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Will the Financial Transaction Tax (FTT) be the end of the FDAX?
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Will the Financial Transaction Tax (FTT) be the end of the FDAX?

  #11 (permalink)
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SuperSaan View Post
That makes me happy. Thanks for the reply.

You're welcome. I wish I could have given you a more reassuring answer but as it stands there's been a lot of action out there this year. The lines are blur on this one with regards to Frankfurt Xetra and I'm not sure where that's headed. There's several ways to circumvent the FTT though, which is dependent on what they define as a taxable transaction. But I'm not a tax adviser, legal counsel or broker, so I will wait and see.

It's good to know that you're happy with their proposed arrangement and I will try to give my feedback to EU regulators (many of them were my classmates) and the guys from Deutsche Boerse if I get the chance.

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  #12 (permalink)
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artemiso View Post
You're welcome. I wish I could have given you a more reassuring answer but as it stands there's been a lot of action out there this year. The lines are blur on this one with regards to Frankfurt Xetra and I'm not sure where that's headed. There's several ways to circumvent the FTT though, which is dependent on what they define as a taxable transaction. But I'm not a tax adviser, legal counsel or broker, so I will wait and see.

It's good to know that you're happy with their proposed arrangement and I will try to give my feedback to EU regulators (many of them were my classmates) and the guys from Deutsche Boerse if I get the chance.

Very understandable.

Bloomberg reported in May that the U.K. will probably go back to court when the final proposal is ready. The U.K. and Sweden are afraid that the FTT will hurt their economy. Good news as well.

If you hear anything behind the scenes would be great if you post it here.

I will follow the news closely and if there are any developments I will post it here too.

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  #13 (permalink)
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Bad news


A deal on the FTT is now within reach.

EU deal on financial transactions tax 'within reach': Moscovici | Reuters

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  #14 (permalink)
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SuperSaan View Post

It just adds a little bit more to the fact that the EU is on a cliff...

EU Politicians are taking many actions, of which they don't always understand the impact to the fullest
for example production companies who need to hedge their materials, etc...

The revenue of the tax will be not much, but it will force some business to relocate and people
to do things differently.


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  #15 (permalink)
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rleplae View Post
It just adds a little bit more to the fact that the EU is on a cliff...

EU Politicians are taking many actions, of which they don't always understand the impact to the fullest
for example production companies who need to hedge their materials, etc...

The revenue of the tax will be not much, but it will force some business to relocate and people
to do things differently.


We are ruled by a bunch of socialists and idology-driven Gutmenschen, that feel the need to force all to the greater good - as defined by them.

They criminalize entrepreneurs (Uber) and give freebies to the social justice warriors.

They are only topped by the class of lying, leftwing journalists - that poisen the heads of a hole continent since 50 years.
With few to none checks and balances for this guild.

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  #16 (permalink)
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I would be curious to see the impact on the EU region (an its economy), if things would run really out of hand
and we would see for example 2, 3, 4, 5 million refugees over a period of 1, 2, 3 years ?

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  #17 (permalink)
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in Chicago, usually during elections some candidates bring up the proposed LaSalle Street Tax, which would tax futures and options trades between $1-$2, then the CME comes out and says they will just move everything to Florida and that basically kills the chatter about the LaSalle Street Tax. They say that tax could generate $10-$12 billion a year. If it became a federal tax as opposed to a state tax then the CME would have a problem.

If it happened in the EU it is not easy for Eurex to move everything offshore as it would be for the CME to move to Florida which is still in the US. This is where an exchange like SGX (Singapore) would benefit, they would probably start a look a like contract, which they have done with Nikkei and Taiwan Indicies. Taiwan imposed an FTT then later removed it, the volume in Singapore dropped as the volume went back to Taiwan. The FTT didn't create as much revenue as expected in part because trading decreased onshore but increased offshore (Singapore).

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  #18 (permalink)
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US Bond Trader View Post
in Chicago, usually during elections some candidates bring up the proposed LaSalle Street Tax, which would tax futures and options trades between $1-$2, then the CME comes out and says they will just move everything to Florida and that basically kills the chatter about the LaSalle Street Tax. They say that tax could generate $10-$12 billion a year. If it became a federal tax as opposed to a state tax then the CME would have a problem.

If it happened in the EU it is not easy for Eurex to move everything offshore as it would be for the CME to move to Florida which is still in the US. This is where an exchange like SGX (Singapore) would benefit, they would probably start a look a like contract, which they have done with Nikkei and Taiwan Indicies. Taiwan imposed an FTT then later removed it, the volume in Singapore dropped as the volume went back to Taiwan. The FTT didn't create as much revenue as expected in part because trading decreased onshore but increased offshore (Singapore).

Probably the same will/would happen in Europe after a few politicians have invented a law, for which not all things have been thought through . and then has more effect, like job losses, ... often the result of those quickly invented taxes...

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  #19 (permalink)
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US Bond Trader View Post
in Chicago, usually during elections some candidates bring up the proposed LaSalle Street Tax, which would tax futures and options trades between $1-$2, then the CME comes out and says they will just move everything to Florida and that basically kills the chatter about the LaSalle Street Tax. They say that tax could generate $10-$12 billion a year. If it became a federal tax as opposed to a state tax then the CME would have a problem.

If it happened in the EU it is not easy for Eurex to move everything offshore as it would be for the CME to move to Florida which is still in the US. This is where an exchange like SGX (Singapore) would benefit, they would probably start a look a like contract, which they have done with Nikkei and Taiwan Indicies. Taiwan imposed an FTT then later removed it, the volume in Singapore dropped as the volume went back to Taiwan. The FTT didn't create as much revenue as expected in part because trading decreased onshore but increased offshore (Singapore).

The problem with the EU FTT plan is that all EU residents plus all European assets, derivatives,
and underlyings except for sovereign debt would be affected. So even moving the complete Eurex
business to another legislation wouldn't be a solution for European residents nor for derivatives
e.g. on the DAX.

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  #20 (permalink)
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choke35 View Post
The problem with the EU FTT plan is that all EU residents plus all European assets, derivatives,
and underlyings except for sovereign debt would be affected. So even moving the complete Eurex
business to another legislation wouldn't be a solution for European residents nor for derivatives
e.g. on the DAX.

I imagine the UK or Asia will pick up the instruments (or create their own replicas) and trade them on their own exchange.

So non Europeans could still get access to trade without the FTT. But it is hard to see a way around it for the European traders, other than trading non European instruments on non European exchanges.

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