My FA forwarded this info to me yesterday & it surely will have an impact on "Day Traders"-I quote:
"Beginning 03 Dec. '12, a charge equal to 0.2% will be collected on the acquisition of certain French securities as a result of legislation enacted by the French Parliment. Acquisition occurs on settlement date, and therefore will impact T+3 buy trades with a trade date on or after November 28, 2012. Only French companies with market value greater then 1 Billion euros are impacted. The amount will be charged to the client's account the business day following the day the security is purchased." (or assumed sold). It is expected that other countries will pass similar laws in the near future. (ALU is on the list of companies impacted by this legislation).
I haven't seen this "posted", but assume the information is valid. Obviously, this will impact the "profit" of "Day Traders" and may slow down the current volume of stock transactions. Anyone else hear about this??
yeah, it looks like the whole package is aimed at making the market a little safer (with raising revenues as a plus):
"On 1 August 2012, France introduced a financial transaction tax in French tax regulation pursuant to Article 5 of the French Amended Finance Bill of 14 March 2012. Two other taxes applicable to financial transactions were also introduced, including a tax on high frequency trading; and a tax on naked sovereign credit default swaps. The FTT levies a 0.2 percent tax on all publicly traded companies with a market value over €1 billion."
a tax on high frequency trading! good idea.