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

Quote from listedguru:

So I guess Germany and France are going to go ahead with some sort of ftt and hope that some other countries follow suit? This will be very interesting to watch going forward. Can you say slow motion train wreck.

-Guru
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I think they are hoping that the 9 countries that have signed the letter to the Danish EU presidency, about speeding up the FTT negotiations, will form an enhanced cooperation ( which requires at least nine willing countries), to adopt the FTT in their countries. But it is still the question if all those 9 countries really have the intention to introduce the FTT in their country, when it's not EU- or at least EZ-wide. Italy (Monti) e.g. has always said that he will support a FTT only if it's EU-wide. And i also doubt if Finland would support a FTT when it's even less than EZ-wide. So Germany (probably) does now, but without the support of at least 8 other countries there will be no enhanced cooperation of FTT willing countries.
 
I hope the union loses in Wisconsin will help keep the US out of a FTT.
It is the unions that are pushing for FTT the most. The rationale for this tax is to help Government pay its debt..ie public pension obligations.
 
Quote from Mercor:

I hope the union loses in Wisconsin will help keep the US out of a FTT.
It is the unions that are pushing for FTT the most. The rationale for this tax is to help Government pay its debt..ie public pension obligations.
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The unions also lost in California.

http://www.scpr.org/programs/patt-m...-success-of-san-diego-san-jose-pension-refor/

It may take some of the wind out of their sails temporarily, but don't expect them to give up on the FTT. They've made a big investment in the FTT (including pro-FTT television commercials) and they've made it a "money and votes" issue for the 2012 election.

Anything that damages union credibility helps us in the short term, but don't expect the FTT issue to go away.


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Luxembourg PM still opposes FTT unless EU-wide including London:

http://www.dradio.de/dkultur/sendungen/tacheles/1779076/

(Google translation)
Germany Kultur: The Chancellor, Mr Juncker, has abandoned its opposition to the so-called financial transactions tax and a little of the French President, François Hollande, the newly elected, is one of the proponents. Will there be tax on financial transactions such as on a broad European level?

Jean-Claude Juncker: So, I just wish that there would be a financial transaction tax on the broadest European level. And even if it would be on the broadest European level, it would still be desirable, it would also give them to the broadest international level. The debate location and status of the table are such that it is not possible, can be introduced on the broadest European level this financial transaction tax, as a nature always. I'm very much believe that we have a greater involvement of the international financial sector in the cost of the crisis would have to seek consequences, not only should, but really have to. Furthermore you will have to entertain both the € Group and at the level of the 27 Member States, as the financial sector will be stronger in the Nachfinanzierungspflicht, also from the international financial sector triggered the financial and economic crisis may involve. It will be seen in the next few months.

Germany Kultur: Luxembourg would be there. If the arrangements for which have since signed in Berlin on the basis also of the EU Commission's proposal, 0.1 percent and 0.01 percent, depending on the securities or derivatives that would be a tax that could live with the Luxembourg?

Jean-Claude Juncker: I can live with the tax if all the financial centers of Europe and other financial centers outside the European Union would support it in this step.

Germany Kultur: So, even London.

Jean-Claude Juncker: Yes, but it may not even be that some financial centers would suffer, that businesses would relocate the out of this financial center for London, therefore, considered to be from Luxembourg, Frankfurt, from Amsterdam, from Paris or from anywhere else, according to London would emigrate and the British would be laughing up his sleeve. We need a cohesive solution.

Germany Kultur: They do so only if London to take part?

Jean-Claude Juncker: So, I can not imagine that it made sense to introduce a tax for which I am in principle and very energetic and am when this tax was introduced only in some financial centers, cause nothing would, because the business to London or elsewhere would delocalize. That's it, we could always say that politically we are the great heroes, we make and the money is gone and the stores are gone and the income of such financial transaction tax will be relatively minimal, because the transaction to take place elsewhere.

So I'm for a stronger impact of the international financial sector, but I am opposed to an instrument that is presented when, and aesthetically beautiful look, but this leads to no results. I am in favor of policies that are not only right, but that is also correct.

Germany Kultur: But what are the chances of agreement is because under these conditions? So you have to talk only with London, if London join in.

Jean-Claude Juncker: Yes, we are talking constantly with our British colleagues in the Council of the 27 finance ministers. It is not also the case that only London are opposed to the introduction of such a tax would do the others, for example, Sweden is doing very intensive. Because Sweden has the kind of tax introduced in the early 90s, in the first year has recorded a massive increase in its tax revenues and the following year found that the transactions had emigrated to London. Therefore, Sweden is for example very intense and sometimes very impulsive against the repetition of this error.

To my position again to make it clear, I'm for a stronger impact of the financial sector, but not in the form of a tax which allegedly do some financial centers and other centers of financial disadvantage.
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Because Sweden has the kind of tax introduced in the early 90s, in the first year has recorded a massive increase in its tax revenues and the following year found that the transactions had emigrated to London. Therefore, Sweden is for example very intense and sometimes very impulsive against the repetition of this error.
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Um, did the first year see MASSIVE tax increases? I cant recall, looks to me as though he is framing it as " look it worked and we solved that pesky problem of taxes moving away"
 
HFT is great for smaller traders... But rips off investors and large players...

Quote from zdreg:

he who is more powerful wins.

tell me who is more powerful the banks or the posters on ET.
let us not forget those not so bright individuals on ET who would like to put the hft traders, our natural allies, out of business.
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