Rich people screwed. Free college ,$500 a week unemployment for the next 9 months .

[Vindago]

What's wrong with the reach people being screwed?

Not a communist but when I think that people like Bezos, Musk, Zuckerberg etc. have personal rich similar to GDP of a small country while there are people that needs to work 3 jobs to stay afloat I think that there is something fundamentally wrong with our world.

by the way, if you are a successful trader you should not care one bit about ftt as it will just be another cost of doing business.

 

[Vindago]

ftt, where is in place, is about 0.1-0.2% of the gain to round trip trade, so for a trade that makes you 100$ it is at most 20c$ who cares!

 

[wrbtrader]

Bezo’s and company will have 1/2 their wealth taken. Transaction tax 100% coming . Days of traders sitting in their undy’s pressing buttons all day coming to and end.

Only wannabe retail traders, retail traders that treat their trading like a hobby or losing retail traders coming to an end.

Profitable retail traders...part-time or full-time will continue on.

Regardless, trading eventually will be for those that have a lot of money as in fuck you money or those with another job. Thus, trading should never be for those with very little money that can not afford to be a trader.

wrbtrader

 

[freeman311122]

ftt, where is in place, is about 0.1-0.2% of the gain to round trip trade, so for a trade that makes you 100$ it is at most 20c$ who cares!

“
The Congressional Budget Office predicts a 0.1% financial transaction tax, equivalent to $1 per $1,000 traded, will generate $777 billion of new revenue over 10 years. This is the rate proposed by many Democratic candidates and in Congress.
“

it is 0.1%-0.2% of the value of the trade.

it is disaster for HFT and scalper! Most of the market activities are driven by HFT, I wonder the impact.

 

[Vindago]

there is something wrong with that statement: the NASDAC alone trade over 250B$ daily on average, add to this the Dow and the S&P plus forex, futures etc and you probably have a few trillions of $ traded daily. the revenue would be in the range of 500B$ a year, in ten years it would be 5 trillion $ and not 777 billion...

 

[Sig]

there is something wrong with that statement: the NASDAC alone trade over 250B$ daily on average, add to this the Dow and the S&P plus forex, futures etc and you probably have a few trillions of $ traded daily. the revenue would be in the range of 500B$ a year, in ten years it would be 5 trillion $ and not 777 billion...

The number of HFT trades will fall dramatically if a FTT is passed, so you can't just assume historic trading volume will continue when you do the math.

 

[Vindago]

yes, definitely. Well, then, speculators would simply move to derivatives and avoid the tax.

 

[freeman311122]

The number of HFT trades will fall dramatically if a FTT is passed, so you can't just assume historic trading volume will continue when you do the math.

It is not possible for HFT to make money any more, and they will have to stop trading. A scalper makes round trip of 500 daily with each trade of $20K will have to pay 0.1% of $10M, which is $10k. HFT will pay even more. This is not possible to implement since it will have huge impact on the market.

The number of HFT trades will fall dramatically if a FTT is passed, so you can't just assume historic trading volume will continue when you do the math.

 

[gkishot]

ftt, where is in place, is about 0.1-0.2% of the gain to round trip trade, so for a trade that makes you 100$ it is at most 20c$ who cares!

Not of the gain but of transaction amount, gain or loss. It's not called FTT for nothing.

 

[Sig]

It is not possible for HFT to make money any more, and they will have to stop trading. A scalper makes round trip of 500 daily with each trade of $20K will have to pay 0.1% of $10M, which is $10k. HFT will pay even more. This is not possible to implement since it will have huge impact on the market.

I was answering the question as to the apparent discrepancy in the CBO math which was really just them doing their best to accurately model the reality that taxes always impact the market they are imposed on. Nothing to do with if FTT is good or bad. I for one wouldn't cry if HFT went away, but think FTT is a bad idea because of implementation issues.