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Freeloaders will actually have to contribute so it will never go anywhere.Interesting. What's the down side?
Wallstreet is heavily against it since it is essentially a new tax on any type of trading activity. It disproportionately affects the most active traders. Wallstreet is really good at getting what they want.Interesting. What's the down side?
Yes. Most of those transactions are done with very thin margins that a .7% round trip tax would completely eat. The overnight repo market would disappear. Market making operations would be severely limited. (not that these are necessarily bad outcomes, just that the revenue will not be there.)They only used half of all current transactions in their estimate. You think transactions will decrease by more than 50%?