"‘Flash Boys’ Fuels More Calls for a Tax on Trading"

[applegrove]

‘Flash Boys’ Fuels More Calls for a Tax on Trading

By NELSON D. SCHWARTZ at the New York Times

http://www.nytimes.com/2014/04/08/business/argument-for-financial-transaction-tax-regains-footing.html?hpw&rref=business&_r=1

"SNIP..................

It’s not every day that you find a fan club for new taxes, especially among economists and legal experts.

But a burst of outrage in recent days generated by Michael Lewis’s new book about the adverse consequences of high-frequency trading on Wall Street has revived support in some quarters for a tax on financial transactions, with backers arguing that a tiny surcharge on trades would have many benefits.

“It kills three birds with one stone,” said Lynn A. Stout, a professor at Cornell Law School, who has long followed issues of corporate governance and securities regulation. “From a public policy perspective, it’s a no-brainer.”

Not only would the tax reduce risk and volatility in the market, Professor Stout said, but it would also raise much-needed revenue for public coffers while making it modestly more expensive to engage in a practice that brings little overall economic benefit



..................SNIP"

[MindMover]

1. Should have happened a long time ago ...

Every trade done in milliseconds should be taxed ... 25% flat tax ...

[abelenkpe]

2. Why is hft legal at all? Nt

[KT2000]

3. this shoud be illegal

nothing more than market manipulation.
Tax all trades.