherlands, Czech Republic or Malta all have a somewhat modest domestic market but important prop firms( Optiver and all the options MM in Amsterdam, RSJ in Prag...) trading around the world and bringing back foreign currencies home. These are the countries that have the most to lose if the tax is applied based on domicile. These prop firms would relocate and restart activty elsewhere one month later, end of story. They wouldn't even have to think about it.What is RSJ profit margin with all the crossed trades? 0.0005 %( 50 cents per 100000 Euros )? Good luck trying to make them pay 0.01%...
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Are you sure? In the article I posted, the prime minister says there were positive reactions to the proposal.
Same here in fact. Poland has quite an important trading community( some people on ET ) trading the US market for the most part. They only have revenues to lose, nothing to make with a FTT...
I think in the article you posted Barroso was referring to a more general view of the entire financial framework that was laid out and not specifically the ftt proposal.
This is what I was referring to: (from July)
http://af.reuters.com/article/energyOilNews/idAFLDE76404220110705
ROSTOWSKI ON TOBIN TAX
A tax on financial transactions must be global to work or
else it risks being sidelined, Finance Minister Jacek Rostowski
of Poland, which now holds the European Union's rotating
presidency, said in Brussels late on Monday.
-Guru
Very nice story from the WSJ
http://online.wsj.com/article/SB10001424053111903895904576545093200230366.html?mod=googlenews_wsj
http://online.wsj.com/article/SB10001424053111903895904576545093200230366.html?mod=googlenews_wsj
Australia tells Barroso no on ftt:
http://www.nasdaq.com/aspx/stock-ma...e000254&title=barroso-doesnt-see-eu-recession
But the two sides disagree on the EU's plans for a financial transaction tax, which Gillard said won't be happening in Australia, a point Barroso acknowledged, saying he is aware of opposition to the measure from some countries outside of the EU.
Good news that Australia is holding firm on it's no position on the ftt. Of course they are not in the EU but they are a G20 country and Barroso is trying to get the G20 onboard (LOL)...
-Guru
http://www.nasdaq.com/aspx/stock-ma...e000254&title=barroso-doesnt-see-eu-recession
But the two sides disagree on the EU's plans for a financial transaction tax, which Gillard said won't be happening in Australia, a point Barroso acknowledged, saying he is aware of opposition to the measure from some countries outside of the EU.
Good news that Australia is holding firm on it's no position on the ftt. Of course they are not in the EU but they are a G20 country and Barroso is trying to get the G20 onboard (LOL)...
-Guru
Austrian financial minister says financial transcation tax must include the UK:
http://ransquawk.com/headlines/165318
Austrian finance minister says financial transaction tax must include the UK
ECONOMIC COMMENTARY
Says â Euro area members wouldnât press forward with a financial transaction tax without the British.
It seems as though more and more countries are no too keen on a EU ftt
No way the UK caves on this...
-Guru
http://ransquawk.com/headlines/165318
Austrian finance minister says financial transaction tax must include the UK
ECONOMIC COMMENTARY
Says â Euro area members wouldnât press forward with a financial transaction tax without the British.
It seems as though more and more countries are no too keen on a EU ftt
No way the UK caves on this...
-Guru
Canada has also clearly stated their opposition to the FTT. The more G20 countries that come out against it, the better.
http://www.cbc.ca/news/canada/calgary/story/2011/08/19/carney-flaherty-finance.html
"Canada will continue to oppose any sort of financial transactions tax," Flaherty said in response to a question by Conservative MP Dean Del Mastro. "It is scapegoating and it doesn't address the issue."
http://www.cbc.ca/news/canada/calgary/story/2011/08/19/carney-flaherty-finance.html
"Canada will continue to oppose any sort of financial transactions tax," Flaherty said in response to a question by Conservative MP Dean Del Mastro. "It is scapegoating and it doesn't address the issue."
Banks blast Franco-German transaction tax proposal
http://telegraphjournal.canadaeast.com/rss/article/1432778
"A pan-European transaction tax is not going to happen; this is just noise," said a trader at an investment bank in London.
The British Bankers' Association lobby group said: "The UK has taken the position that such a tax would only be viable if implemented on a global scale. Otherwise the consequences would be a distortion in the global markets."
http://telegraphjournal.canadaeast.com/rss/article/1432778
"A pan-European transaction tax is not going to happen; this is just noise," said a trader at an investment bank in London.
The British Bankers' Association lobby group said: "The UK has taken the position that such a tax would only be viable if implemented on a global scale. Otherwise the consequences would be a distortion in the global markets."
Hm, I can't find anywhere what was the position of Singapore about FTT. Does anyone knows what was their position?
http://www.investineu.com/content/s...-prime-minister-singapore-lee-hsien-long-78k9
The President of the European Commission, Jose Manuel Barroso, met the Prime Minister of Singapore H.E. Lee Hsien Long today. Both leaders expressed their commitment to further deepen the vibrant relationship between the European Union and Singapore, notably through the conclusion of a comprehensive Free Trade Agreement and a Partnership and Cooperation Agreement. President Barroso expressed his confidence that the ongoing constructive negotiations can be finalized successfully very soon.
The two leaders also discussed the situation in the global economy, ahead of the G20 Summit in November. President Barroso briefed on the developments in the Eurozone, stressing the determined measures the European Union was taking to address the sovereign debt issue in some Member States, on the reform of economic governance and on financial sector regulation. The regional situation in South East Asia and the deepening of ties between ASEAN and the European Union were also discussed."
http://www.investineu.com/content/s...-prime-minister-singapore-lee-hsien-long-78k9
The President of the European Commission, Jose Manuel Barroso, met the Prime Minister of Singapore H.E. Lee Hsien Long today. Both leaders expressed their commitment to further deepen the vibrant relationship between the European Union and Singapore, notably through the conclusion of a comprehensive Free Trade Agreement and a Partnership and Cooperation Agreement. President Barroso expressed his confidence that the ongoing constructive negotiations can be finalized successfully very soon.
The two leaders also discussed the situation in the global economy, ahead of the G20 Summit in November. President Barroso briefed on the developments in the Eurozone, stressing the determined measures the European Union was taking to address the sovereign debt issue in some Member States, on the reform of economic governance and on financial sector regulation. The regional situation in South East Asia and the deepening of ties between ASEAN and the European Union were also discussed."