Financial transaction tax will harm Europe’s banks in Asian derivatives markets
The draft form of the EU's proposed financial transactions tax is 'unworkable' for European firms operating in Asia
European banks will suffer a major disadvantage in Asia's derivatives markets if the European Commission's (EC) proposed financial transaction tax is implemented in its current form, say market participants.
The financial transaction tax (FTT) would be levied at 0.1% minimum per securities transaction and 0.01% of the notional value in derivatives trades. Unlike similar stamp duty taxes charged in the UK, France and Italy, there are no exemptions for market makers. Under the current time frame
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