Tobin Tax Effect on Forex

He said that "all enterprises in france" have to pay the tax. I think this also includes frensh retail brokers. I don't know how they want to handle frensh offshore assets. I'm sure frensh banks can avoid the tax. From my point of view the way they want to introduce the tax is more stupid than the original approach. Unfortunately france is putting pressure on the german government in their decision process to introduce a transaction tax or a stamp duty tax.

Let's see how it plays out.

What brokers are France-based?

i don't know of any french broker at all just offices of foreign brokers like fxcm or saxo bank which immediately would close their offices ...

It´s pure politics,they even mention it clearly in the news...they´re just trading for votes...Sarkozy mentioned the pressure he had from the financial sector, and how heroically he resisted for the good of France,( who will loose heavy instead.,which he didn´t mention...)
The problem is the massiv popular support...they sell it as the solution of the crisis...and it´s working...same like cheap TV and mass garbage music...

lol, this topic makes my scary.

it is terrible what will hapened if it will come true.



in poland we have such stupid goverment that they will vote in blanco for tobin-tax, without even knowing what it is and how it enfluence on world-market.

we can discover some solution to avoid the tax, (for ex. double nationality)
but what for if the forex will be over?
lol.
i will become jobless.

i will become jobless.
[/quote]

Don´t think Forex will be over...and probably a 50 /50 chance they apply it on Forex anyway (pretty sure on stocks and C&).
It will be over on the country that applies it...a lot depends on Germany...they will follow like sheep...
They are all stuck in debt...blame it on the markets...people believe it and vote them...

Thought to post this URL on an article related to the topic.
http://en.wikipedia.org/wiki/Tobin_tax

I found it quite scary. Some people are not happy until they have control over everything and fit everything into the way they see how it ought to be, when it fails they still continue. These old ideas are very flawed and limiting to the world. They need to go back where they belong - a few centuries ago, IMO. Of course the proponents of these kind of clever ideas rely on us surrendering our sovereignty by signing up to foreign or International treaties or they inevitably fail. I am no economist but when we look at the history of the tobin tax just as many economists or more equally disagree with it, and the ones that do favour it seem to be very short sighted and naive, at least from what I see for their arguments for it. Maybe I just too much of an honest conservative that does not believe in stealing of other people's money, is against bank bailouts, nanny states, etc. So, do we have a list we can compile with bulletin points showing how this would fail if it was to be made global? I know at this point it is unlikely, but it isn't impossible in the future, if they get their way they will destroy whole markets and economies in the process, with new regulation on FX in the US in recent years it seems to have helped start that. This is something (tobin tax) that I had not weighted too much seriousness on it, and I had a heard it would not apply to spot trading, but when we look at the history of its origins it seems they do not want us to be able to trade any market at all, unless it is their very tightly regulated one, not an open one but their own corrupt manipulated one. Not one for access for all people. That's for sure, you would need very significant means to be successful or be eaten up alive. I thought I was one that had stopped being surprised just how easily "the common people" are easily misled by misinformation and used as a means to control. It is their enemy, the banks now so they must support it, even though it is most ignorantly and even despite it being to their own disadvantage. These people do not stop to think how many lives they will ruin in doing this. They do not care how many people they fool into supporting it either. When we look into the background of the these elitist and their cronyism such as James Tobin it does not come as any surprise.

Sorry for the post, it isn't well written but it does get across my main concern.

Question is what are we doing about it to prevent it... nothing. We could point out the real reasons for not having this. We need some of the best minds on this. I hope more post here for reasons why a global FTT is not in the interests of any of us including the non-trading public. I am sure there has to be many unknown affects this will have on world economies that we have not yet looked into. Won't it slow down economies all over the world if there was a global treaty for this FTT? It would mean no small fish could take part. It would be like going back to the dark ages and allow all the manipulation to just be more hidden from public view. Only deregulation is now blamed for this when it already predated that. I hope in 5 years or a decade from now OWS and all these other socialist FTT proponents will be well forgotten and we will still be living in a world that resembles some freedom and transparency still. But of course the people already think this is the only and one way for them to have their justice. In their minds this has to happen. I just hope the bank lobbies prevent it, I don't care how corrupt the public think it is, I hope someone with sense and rational prevails in the end.

http://www.theparliament.com/latest-...ight-direction

However, German EPP deputy Markus Ferber warned against viewing the FTT as the "magic solution to everything", and said that it needed to ensure that costs are not simply passed down the line to pension funds which invest in financial products.

Further comment came from ECR spokesperson on economic affairs Kay Swinburne, who said the commission is rewriting its FTT impact assessment, attempting to gloss over the truth of a 1.76 per cent drop in GDP and an exodus of EU companies.

