Great article and well written. He nicely explains many of the points we made all along. FTT is political distraction and economic craziness.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Great article and well written. He nicely explains many of the points we made all along. FTT is political distraction and economic craziness.
Can someone give us a nice primer on day trading CFD? That's how UK-based traders avoid stamp duty which applies to stock. I guess the CFD makers in the UK will export their ideas to Paris now.
http://en.wikipedia.org/wiki/Contract_for_difference
http://www.contracts-for-difference.com/markets/cfd-markets.html
Even if labeled derivatives in France, the derivative's FTT rate is a small fraction of stock.
What's the status or prospects for CFD in the U.S., too?
I am guessing they are over counting their 9 votes, the minimum needed for enhanced cooperation in the EU for new EU-related tax policy. France knows it is off-base by going solo, and Sarkozy justifies it as lighting a match for the minimum 9 needed. but, he is really doing it to save his own reelection.
Don't count in Finland and I think some of the other 9 aren't rock solid either. They are still bluffing and claiming political strength, but it's a French mirage.
Semeta says:
"But I greatly regret that the Commission's own figures have been systematically misrepresented by opponents. It is simply not true that our impact assessment predicts that the FTT will cost 1.76pc of GDP or hundreds of thousands of jobs.
Our proposal itself categorically rejects the option calculated to have that effect. The FTT in the form we are proposing it will not damage European competitiveness. It will not destroy jobs. "
Well, he supposedly repudiates the findings of the EC Impact Assessment (http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm - see part 16 especially, page 34 onwards), but does not provide a new or revised study to show the wonderful effects of the current proposal.
If you cannot be bothered to go through the massive pile, wikipedia has a summary of the impact here.
http://en.wikipedia.org/wiki/European_Union_financial_transaction_tax
" So they need to do better than that"
why? it is like a crocodile that eats people. it is their nature.
did the specialist on the nyse ever give the retail trader a break? he was always looking to get exempted from rules i.e. short sale rules that john q. public was subjected to.
in France proposed FTT exempts market makers.
Goldman and the banks/brokers are rarely.on your team. that is the bottom line.
This is unreal. So this idiot is saying that the numbers that are clearly stated in the EC impact assessment are just plain wrong? These socialists are just pathetic. I can't wait to see the 'new' studies with the newly fudged numbers...
-Guru