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Submission + - EU Proposes HFT Transaction Tax (bbc.co.uk)

Dr_Barnowl writes: The BBC reports that the UK opposes a proposed new tax on transactions with at least one end Europe. Why is this "News for Nerds"? The proposal includes tax on derivatives, an instrument the High Frequency Trading stories we've been chowing down on recently. With the proposed tax being 0.1% or 0.01% for derivatives, the story highlights the sheer volumes involved — it's speculated that the tax would earn some €57B a year ($78B), around 80% of it from the City of London. A transaction tax like this is something frequently proposed in Slashdot HFT discussions. The UK says that it will veto the tax "unless it was imposed globally" — should the USA follow suit and impose a similar levy targeted at the trading desks of the NYSE?

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