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

It's interesting that in one example, even one french branch of a US institution( a EU 11 resident ) might be able to prove that there is no link between the transaction and the territory of the member states.

However, The international community must react fast against this threat. I think this proposal is perhaps compliant with EU law but it must be ignoring a lot of bilateral treaties with non participating states...We need a strong response from the financial countries. In last resort, most exchanges worldwide should simply stop business with EU11 residents, it's still better than having 95% of your client base worrying permanently about being caught in an infected transaction out of Europe...

These EU11 are nobody in the finance world except Germany. They are trying to inoculate cancer to the rest of the world.
 
“The administration has consistently opposed a financial transactions tax on the grounds that it would be vulnerable to evasion, create incentives for financial re-engineering, and burden retail investors,” Jack Lew, President Barack Obama’s nominee for Treasury secretary, said in response to a written question from Orrin Hatch of Utah, the top Republican on the Senate Finance Committee.

http://www.bloomberg.com/news/2013-02-25/eu-tax-chief-urges-u-s-support-for-transactions-levy.html
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Lew Nomination for Treasury Chief to Get Committee Vote Feb. 26
 
Quote from FightTheFuture:

“The administration has consistently opposed a financial transactions tax on the grounds that it would be vulnerable to evasion, create incentives for financial re-engineering, and burden retail investors,” Jack Lew, President Barack Obama’s nominee for Treasury secretary, said in response to a written question from Orrin Hatch of Utah, the top Republican on the Senate Finance Committee.

http://www.bloomberg.com/news/2013-02-25/eu-tax-chief-urges-u-s-support-for-transactions-levy.html
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Lew Nomination for Treasury Chief to Get Committee Vote Feb. 26
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I like that response.
 
I am optimist for the US, less for the UK. They can't simply say to EU11 institutions to go trade elsewhere in last resort. EU11 customers represent a really low percentage of US markets. The UK have to create a more elaborate firewall so that all the burden of the tax end up on the EU11 institution. It's also harder because exchanges like NYSE Euronext are part in part out of the tax...

There was probably a bit of tension between Semeta and Lew. I hope the treasury secretary will take this personally. It would be also great that all the free world( US, UK, Canada, Sweden, Japan, Korea, Australia, China, Russia... ) send a common letter to the EU to make them understand they are just a tiny minority and that they can't tax the world unilaterally. The US need to talk with Merkel only on this problem, all the rest are just crazy liberals who won't have their word in the final implementation...
 
either way, jack lew speaking out so clearly against any ftt, without any room for negotiation, is a very good development.
 
Quote from Pasternak:

Interesting development. I still think it's more likely FTT will not happen than it will.
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I think it probably wont happen for a few years yet in the mean time they will keep pumping it and applying pressure to get other countries to jump on board. Then if no one else joins in they will do a cut down version like the french have. just to show they did something after all these years.
They may even wait until next UK elections in two years time, maybe try and convince any future labour government to sign up..
 
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