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

Quote from Robert A. Green:

There could be a huge brain drain out of London back to NYC and Chicago. NYC exchanges, stock indexes and apartments are looking pretty good now. Cosmopolitan bankers won't want to move to dour Switzerland, which is too small and quaint, and in the midst of shock over failed bank secrecy and a US FATCA grip.
More...

Perhaps for Americans but not Europeans, Geneva is already a huge platform for commodity merchants and numerous big UK hedge funds have already moved to Switzerland.

And by the way, if you are not american and don't already have a job offer in NY and Chi, it's a complete pain in the ass to immigrate to the US to trade professionally or create a small prop firm. E2 treaty investors visa are expensive , have to be renewed every 2 years...I know , otherwise I would be in the US already...:)
 
The UK is caught between a rock and a hard place and their body language is pretty lame. They are one election away from Labour and caving to Franco German forces on FTT and the banking union. FT editorials seem desperate.
More...

Both the head of Labour and their finance guy have stated they are in agreement with an International FTT, not one on an EU level.
 
Quote from sheda:

Both the head of Labour and their finance guy have stated they are in agreement with an International FTT, not one on an EU level.
More...

They explicitly said they don't want an european only FTT ?I missed this...Great. :)
 
Labour does seem to realise a regional only tax will drive business from London to NYC and the far east and will be very damaging for the UK. They have supported a global tax but I don't think they will support what's being proposed in the EU as it will ultimately be very bad for Britain and for Exchequer.
 
"The Commission and the Parliament have argued that the tax will encourage pension funds to buy and hold assets to maturity."

If so, it shows they are completely illiterate about this topic (but we already knew). They want a static society with no flexible capital allocations?
 
You must log in or register to reply here.
Back
Top