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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
http://www.spiegel.de/international/europe/0,1518,806728-2,00.html
Merkozy's Men: Advisers Seek to Bridge Euro Differences - SPIEGEL ONLINE - News - International
Are these two officials, Musca from France and Meyer-Landrut of Germany going to be the key figures hashing out FTT in France and Germany?
Anyone see their writings or statements on FTT? No mention of FTT in the above linked article.
Merkozy's Men: Advisers Seek to Bridge Euro Differences - SPIEGEL ONLINE - News - International
Are these two officials, Musca from France and Meyer-Landrut of Germany going to be the key figures hashing out FTT in France and Germany?
Anyone see their writings or statements on FTT? No mention of FTT in the above linked article.
http://www.dailymail.co.uk/news/art...sting-new-Tobin-tax-implemented-end-2012.html
Elections nearing in France and Germany.. the game is about to heat up.
"But a Downing Street source said last night that the PM would veto any attempt to impose such a tax across Europe and would be happy for the Eurozone to impose one on single currency countries, because that would give Britain a competitive advantage.
âWeâre not having it,â the source said. âIf they want to go for it, thatâs fine. They cannot impose a tax upon us. If they go it alone it will just turn the City into a more competitive place."
Elections nearing in France and Germany.. the game is about to heat up.
"But a Downing Street source said last night that the PM would veto any attempt to impose such a tax across Europe and would be happy for the Eurozone to impose one on single currency countries, because that would give Britain a competitive advantage.
âWeâre not having it,â the source said. âIf they want to go for it, thatâs fine. They cannot impose a tax upon us. If they go it alone it will just turn the City into a more competitive place."
Quote from tomdavis:
Why do you think the Eurex exchange is not concened?
I have not read any press releases about them squirming about this tax, of all exchanges they will be the hardest hit, yet they say nothing?
Then there was this very telling post by ET member Dogfish a few months ago on one the Eurex threads, he met with some Eurex employees in Dubai of all places:
"As for tobin tax they said they had heard no strategy planning for it at their level if it is implemented and basically said they just hoped it wouldn't happen because if it does it's game over. The cash bond guy said it would blow the bid ask out but continue in some form."
http://www.elitetrader.com/vb/showthread.php?s=&postid=3360796#post3360796
"Don't worry â this small tax targets major banks and investment firms, not ordinary investors or consumers. "
This is the lying SHIT they spew to the public. Unreal they can say that!!
Liberal socialist lie lie lie.
"Will an FTT harm ordinary investors?
No. The tax would not apply to normal consumer activities, such ATM use, debit card purchases, 401(k) plans, and initial issuance of home loans.
Traders could also be legally barred from passing along the costs to consumers. The main target is big banks and investment firms, such as Citigroup, JP Morgan, Goldman Sachs and Morgan Stanley. They alone account for almost 25 percent of total global market volume on currency trades."
Lol. Liberals are insane liars!!
No. The tax would not apply to normal consumer activities, such ATM use, debit card purchases, 401(k) plans, and initial issuance of home loans.
Traders could also be legally barred from passing along the costs to consumers. The main target is big banks and investment firms, such as Citigroup, JP Morgan, Goldman Sachs and Morgan Stanley. They alone account for almost 25 percent of total global market volume on currency trades."
Lol. Liberals are insane liars!!
http://www.ft.com/cms/s/0/4028c5d4-37ba-11e1-9fb0-00144feabdc0.html#axzz1idpwMlii
So they want to make goverment and company bonds issued in the ftt zone attract the tax even if the bond is re-sold outside the ftt zone.
Is it possible to track government and corporate bonds in such a way like share stamp duty, keep a central database and every time the bond changes hands anywhere in the world a stamp like tax has to be paid, otherwise the sale is not legal?
They can do it with shares, but not with derivatives and fx as there is no registration involved.
But can they do it with bonds?
So they want to make goverment and company bonds issued in the ftt zone attract the tax even if the bond is re-sold outside the ftt zone.
Is it possible to track government and corporate bonds in such a way like share stamp duty, keep a central database and every time the bond changes hands anywhere in the world a stamp like tax has to be paid, otherwise the sale is not legal?
They can do it with shares, but not with derivatives and fx as there is no registration involved.
