Commentary: Transaction taxation doesn't work

08/8/2013 | Fidessa

Financial-transaction taxes are doomed to fail because of extraterritoriality, writes Steve Grob, Fidessa's director of group strategy. "Take Italy, for example. ... [Trade] volume slumped pretty dramatically after the introduction of the tax," he writes. The lost volume didn't disappear, however; it ended up on the London Stock Exchange.

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