by In the FT, Jim Brunsden reports that the European Commission’s 2013 proposal to install a financial transaction tax has not made much progress. At least nine countries have to sign up. The report highlights that key differences remain on how to craft exemptions from the tax, including the problem of how to shield transactions in other non-participating EU countries such as Britain. Other splits concern how to protect market-making activities by banks, and also what carveouts should apply for derivatives that are used by traders to hedge risk when they buy sovereign debt.
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Dirk Niepelt considers the following as important: Derivative, European Commission, European Union, Financial stability, Financial transaction tax, Notes, Sovereign Debt, Tax
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In the FT, Jim Brunsden reports that the European Commission’s 2013 proposal to install a financial transaction tax has not made much progress. At least nine countries have to sign up.
The report highlights that key differences remain on how to craft exemptions from the tax, including the problem of how to shield transactions in other non-participating EU countries such as Britain. Other splits concern how to protect market-making activities by banks, and also what carveouts should apply for derivatives that are used by traders to hedge risk when they buy sovereign debt.