"The assessment was clear: an FTT will lead to job losses, slow growth, and businesses leaving the EU altogether. The commission wants to whitewash these warnings," she said.

"The EU institutions pay lip service to jobs and growth but behaviour like this exposes the real agenda. The commission is adamant it will impose this tax, regardless of the consequences."

How could they think it even possible that a tax cost is not passed on to the end user/buyer? Every tax has to be in order to stay in any business. And every tax that exists makes business more difficult and in some cases impossible to conduct in many countries.




http://www.tax-news.com/news/Dutch_C...____53892.html
Dutch Central Bank Deems FTT 'Unworkable'



http://www.moneymarketing.co.uk/poli...045296.article
Hoban: French FTT does not mean eurozone tax is inevitable


Financial Transaction Tax is unworkable: the letter in full

An alliance of bankers and city trade associations have attacks “flawed” European Commission analysis of the merits of a financial transactions tax and highlighted an apparent contradiction in the stance on derivatives trading. Here is the letter:

http://www.telegraph.co.uk/finance/n...r-in-full.html

Proposed EU Financial Transaction Tax - Impact Analysis on FX markets

You can download the report by Oliver Wyman of GFMA's Global FX division below.

Start posting anti FTT material on every relevant politicians fb page. We should let them know what we think. Any anti FTT arguments will have more integrity coming from the average joe's.

Just when I thought "little Tobin" might be asleep...

Idiot german opposition wants to sign the "big pact for Europe" ONLY under conditions of implementing the tax!!
Everybody wants it now except little FPD party...(good luck!)

Sleep little Tobin, sleep tight for another 100 years..zzzzzzzz

Here´s the article in Handelsblatt (german)

http://www.handelsblatt.com/politik/...n/6296854.html

Forex demo account is risk-free and easy to use. Forex traders do not need to worry about making a loss when trading with forex demo account. Moreover, a great deal of forex brokers provides forex demo account, giving forex traders much convenience in opening a forex demo account. With all those advantages, forex demo account seems perfect.

Impossible to police, or administer on a worldwide basis. The compliance would cost more than the tax revenue collected..three letters "HFT", how could that possibly be taxed?

Sure but it makes no cash...OK if it´s fun though, better than loosing on real

I agree but tell those politicians, they don´t care, it´s just popular on voters, that´s the issue, although their gamble will cost more than make money ...

And more tax needs to be raised, therefore take more money off the banks and introduce forms of super tax whilst raiding the offshore banks who have circa $16 trl of socially useless deposits..

Die neue Abgabe soll nach Schäubles Vorgabe alle Umsätze auf Finanzgeschäfte belasten, Aktien- und Anleiheverkäufe, Währungsgeschäfte sowie sämtliche Derivate darauf. Gleichzeitig sollen die Vorschläge einfacher und praktikabler sein als die Überlegungen der EU-Kommission, die vergangenes Jahr ein Konzept vorlegte.


http://www.spiegel.de/wirtschaft/soz...820569,00.html

.."tax on any financial instrument" .... if they really do it i hope it ends in desaster for them

[quote=torkay77;5462786]Die neue Abgabe soll nach Schäubles Vorgabe alle Umsätze auf Finanzgeschäfte belasten, Aktien- und Anleiheverkäufe, Währungsgeschäfte sowie sämtliche Derivate darauf. Gleichzeitig sollen die Vorschläge einfacher und praktikabler sein als die Überlegungen der EU-Kommission, die vergangenes Jahr ein Konzept vorlegte.


http://www.spiegel.de/wirtschaft/soz...820569,00.html

This German Minister is the one that was caught some 15 years ago at a Swiss highway, with a bag full with about a million Marks in cash, literally black money from his own party on his way to some swiss bank!
Nothing much happened to him, he was jut the "humble" carrier of his sweet CDU.
I lost the link, if you don´t believe me just Google the story..It´s a true story.
Talk about corruption.

http://www.handelsblatt.com/politik/...n/6319332.html


they talk about starting 2015...so we have nearly 3 years time to blow our accounts

they talk about starting 2015...so we have nearly 3 years time to blow our accounts [/quote]

Better still : make a few millions and move oversea...

So Tobin got a punch in the low belly yesterday after the European Finance Ministers met.

A few contrarians pushed to investigate the possible damage Tobin could cause, before even considering.
The powerfull german minister accepted the "defeat" and will look for "alternatives"...maybe only stocks, maybe only a gains tax,maybe something like the english stamp tax...

Problem is at home , he faces a storm with the SPD (opposition), threatening not to sign the European Fiscal Pact (which they all just agreed on in Brussels),if the government doesn´t implement Tobin, on everything that moves in the markets.