European derivatives experts warn about transaction tax

Experts in Europe's derivatives industry are expressing concern about the effects of a proposed tax on financial transactions. "There is a tipping point which could generate a decline in order flow which, in turn, could damage liquidity and the risk-management transfer process -- and one of the lessons of the recent crisis was the need to enhance the risk-management capability of intermediaries and end users rather than reduce it," said Anthony Belchambers, CEO of the Futures and Options Association.

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