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

Quote from zdreg:



this quote is for the mathematically disadvantaged on this thread who think they can live with a rate of .001 or .002 of the transaction amount. [/B]
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It´s 0,1% or in this case 0,2% of the transaction amount...
 
Quote from zdreg:

learn what the future is.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=246550&perpage=10&pagenumber=1

"Just a heads up to you guys, that I received a call from the higher ups at Goldman this morning to tell us about the French "transaction tax" takes effect on trade date August 1st. This is a 20 BPS tax that will be withheld on the buy amount.

For example, we have a trader who is up $5,000 trading TOT this year, but his transaction tax would have been $12,000. Eliminates this edge. Bummer. "

this quote is for the mathematically disadvantaged on this thread who think they can live with a rate of .001 or .002 of the transaction amount.
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France Economic Minister Pierre Moscovici has scheduled an urgent meeting to exclude ADRs from the tax after receiving a threatening letter from a syndicate of US bankers against the extraterritoriality reach of the new tax. A reality check for every wannabee worldwide taxer.
 
Here we go:


NOTIFICATION - FRENCH TRANSACTION TAX

Interactive Brokers would like to inform clients of the French Financial Transaction Tax (FTT) enacted in March 2012 and which comes into force 1 August 2012. Key information regarding the tax is provided below: Tax Rate: The rate is currently set at 0.20% Tax Base: The tax is assessed on the purchase of certain French equities. The French Ministry of Finance has released a list of 109 French companies whose securities are subject to the FTT. The tax is due on the net position delivered on settlement date, as such purchases and sales which settle at a common depository will be eligible to be netted for determination of the tax. Effective Date: The FTT is applicable to trades of August 1, 2012. IB anticipates charges to customer accounts shortly after this date Transaction Types: The FTT will be applied to both exchange trades as well as delivery of shares on exercise of an option or future contract. The FTT may also be applicable to shares received from a corporate action; however at this time the full scope of the corporate action types subject to FTT is unconfirmed. For a current list of companies subject to FTT as of August 1, 2012 click here ( http://ibkb.interactivebrokers.com/node/1963 ).
 
President Hollande this week launched the first tranche of France's financial transaction tax. Ed Miliband has just been greeted at the Elysée Palace, pointedly before David Cameron. Closely watching the progress of this leader of European resistance to austerity, Miliband has not, as yet, made the tax Labour policy, but he is seriously considering it.

How could he not? Nine European countries, including Germany, bring in the tax in December
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Have I missed an EU agreement to bring forth the tax in December?

http://www.guardian.co.uk/commentisfree/2012/aug/02/pivotal-moment-ed-miliband-radical
 
Quote from GATT:

Here we go:


NOTIFICATION - FRENCH TRANSACTION TAX

Interactive Brokers would like to inform clients of the French Financial Transaction Tax (FTT) enacted in March 2012 and which comes into force 1 August 2012. Key information regarding the tax is provided below: Tax Rate: The rate is currently set at 0.20% Tax Base: The tax is assessed on the purchase of certain French equities. The French Ministry of Finance has released a list of 109 French companies whose securities are subject to the FTT. The tax is due on the net position delivered on settlement date, as such purchases and sales which settle at a common depository will be eligible to be netted for determination of the tax. Effective Date: The FTT is applicable to trades of August 1, 2012. IB anticipates charges to customer accounts shortly after this date Transaction Types: The FTT will be applied to both exchange trades as well as delivery of shares on exercise of an option or future contract. The FTT may also be applicable to shares received from a corporate action; however at this time the full scope of the corporate action types subject to FTT is unconfirmed. For a current list of companies subject to FTT as of August 1, 2012 click here ( http://ibkb.interactivebrokers.com/node/1963 ).
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Is France the only country with this FTT ?
 
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