1/4% Tax on all stock trades pushed in NY Times today

Quote from Lamar95:
Hm, I can't find anywhere what was the position of Singapore about FTT. Does anyone knows what was their position?
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Barroso tries to twist arms on financial tax

[...][However] Singapore, a thriving financial centre which relies on low taxation, will be more difficult to convince. Barroso met with Lee Hsien Long, the country's prime minister, last Saturday to outline the EU's response to the sovereign debt crisis, including the possibility of an FTT.

Singapore, alongside other financial hubs in South-East Asia like Hong Kong, already employs an FTT of sorts on secondary trading in equity shares, and is reluctant to change its tax system unless there is a global agreement at the G20 which would extend its tax to a wider base of transactions.[...]

http://www.euractiv.com/en/euro-finance/barroso-tries-twist-arms-financial-tax-news-507312
 
Quote from Explorer:

Barroso tries to twist arms on financial tax

[...][However] Singapore, a thriving financial centre which relies on low taxation, will be more difficult to convince.
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More difficult than who? Who wants it apart from old trading unfriendly UE countries? Every country you visit , you get a "NO"...

Just like this : "he is aware of opposition to the measure from some countries outside of the EU.". And inside the EU? Everybody is fully backing it ??? You are a( too loud ) minority.
 
"is reluctant to change its tax system unless there is a global agreement at the G20 which would extend its tax to a wider base of transactions.[...]"

That made me cringe, I thought they would have said fuck off point blank.
 
It's politics.

A friend of mine who lives in Sweden says that government officials there have to address the issue in a politically correct manner because there's so much public support for the FTT. Even in Sweden where it was an unmitigated disaster, the FTT has over 55% public support in the polls. In some European countries, support is over 70%. Politicians have to be careful what they say.

As my Swedish friend said to me, "When the politicians say they're in favor of the financial transaction tax if the rest of the world also joins in, that's a way to oppose the tax without actually saying they're against it."


Quote from sheda:

"is reluctant to change its tax system unless there is a global agreement at the G20 which would extend its tax to a wider base of transactions.[...]"

That made me cringe, I thought they would have said fuck off point blank.
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Quote from Explorer:

Barroso tries to twist arms on financial tax

[...][However] Singapore, a thriving financial centre which relies on low taxation, will be more difficult to convince. Barroso met with Lee Hsien Long, the country's prime minister, last Saturday to outline the EU's response to the sovereign debt crisis, including the possibility of an FTT.

Singapore, alongside other financial hubs in South-East Asia like Hong Kong, already employs an FTT of sorts on secondary trading in equity shares, and is reluctant to change its tax system unless there is a global agreement at the G20 which would extend its tax to a wider base of transactions.[...]

http://www.euractiv.com/en/euro-finance/barroso-tries-twist-arms-financial-tax-news-507312
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This seems to indicate that the ftt issue was never discussed during Barroso's visit to Singapore:

http://www.gfsnews.com/article/2909/1/Canada__not_supportive__of_global_FTT


"Global Financial Strategy understands from commission sources that Barroso had a "brief discussion" with Australian Prime Minister Julia Gillard and other ministers about the FTT earlier this week."

"However Barroso did not raise it on his visit to see Singapore Prime Minister Lee Hsien Loong, despite suggestions that he is seeking to secure a global consensus on the controversial measure."

-Guru
 
http://allaboutalpha.com/blog/2011/09/06/the-secrets-of-high-frequency-trading/


The best article I've read with many points explaining the importance of HFT to longer term investors, traders and the smoother functioning of the markets during a time that volatility would be much greater without HFT.

The Wall Street Journal HFT article from Sept. 4th had most comments wanting HFT stopped and many want a transaction tax to stop HFT severely harming themselves as well.
 
Quote from FightTheFuture:

http://allaboutalpha.com/blog/2011/09/06/the-secrets-of-high-frequency-trading/


The best article I've read with many points explaining the importance of HFT to longer term investors, traders and the smoother functioning of the markets during a time that volatility would be much greater without HFT.

The Wall Street Journal HFT article from Sept. 4th had most comments wanting HFT stopped and many want a transaction tax to stop HFT severely harming themselves as well.
More...
The problem with that article is that after reading it, the author was making a pretty good case FOR the FTT when the basis of the article was supposed to be against it. It was a very poorly written article IMO.
 
Why? :confused: I am with FTF, I think it is one of the best article on the subject. I don't see where it would make a case for HFT... The only problem here is that not even 1/10th of FTT supporters can understand it.
 
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