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

Quote from bjw:

the part that was really sad btw was the french contribution. all the rhetoric about how the european population thinks the financial sector is undertaxed, should pay its fair share, bla bla bla, and then that french dude says: well, if we can't get agreement on a euro-wide ftt, maybe our own new stamp tax can act as an example to the rest of europe". a tax which ffs the financial sector doesn't have to pay, only the european population itself. it's so bloody stupid, it's crazy nobody with any sort of political power seems to pick up on this.
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I agree. The impetus has gone from France. Now it's just cynical posturing and electioneering
 
Quote from jackpearson:

Obama has been quoted as saying he liked the idea of the tax & it must be done. THe 2 people who talked hi out of it will be gone from the Administration after the November elections. If Obama wins again in Novembe,r there's cause for concern. Especially with the massive deficits the country is racking up.
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Geithner and Brainard are both leaving after the next election. The FTT will definitely be in play. The only way to stop it is to make sure the Republicans maintain control of either the House or the Senate if Obama wins re-election. The 2012 elections could determine the outcome of the FTT in the US.
 
Quote from Explorer:

Not quite more of the same because no one's going for a EZ-17 tax or smaller anymore. It's 27 or a search for something new now.

So the commission can go away and massage it's figures for a "compromise" proposal in/before June. But the UK, Sweden and others will stand firm and so the FTT will be scrapped by the end of the Danish Presidency, and the search (fruitless or otherwise) will start for an alternative tax acceptable to 27.
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Thanks for the updates.. If it's true that no one's going to try for an EZ-17 or smaller based tax then it is indeed good news. We all know a EU 27 ftt isn't going to see the light of day. Maybe they should set their sites on some sort of bank tax but no that would make too much sense:)

-Guru
 
Quote from listedguru:

Thanks for the updates.. If it's true that no one's going to try for an EZ-17 or smaller based tax then it is indeed good news. We all know a EU 27 ftt isn't going to see the light of day. Maybe they should set their sites on some sort of bank tax but no that would make too much sense:)

-Guru
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Perhaps I jumped the gun a bit here. I should have said no one called for an EZ-17 or smaller FTT but they didn't rule it out either - they just didn't mention it. But the pro FTT countries did talk about seeking common agreement with all 27 and looking at compromises and alternatives to do that.
 
Quote from listedguru:

Thanks for the updates.. If it's true that no one's going to try for an EZ-17 or smaller based tax then it is indeed good news. We all know a EU 27 ftt isn't going to see the light of day. Maybe they should set their sites on some sort of bank tax but no that would make too much sense:)

-Guru
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The UK, Sweden, the US and almost everyone else in the world has agreed to support direct bank taxes like the ones proposed by the IMF, but Barroso and Semeta have kept those taxes off the table for serious discussion because they know it will kill off the FTT.

The irrational EU commission keeps pushing for an unworkable tax they can't get (the FTT), but refuses to work toward a tax on which there's broad agreement and could easily pass. Barroso and Semeta are maniacally obsessed with the FTT and refuse to let go of it.
 
IB is already proposing "preventive" alternatives for euro customers. I don't know if it is a coincidence or not. Today's mail from IB :

"IB continues to expand its successful CFD offering.
The constituent stocks of the following indices are now available for trading:

UK: FTSE 350
Germany: Dax, MDax, TecDax
France: CAC Large Cap, CAC Mid Cap
The Netherlands: AEX, AMS Mid Cap
Italy: FTSE MIB
Spain: IBEX 35"

CFDs are not subject to the French FTT that will come this summer.
 
Quote from bjw:

the part that was really sad btw was the french contribution. all the rhetoric about how the european population thinks the financial sector is undertaxed, should pay its fair share, bla bla bla, and then that french dude says: well, if we can't get agreement on a euro-wide ftt, maybe our own new stamp tax can act as an example to the rest of europe". a tax which ffs the financial sector doesn't have to pay, only the european population itself. it's so bloody stupid, it's crazy nobody with any sort of political power seems to pick up on this.
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Just before the FTT Law was voted, I sent letters to 6 different newspapers and my deputy and initiated threads on french forums about it. Even french "traders" don't seem to catch on it. The only people understanding the importance of a "market making" and "market making hedging" exemption are the people asking for it. I would have never thought this would end up like this, a war for more tax on banks ending with a tax on retail and bank monopoly on short term trading. I thought politicians had experts to help them, but no, Politics is just about reading 3 articles, one on FTT , one on HFT and one on CDS, deciding it's bad and trying to tax it in the most ineffective way, accomplishing the contrary of what you tried to do, giving exemptions to the usual suspects...
 
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