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This category contains 16 posts

The Transaction-Tax Climbdown

04 Jun. The Transaction-Tax Climbdown. Europe discovers the costs of its latest financial levy. European governments are figuring out that taxing financial transactions won’t be a magical money machine and that the proposed levy might even damage the European economy. Reuters first reported Thursday that EU officials are scaling back a transaction tax proposal supported [...]

Derivatives Reform on the Ropes

21 May. By THE EDITORIAL BOARD. New rules to regulate derivatives , adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street and a setback for financial reform. They may also signal worse things to come. The regulations, required under the Dodd-Frank reform law, are intended to impose transparency and [...]

Tobin-style tax gets green light from European commission

Biggest eurozone economies to carry out experiment to show whether financial transactions levy can aid responsible trading. It has been a long time coming. Four decades have passed since James Tobin, a Nobel-prizewinning US economist, first proposed “throwing sand in the wheels” of the financial markets by imposing a tax on transactions. Now the idea [...]

EU set for clash on banking rules

European Union set for clash on banking rules. Deep divisions over European banking rules will be exposed on Wednesday as finance ministers clash on how best to tighten regulation and protect taxpayers without stifling lending or damaging competition. Translating the “Basel III” international rules on bank capital into law has emerged as the most highly [...]

Towards a Financial Transactions Tax?

UK Parliament House of Lords, European Union Committee – Twenty-Ninth Report. This Committee has undertaken a detailed analysis of the European Commission’s controversial proposals for a Financial Transaction Tax (FTT). We have been disappointed in what we have discovered. We have found the Commission’s proposed model wanting in many respects, and unlikely to fulfil the [...]

PM urged to defend City over EU rules

David Cameron is being urged by Conservative MPs to consider a range of measures to prevent Britain’s financial services sector being hobbled by EU legislation, including possibly seeking an outright exemption from Brussels rules. The Fresh Start group of Tory MPs is drawing up proposals for recasting Britain’s relationship with Europe and will this week [...]

Barriers to Change in the Financial Sector

Fair Game: Barriers to Change, From Wall Street and Geneva. By GRETCHEN MORGENSON Even now, after all we’ve been through, something is still wrong with Wall Street. That’s the takeaway from the extraordinary — and extraordinarily public — resignation of Greg Smith from Goldman Sachs last week. His criticism of Goldman, made in an Op-Ed [...]

Not What Paul Volcker Had in Mind

The Volcker rule, a crucial provision of the Dodd-Frank financial reform law, is supposed to stop banks from doing the sort of risky trading that was one of the big causes of the financial meltdown. The banks hate the rule because less speculation means less profit and lower bonuses for traders and bank executives. And [...]

Break Up the Banks? Here’s an Alternative

By Tyler Cower. Bailing out financial institutions deemed “too big to fail” has become wildly unpopular, as people across the political spectrum are now talking about splitting up America’s large banks. But such breakups are probably not the best way forward, because they would penalize size instead of failure. In light of the financial chaos [...]

Cameron criticises European financial tax

David Cameron, UK prime minister, reopened tensions on Thursday with Paris and Berlin, after he said the economic design of the eurozone was seriously flawed and described as “madness” plans for a European tax on financial transactions. The prime minister also made pointed – if indirect – criticisms of Germany, insisting some countries must allow [...]

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