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Tobin Tax on currency transactions 0 replies
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Dislikedwith UK and Japan against it, we get to live....but its only a matter of time before all spot forex bucketshops are run out of town....the futures guys will win the war.Ignored
Dislikedi dont think we lost our time, learning and trading. Weather we would buy/ sell currencies , futures or options ...is still the same thing, almost. I would only be worried, if they somehow forbid electronic trading ...
However, this is not directly against speculators ..but it is about collecting taxes, and other revenues provided by different exchanges. Markets rose tremendously in the last 10 year( look at BIS figure),and still are. This is where government wants their hand involved.Ignored
Disliked
So how likely is it that this tax is implemented successfully? As people have said, it will not work if it is not a global co-operative move. How likely is that? (These are questions for anyone that really knows about this stuff, not statements).
As I understand it if it is not a global move then banks will just move their opperations to the nations not implementing this tax right?Ignored
DislikedIf this tax is implemented it will mean the last 10 years of my life have been a complete and utter waste of time.
Common bro, there´s much more to life than trading....keep your head up....
I´m worried too...but life´s still awsome in so many ways...Ignored
Disliked
Yes there is much more to life than trading, but this is my bread and butter and I have no other qualifications.
So there is more than just the fact that they are going to destroy the markets if this tax is successfull. They will also destroy many peoples livelihoods although I am sure this means nothing to them.Ignored
DislikedCheers triphog. So what will happen to EUR/USD and other EUR pairs. Will spreads widen and liquidity fall etc etc which would be a sure consequence if this was a co-operative move globally. Why would the German and French banks not just move operations to UK or any other nation that does not implement the tax. As you say, it will not last long if it is implemented, but a couple of years is a long time and then we have the recovery period before everything gets back to normal.Ignored
Dislikedpipjaeger: if you have a dual nationality passport german/us you have the option of choosing either london or zuerich as your residence. both will not take part initially and are way better in their living standards (especially zuerich) than anything in germany. however the question will be how they implement the whole thing since they will implement some kind of "if your counterparty is in a tobin tax country - somebody gotta pay".Ignored
DislikedI'm not dual nationality, I'm an american under a foreign residence visa in Germany because my wife is German. I think this affords me a lot more opportunities to avoid this fascist tax. And I have to agree, Zuerich is amazing. I really want to live just north of Zuerich near the Bodensee. I just gotta get my German wife to want the same.Ignored
DislikedInteresting cause I found 2 articles in that thread that state that it would not affect Forex.
If they stick to the Barroso plan from a few months back, Forex would not be taxed.Apparently that would be a disadvantage for THEM (the Governments) when borrowing money.Don´t ask me how that works, I´m not an expert.
http://www.bild.de/geld/wirtschaft/f...2620.bild.html
Actually if you dig deeper, you will find the details on the Barroso Plan...Ignored