Correcting a problem starts with education, morality and ethics. Screw this Robin Hood tax.
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Correcting the problem also starts with attempting to correct the problem. Tacking on another tax for banks to deal with, without attempting to clean up the balance sheets doesn’t do anything other than pile on more problems.
I love how they have predictions on revenue, but don’t realize that if this was enacted on a global level, volume in the market would be easily cut in half.
Bid-less vortex anyone?
not sure about cut in half but i could belive a 15 – 20% reduction in trade.
definitely not the answer.
I’m just thinking HFT would cease to exist, as the tax would be greater than their average profit. But then I’m just jumping to conclusions about how much volume is made up from HFT.
It’s total B$. I would love to see how the estimates of revenue are derived. There is no way trading volumes would stay constant with a $50 per $10,000 fees. Can you imagine the effect on pension funds?