But can they do it with bonds?
Eurozone officials are seeking to make this design more watertight by requiring any financial product issued by a government or company in the transaction tax area also be subject to the levy, regardless of where the parties executing the trade are based.
âIt is a belt-and-braces approach,â said one European official, who compared the measure to stamp duty. However, its implementation is legally contentious and will inevitably lead to flare-ups with Britain, particularly over how the tax is collected.
The most radical option under consideration is to collect the tax via the post-trade plumbing of the financial system, through which financial transactions are cleared and settled. This could potentially allow eurozone governments to tax euro-denominated derivatives trades, which are much harder for the taxman to capture, even when they take place between two British institutions.
One key decision pending in Brussels could make this easier. If NYSE Euronext and Deutsche Börse win approval next month for a merger to create the worldâs biggest exchange, the majority of European exchange traded derivatives would be cleared in Frankfurt, giving eurozone governments the chance to slap a levy on trading in most euro-denominated products, even when it involves London institutions. One eurozone diplomat said: âIt is clear that if we had to do something at the eurozone level it would have to be designed in such a way that it would not be an unfair benefit to London if it decides not to join.â
There are serious legal questions over an aggressive design of a eurozone-only tax and contingency planning is at an early stage.
French officials are in contact with Germany to produce a paper on a transaction tax before the Brussels summit with a view to proceeding without Britain and any other countries that refuse to take part.
I just added this comment to the last FT article.
I've been wondering for sometime about why NYSE/Euronex would merge with Deutsche Bourse, with Germany pushing FTT, and other punitive measures against banks, investment management, and traders.
Post merger, would the NYSE be an escape hatch for refuge trades from Germany's euro-center, or would the reverse apply, with Frankfurt being a global-reach-penalty zone? This article hints at the later penalty zone scenario.
In this case, shouldn't the NYSE terminate the deal? Going forward with the merger seems very reckless for the NYSE board, to merge with an exchange in a hostile country to financial services. Germany will interfere and severely restrict the NYSE activities and profit margins._
Wouldn't it have been crazy for Ford to merge with Mercedes before WWII, even if Ford would have liked the idea? If you don't recognize Germany's war on banking and trading, you've swallowed the liberal-socialist propaganda, scapegoating banks and traders for all ills. Did banks force these same government officials to borrow and waste trillions? Don't destroy financial markets, cut spending and fire these government crooks.
NYSE and other exchanges, speak up now before it's too late and don't be subservient to Franco-German socialism and financial suicide. End that merger.
The Germans are designing their eurozone FTT to explode in London, NYC, Chicago, Hong Kong and other money centers. The G20 said no, but Germans won't take no for any answer. Their efforts will wind up being unconstitutional in Germany and in contravention of EU-formation and tax treaties. This FTT fight is headed for several different courts of law and it will be a mess to sought out. Which court will decide it?
I've been wondering for sometime about why NYSE/Euronex would merge with Deutsche Bourse, with Germany pushing FTT, and other punitive measures against banks, investment management, and traders.
Post merger, would the NYSE be an escape hatch for refuge trades from Germany's euro-center, or would the reverse apply, with Frankfurt being a global-reach-penalty zone? This article hints at the later penalty zone scenario.
In this case, shouldn't the NYSE terminate the deal? Going forward with the merger seems very reckless for the NYSE board, to merge with an exchange in a hostile country to financial services. Germany will interfere and severely restrict the NYSE activities and profit margins._
Wouldn't it have been crazy for Ford to merge with Mercedes before WWII, even if Ford would have liked the idea? If you don't recognize Germany's war on banking and trading, you've swallowed the liberal-socialist propaganda, scapegoating banks and traders for all ills. Did banks force these same government officials to borrow and waste trillions? Don't destroy financial markets, cut spending and fire these government crooks.
NYSE and other exchanges, speak up now before it's too late and don't be subservient to Franco-German socialism and financial suicide. End that merger.
The Germans are designing their eurozone FTT to explode in London, NYC, Chicago, Hong Kong and other money centers. The G20 said no, but Germans won't take no for any answer. Their efforts will wind up being unconstitutional in Germany and in contravention of EU-formation and tax treaties. This FTT fight is headed for several different courts of law and it will be a mess to sought out. Which court will decide it?