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Transaction tax may drive FX market from London
A European Union financial transaction tax could threaten London's status as the world's biggest foreign exchange center and fuel volatility by draining liquidity out of the market. German Chancellor Angela Merkel and French President Nicholas Sarkozy last week floated plans for a tax on all financial transactions, designed to curb speculative activity that some say undermines market stability. But the proposal has provoked scepticism among some FX market players, who say speculators provide crucial liquidity for real money investors to execute trades. FX trade will simply move to financial centers outside of Europe ... (full story)
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