Sun, Jun 26, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

France and Germany try to revive EU-wide financial transaction tax

Monday, October 01, 2012

Benedicte Gravrand, Opalesque Geneva – France and Germany are aiming to revive a financial transaction tax (FTT) within the European Union, reported AFP two days ago.

German Finance Minister Wolfgang Schaeuble and French counterpart Pierre Moscovici wrote to European Taxation Commissioner Algirdas Semeta and their EU colleagues seeking permission for an "enhanced cooperation" accord, which could be implemented if one third of all EU states back it, the report says. The undated letter solicits the Commission to ask the 27 EU member states to decide whether they want to cooperate on a common FTT. This idea which sprang from Sarkozy’s government more than a year ago, already failed to go through this summer.

The FTT would consist of 0.1% levied on share and bond trades and 0.01% on other transactions, and would be implemented by year’s end if there is support from at least nine states and approval from the European Parliament.

The European Commission released the initial proposal for a FTT in September 2011. According to EuroActiv.com, Brussels said the FTT would be levied from banks, stock exchanges and financial service providers according to a residency principle, excluding any transaction recorded by a fin......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Global markets fell, hedge funds gain in mid-June on Brexit, Fed rate concerns[more]

    Komfie Manalo, Opalesque Asia: Global financial markets declined through mid-June, as uncertainty associated with the upcoming Brexit referendum and expected U.S. Fed interest rate hike contributed to increases in volatility across asset classes, data provider