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

[southall]

Ukip have their own agenda. they like to stir up the anti european vote.

The EU FTT wont be able to hit derivatives issued in london or elsewhere.Simply no practical way to impose a tax on derivatives issued outside the ftt zone from what i can see.

Shares and bonds are a different matter as they can get caught by a stamp duty on transfer.


If the EU FTT wants to charge london banks a stamp duty like ftt on shares and bonds, that will be a form of extra territorial reach.

So the UK may have to agree to some level of extra territorial reach.

 

[Robert A. Green]

European Union Exit? Concerns Grow for Britain - NYTimes.com
http://www.nytimes.com/2012/10/28/world/europe/european-union-exit-concerns-grow-for-britain.html

My thinking: Cameron's threatening an EU exit referendum is probably related to the EU's FTT attack on the UK. If the UK has 70% or more of transactions, and the EU wants to tax them, and the UK objects, it's fair to call it an EU attack on the UK. Yes, the UK has stamp duty, but Brussels wants to take over that UK tax revenue to support their euro, which the UK is not a part of. Plus, the EU wants to move transactions to the center in France and Germany. They covet London's domination of finance and want to rein it in with regulations set in Brussels, which the UK objects to, as well.

An attack on London the money center is also an attack on NYC and Chicago. The US must support the UK here and Geithner is in lame-duck mode.

Hopefully, Cameron's threats will be sufficient blow back on the Germans and French. Even if London leaves the EU, they will be hit with this EU FTT.

This "tiny" FTT - as it's mislabeled and sold - has the power to break the EU apart. The proponents view it as EU glue, whereas, I see it as an EU earthquake.

Go Giants! I may be offline with Hurricane Sandy for a few days. Be safe neighbors.

 

[tomdavis]

Quote from Robert A. Green:

European Union Exit? Concerns Grow for Britain - NYTimes.com
http://www.nytimes.com/2012/10/28/world/europe/european-union-exit-concerns-grow-for-britain.html

My thinking: Cameron's threatening an EU exit referendum is probably related to the EU's FTT attack on the UK. If the UK has 70% or more of transactions, and the EU wants to tax them, and the UK objects, it's fair to call it an EU attack on the UK. Yes, the UK has stamp duty, but Brussels wants to take over that UK tax revenue to support their euro, which the UK is not a part of. Plus, the EU wants to move transactions to the center in France and Germany. They covet London's domination of finance and want to rein it in with regulations set in Brussels, which the UK objects to, as well.

An attack on London the money center is also an attack on NYC and Chicago. The US must support the UK here and Geithner is in lame-duck mode.

Hopefully, Cameron's threats will be sufficient blow back on the Germans and French. Even if London leaves the EU, they will be hit with this EU FTT.

This "tiny" FTT - as it's mislabeled and sold - has the power to break the EU apart. The proponents view it as EU glue, whereas, I see it as an EU earthquake.

Go Giants! I may be offline with Hurricane Sandy for a few days. Be safe neighbors.

The UK exit threat is a shot across the bow of the EC-10-FTT countries, letting them know that there will be consequences for an FTT with extra-territorial reach. Unfortunately, many of the FTT proponents are such fanatics I doubt they'll even notice.

 

[andohmeeta]

Bankers and trading chiefs say it is still too soon to determine the impact of the French financial transaction tax that imposes a 0.2% levy on ...

http://www.efinancialnews.com/story...pact-of-french-tax?mod=sectionheadlines-PE-TT

 

[Explorer]

Dutch agree to FTT:

http://www.irishexaminer.com/business/dutch-agree-to-eu-robin-hood-tax-212471.html

 

[Explorer]

Financial services companies, and stock brokers in particular, may start moving out of the Netherlands because of the new coalition’s plans, the Financieele Dagblad reports on Wednesday.[...]

http://www.dutchnews.nl/news/archives/2012/10/financial_sector_angry_at_coal.php

 

[colonial dr]

Do any of you want the EU to stay together? It will not hurt traders, and it will break apart the most liberal and pro socialist union today. Get rid of the French, and get rid of the Dutch trying to push FTT. Let Britain call the EU part of their country and they can be the ones who tell the Greeks to get their lazy @$$ to work or face prison.

 

[tomdavis]

Quote from Explorer:

Dutch agree to FTT:

http://www.irishexaminer.com/business/dutch-agree-to-eu-robin-hood-tax-212471.html

Dutch agree to FTT only if pensions exempt. Unlikley that other EC-10-FTT would agree to this. Would cut FTT revenues by 40-50%.

 

[bjw]

Quote from tomdavis:

Dutch agree to FTT only if pensions exempt. Unlikley that other EC-10-FTT would agree to this. Would cut FTT revenues by 40-50%.

tomdavis, interesting post. do you have any source that confirms that 40-50%?

 

[Grandluxe]

Quote from colonial dr:

Do any of you want the EU to stay together? It will not hurt traders, and it will break apart the most liberal and pro socialist union today. Get rid of the French, and get rid of the Dutch trying to push FTT. Let Britain call the EU part of their country and they can be the ones who tell the Greeks to get their lazy @$$ to work or face prison.

The British are one of the laziest workers in the developed world.