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The "catastrophic" tax all traders should know about
How aware of you of the European Financial Transaction Tax (FTT)? You should be. If it becomes law, it could affect your trading and would obviously hit banks and financial institutions hard.
Saxo Bank's co-CEOs, Lars Seier Christensen and Kim Fournais are fighting the tax. It's "catastrophic" for the economies involved, according to Christensen. Fournais says it's "not a good thing" however he believes the politicians won't be "stupid" and they will water down the measure before it becomes law.
The plans are running into legal obstacles. Aditya Laroia, Saxo's Deputy Gobal Head of CFD Products, says we've had a long time to prepare for this but the big problem is a total lack of detail. He considers the delays and what the plans could mean for global trading.
02:16 minutes
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