Herman Cain wants a 9% consumption tax, from him no ftt. To cut a deal he may have to include all sales which would include investments. You ready for a cain 9% tax on every stock or derivitive sale? People going to pay 9% tax to attend university?
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
HFT hedge funds would shun EU if financial transactions tax is imposed, Aite Group warns:
http://www.cooconnect.com/news/deta...sactions-tax-is-imposed-aite-group-warns/2254
High frequency trading hedge funds would leave London en masse if the European Unionâs (EU) proposed financial transactions tax is implemented, according to research and advisory firm Aite Group.
âHigh frequency trading hedge funds which by nature are high volume traders will leave the EU. The main beneficiaries of this proposal, if it is enacted, will be New York, Switzerland and financial jurisdictions in Asia,â said Simmy Grewal, an analyst at Aite specialising in European equity trading markets.
A financial transactions tax would also damage liquidity â given the lack of liquidity in the EU at the moment, this is not a welcome scenario. âIf this rule gets passed, it will just push liquidity elsewhere. Regulators in the US or Asia will not implement a similar rule if they see that it leads to an exodus of financial institutions in the EU,â she added.
There is a strong likelihood that pressure from London, industry organisations and some of the more temperate figures in the EU will lead to the proposal being moderated much like the Alternative Investment Fund Managers Directive (AIFMD) was.
âIt will probably be watered down to cater for Londonâs interests. Most of our clients doubt it will be passed in its current form. The rules are a long way off so it is at the back of peoplesâ minds although financial firms are aware of what is going on,â highlighted Grewal.
http://www.cooconnect.com/news/deta...sactions-tax-is-imposed-aite-group-warns/2254
High frequency trading hedge funds would leave London en masse if the European Unionâs (EU) proposed financial transactions tax is implemented, according to research and advisory firm Aite Group.
âHigh frequency trading hedge funds which by nature are high volume traders will leave the EU. The main beneficiaries of this proposal, if it is enacted, will be New York, Switzerland and financial jurisdictions in Asia,â said Simmy Grewal, an analyst at Aite specialising in European equity trading markets.
A financial transactions tax would also damage liquidity â given the lack of liquidity in the EU at the moment, this is not a welcome scenario. âIf this rule gets passed, it will just push liquidity elsewhere. Regulators in the US or Asia will not implement a similar rule if they see that it leads to an exodus of financial institutions in the EU,â she added.
There is a strong likelihood that pressure from London, industry organisations and some of the more temperate figures in the EU will lead to the proposal being moderated much like the Alternative Investment Fund Managers Directive (AIFMD) was.
âIt will probably be watered down to cater for Londonâs interests. Most of our clients doubt it will be passed in its current form. The rules are a long way off so it is at the back of peoplesâ minds although financial firms are aware of what is going on,â highlighted Grewal.
Whether the article is true or not, it would not hurt to contact our representatives in Washington. Unless they hear from us, maybe they will change their mind due to articles such as the one in Politico. I already called the offices of my three reps in DC earlier today to let them know where I stand.
This is critically important.
All ET members should call their representatives.
When calling an elected representative's office, it's very important to be polite and professional. People who are calm, knowledgable and serious-minded have the best shot of being heard. The more calls they get against the tax, the more they'll pay attention.
Be prepared to give them a clear and concise reason why you're against the FTT.
All ET members should call their representatives.
When calling an elected representative's office, it's very important to be polite and professional. People who are calm, knowledgable and serious-minded have the best shot of being heard. The more calls they get against the tax, the more they'll pay attention.
Be prepared to give them a clear and concise reason why you're against the FTT.
[...]Mr Semeta replied that the scope would need to be as wide as possible, but said he was fully aware that it would not yet be possible to go global. He also stressed that if some Member States were not willing to participate it would be possible to use enhanced cooperation, with the tax being imposed on all institutions headquartered in the participating countries, thereby also taxing their activities outside[...]
http://www.europarl.europa.eu/en/pr...or-more-revenue-and-changed-trading-practices
No mention of a veto-blocking VAT here, as he talks about participating countries.
http://www.europarl.europa.eu/en/pr...or-more-revenue-and-changed-trading-practices
No mention of a veto-blocking VAT here, as he talks about participating countries.
Malta is against the FTT and is cutting income tax rates for companies that relocate there. London is extremely pricey and the Netherlands and Sweden have high taxes, so Malta could end up being the big winner from the FTT fallout.
Over 12% of Malta's GDP is financial services, so they already have infrastructure in place. It won't be long until German financial firms start looking for new digs in Malta.
Over 12% of Malta's GDP is financial services, so they already have infrastructure in place. It won't be long until German financial firms start looking for new digs in Malta.
Why Malta? German trading firms will go to Switzerland, just like the british funds are already doing. Switzerland is closer, have more financial firms already in place and they're NOT in the EU. With this FTT proposal, the EU can't attract trading business anymore, in Malta or anywhere else( anyone creating a trading firm in the EU right now is a complete moron ), the best they can do is to try to save those already in place.
The FTT will not be EU-wide and Malta has said that they won't participate because the EU can't impose taxes on them. I agree that Switzerland is attractive in many ways, but Malta is very inexpensive (relative to London and Zurich/Geneva) and their tax rates are extremely low (15% max on business that relocate there). What we may see is the larger firms move to Switzerland and the smaller, lower-overhead firms move to Malta.