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

i personally do not understand why us, uk and exchanges in the rest of the world don't just publically threathen to simply throw all euro parties off their exchanges if the concept isn't changed. this would help the anti-ftt lobby within those european countries as well.
 
Quote from Rantany:

Hmm.. what would be those 'astonishing' new demands

Whole article:

http://www.europolitics.info/united-kingdom-comes-up-with-new-demands-art344868.html

United Kingdom comes up with new demands
By Tanguy Verhoosel | Thursday 08 November 2012

"London does not want to participate in anything, but interferes in everything," came the irritated cry from various embassies this week. On 7 November, the United Kingdom came up with new demands concerning the enhanced cooperation that 11 eurozone member states want to launch regarding the financial transaction tax (FTT).

On 13 November, finance ministers from the 27 member states will carry out an 'inventory' of the dossier. Their meeting was prepared by the Committee of Permanent Representatives (Coreper), on 7 November.

During this meeting, the United Kingdom (which was more or less supported by countries such as Sweden, Malta, Ireland and Luxembourg, none of which want enhanced cooperation) issued new demands that have "astonished" the eleven countries - France, Germany, Austria, Belgium, Greece, Italy, Portugal, Slovakia, Slovenia, Spain and Estonia, soon to be joined by other countries, such as the Netherlands - that want to cooperate on the FTT.[...]
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If the UK, Sweden, Malta, Ireland, and Luxembourg vote against in QMV their votes would add up to 53 (http://www.eurofound.europa.eu/area...onary/definitions/qualifiedmajorityvoting.htm). 88 votes are needed to block.

Poland, with 29 votes,have expressed reservations about some of the impacts of the FTT and the Czech Republic, with 12 votes, are known to be opposed to a FTT. If their votes are added we could reach 94 votes and successfully block passage.

How likely all this is is debatable. Personally I am not that optimistic , but it is possible.
 
Quote from Explorer:

If the UK, Sweden, Malta, Ireland, and Luxembourg vote against in QMV their votes would add up to 53 (http://www.eurofound.europa.eu/area...onary/definitions/qualifiedmajorityvoting.htm). 88 votes are needed to block.

Poland, with 29 votes,have expressed reservations about some of the impacts of the FTT and the Czech Republic, with 12 votes, are known to be opposed to a FTT. If their votes are added we could reach 94 votes and successfully block passage.

How likely all this is is debatable. Personally I am not that optimistic , but it is possible.
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The Czech Republic's FM, Miroslav Kalousek, has stood with the UK and Sweden against the FTT every step of the way. His vote is pretty reliable. Denmark (7 votes) is another possible "no" vote. Margrethe Vestager, Danish FM, has said publicly that she thinks the FTT is a job killer. If the proposed FTT reaches across the Danish border, then Denmark could vote against.

But no matter how we add up the votes, it appears to come down to Poland.
 
A Chinese bank and a Chinese investment firm, who acts in the name of a Chinese branch of an industrial company established in Germany, conclude a currency futures contract in China for operations of the industrial company in Germany.
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Is this water tight I wonder? I see no benefit in raising the costs for consumers of said companys products, I really am curious of the ways companys are going to approach this.
 
tm8749


Registered: Sep 2007
Posts: 11


11-09-12 01:37 AM

A Republican US House of Rep. would never vote for an FTT, no matter who Obama appoints as Treasury Secretary. It doesn't matter whether he appoints someone that embraces that bowel movement called Occupy Wall Street. In addition, if the US agreed to enter into a Global FTT, wouldn't that fall under a 'Treaty' type of agreement, which would require at least 67 votes in the U.S. Senate to ratify?
Yes, the GOP had a rather lously 2012 election, losing a few Senate seats, and the presidency, but they did maintain the U.S. House majority by a rather comfortable margin despite the Democratic turnout being almost identical to the 2008 model. Actually, the minority block voters turned out for Obama by a higher rate than in 2008, and yet the GOP only lost a small handful of House seats.
The way I see it, there two things the House GOP will feel intense pressure on. That is raising taxes on the very top bracket of wage earners (The Rich), and Immigration reform. FTT is not an issue they will give in to. Ever. Even when Democrats had a super majority in the Senate, and an overwhelming majority in the House, not one piece of FTT legislation ever made it out of committee. Yes, more progressive clown Democrats were elected to the Senate, but as long as the GOP holds at least one house of congress, and has the ability to filibuster in the Senate, the FTT is one issue that won't see the light of day in becoming law in the US, or evolving into any sort of Global FTT agreement.

I see your point , it is extremely unlikely at this time that an FTT will take hold in the united states at this present time. I hope things in this regard stays constant. thank you for your post!
 
Quote from bjw:

i personally do not understand why us, uk and exchanges in the rest of the world don't just publically threathen to simply throw all euro parties off their exchanges if the concept isn't changed. this would help the anti-ftt lobby within those european countries as well.
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I don't know why but pressure, exemptions, delays are always coming late when it come into force. Look at what is happening with Dodd-Frank, or how the US banks threatened France on ADRs in the last days before deadline... They need to wake up fast on this, this is uber-mess all over the world.

If I am right, they are trying to force EU resident institutions to keep a day-to-day accounting of the tax they owe( calculate the value of the tax for each trade...LOL...Think about the cost of this for the euro guy on top of tax...LOL) and stick the non EU party with the charge to prove the absence of link with the EU territory...

Like I am a Wisconsin farmer trying to hedge my crop on CBOT and accidentally trade with a Euro guy, the Wisconsin farmer needs to prove to Germany they don't owe the tax... Wake up Obama ,this is completely crazy...
 
Quote from TraDaToR:

Wisconsin farmer needs to prove to Germany they don't owe the tax... Wake up Obama ,this is completely crazy...
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Obama just woke up and speaks French now: Trrax Rrhrichh !

I would not count on this administration to do anything that makes sense. So they will pursue the opposite and might have a second look at FTT thinking about next election.
 
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