Death and Taxes
Traders Magazine, April 2009
Here's to hoping old Ben Franklin was wrong about the inevitability of death and taxes, and that H.R. 1068 quickly becomes a footnote in history's dustbin. But with other more likely trading restrictions looming, Mr. Franklin would likely counsel thinking ahead, having also said, "By failing to prepare, you are preparing to fail."
Institutional investors should think about how they will need to change their business models in an age of legislation-induced lower trading volumes, higher transaction costs and lower average returns for their investors. But at least these new rules will teach Wall Street a lesson. Take that, you fat-cat 401k holders!
Dan Mathisson, a Managing Director and the Head of Advanced Execution Services (AES) at Credit Suisse, is a contributing writer to Traders Magazine. The opinions expressed in this column are his own, and do not necessarily represent the opinions of the Credit Suisse Group.
(c) 2009 Traders Magazine and SourceMedia, Inc. All Rights Reserved.
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