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

Luxembourg PM speaks out against FTT

http://www.gouvernement.lu/salle_presse/actualite/2012/03-mars/15-juncker/index.html

(google translation)
In the presence of Finance Minister Luc Frieden, Jean-Claude Juncker and Volker Bouffier [also] discussed the taxation of financial transactions. "Depending on the nature of the load borne by the financial sector, it may be relayed to bank customers or lead to a relocation of certain banking activities in Frankfurt and Luxembourg to London. What will not help the thematic issue, "said Prime Minister of Luxembourg.

For Jean-Claude Juncker, we must determine "how a proper load and just may be requested to the financial sector that has not been flawless in the development of economic and financial crisis. We are not against greater participation financial sector to the costs of the crisis, but we want an instrument that can precisely fulfill its purpose and relate in particular to certain financial products unreasonable and potentially dangerous. What matters to us is the nature of the load borne by the sector financial, not the botched implementation of a simplistic ".
 
Nice. Juncker is an heavy weight. If they are now trying to seek an agreement on a bank tax or a tax on liabilities, the threat of a FTT will diminish greatly. Sarkozy is starting to look like a clown with his retail stamp tax with toppings ... And it's already voted...LOL

There seems to be a correlation between the stock markets and the FTT debate. The debate is getting hot after important bear episodes( End of 2009 with Gordon Brown in St Andrews, end of 2011 with Merkel and Sarkozy getting crazy ), and after that when the stock markets starts to go up again, they( kind of ) forget about it...
 
Quote from TraDaToR:


There seems to be a correlation between the stock markets and the FTT debate.
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Certainly the low VIX and rise in markets hasn't hurt, as well as the big cuts in financial center employment. The "Financial Industry" that an FTT is designed to target isn't the same industry that it was in 2008.

By now the bad players have all gone sailing. Literally.
 
EU-Wide, Euro Zone-Wide Financial Transaction Tax Unlikely-German Fin Min

BERLIN (Dow Jones)--German Finance Minister Wolfgang Schaeuble told lawmakers Tuesday that he considers it unlikely that a tax on financial transactions can be implemented either in all 27 European Union states or even just in the 17-nation euro-zone, according to participants in the meeting.

Schaeuble was briefing a parliamentary committee about the results of the most recent meeting of finance ministers from the EU and the euro group.
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http://online.wsj.com/article/BT-CO-20120320-709475.html
 
Fantastic news...the enemy is realising defeat!

More on the same news item:
https://mninews.deutsche-boerse.com...aeuble-mulls-rules-high-frequency-tradesource

BERLIN (MNI) - German Finance Minister Wolfgang Schaeuble sees little chance for the introduction of a financial transaction tax in Europe and is therefore considering regulations on high frequency trading, a source said Tuesday.

At a meeting of Chancellor Angela Merkel's CDU/CSU parliamentary group, Schaeuble had said the chances for introducing a financial transaction tax in the whole European Union are "very low," said the source who attended the meeting.

Yet, the chances for introducing the tax only on the Eurozone level are even lower because many countries believe that it would only make sense on the EU level, the minister said, according to the source.

Schaeuble said it was therefore necessary to consider alternative measures like regulating high frequency trades, the source said.

In other remarks, the source said that the government's bill to ratify the European Stabilisation Mechanism (ESM), the Eurozone's permanent rescue fund, received a broad support at today's parliamentary group meeting.
 
BERLIN—Germany appears to have accepted defeat in its efforts to convince other European countries to impose a kind of sales tax on financial transactions in the European Union or in the smaller euro zone, possibly putting up an obstacle to ratifying the permanent euro-zone bailout fund in Parliament.

"The probability of imposing an EU-wide financial-transaction tax is very slim," German Finance Minister Wolfgang Schäuble told a gathering of conservative lawmakers on Tuesday, according to a person in the meeting. He also said that introducing the tax in the euro zone alone "would be no easier."

Mr. Schäuble added that the government would now look for alternatives to the transaction tax, but didn't elaborate, according to the participant.

http://online.wsj.com/article/SB10001424052702304724404577293701598450994.html?mod=googlenews_wsj

Also:
Mr. Schäuble ruled out the idea of imposing a British-style stamp tax on stock purchases, but said Europe needed to find alternatives that included regulation of derivatives and high-frequency computer trading. "We will try to achieve what is possible," he said, according to the participant.
 
Quote from Explorer:

BERLIN—Germany appears to have accepted defeat in its efforts to convince other European countries to impose a kind of sales tax on financial transactions in the European Union or in the smaller euro zone, possibly putting up an obstacle to ratifying the permanent euro-zone bailout fund in Parliament.

"The probability of imposing an EU-wide financial-transaction tax is very slim," German Finance Minister Wolfgang Schäuble told a gathering of conservative lawmakers on Tuesday, according to a person in the meeting. He also said that introducing the tax in the euro zone alone "would be no easier."

Mr. Schäuble added that the government would now look for alternatives to the transaction tax, but didn't elaborate, according to the participant.

http://online.wsj.com/article/SB10001424052702304724404577293701598450994.html?mod=googlenews_wsj

Also:
Mr. Schäuble ruled out the idea of imposing a British-style stamp tax on stock purchases, but said Europe needed to find alternatives that included regulation of derivatives and high-frequency computer trading. "We will try to achieve what is possible," he said, according to the participant.
More...

Very good news indeed. So no EU or EZ ftt and Germany has also ruled out a stamp tax. Wow this is quite impressive. Poor France (LOL).
 
It almost sounds like it was a setup by Germany and the others, make France go over the hill first with the transaction tax, see that it sucks, then retreat.

Like that scene from Braveheart where Mel Gibson's troops charge into battle but the reinforcements turn away because they had been bribed beforehand.
 
As the wheels fall off the european FTT train our enemies turn on each other.:)

http://www.tax-news.com/news/EU_Parliamentary_President_Slams_Merkel_On_FTT____54567.html

During a recent gathering of the German Social Democrats (SPD) in Berlin, President of the European Parliament Martin Schulz (SPD) called into question whether German Chancellor Angela Merkel is actually serious about the introduction of a financial transactions tax.

Underlining the need for a tax on financial transactions, as “a matter of justice” to ensure that those responsible for the crisis finally contribute to the costs, and arguing that the planned fiscal compact is not enough, Schulz asked whether the Chancellor is merely as “powerless” as it appears, or whether she is actually seeking to prevent the introduction of a financial transactions tax alongside other conservative heads of state and government.[...]
 
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