WTF just happened?
- Thread starter pattern39
- Start date
This is the most comical thread -- how in the world do you guys trade without real-time news -- oh right, with paper.
They are proposing it. Like every other time this tax is introduced (in many different countries) it will get shot down instantly. They tried it before twice in the past (I believe somewhere in Asia) and it was a disaster in the stock mkts over there. The second time it was cancelled within days/weeks.
The mkt just dropped because of the EU Bond news....the financial transaction tax thing is meaningless....because it won't happen.
it will for sure, stock markets must not be a center stage of economy
they turned into a casino right now and get the economy as a hostage and it must be stopped
It would be a good way to start taxing for example 0.01% with securities held less than 1 seconds to kill HFT and then gradually raise - 2 seconds in a year, 5 seconds in 2 years etc. and maybe gradualy increase tax amount too
Maybe over in France.....but over here. No way in hell it will even come close. They have brought it up a few times over the years and it couldn't get enough support to be taken seriously in the U.S.
As far as the HFT tax thing? I would lose no sleep if they did something like that and wiped them out. But again...will not happen in The U.S. The firms that do the HFT have WAY too much money and connections in Washington D.C. for that to happen.
As far as the stock market the center stage of the economy? Not sure about that. Economy has been horrific the last few yrs but the stock mkt has been going up.
If they did pass this tax in The U.S., the stock market would get obliterated.....make the last few weeks seems like nothing. Would destroy the economy.
Good news is if these dopes in Europe pass this thing a lot of traders would flee Europe and trade here...sending volumes a hell of a lot higher.
Quote from kashirin:
less than 1% move
considering current times this is a non event in markets
although I hope it's just an initial shock and sell off will come soon
Normally I would say you are right. But this was a lunch hour move on large volume. We are used to nutty lunch hour moves, but on small volume. This was a large volume, so I think it needs to be paid some attention.