“A Financial Transaction Tax, or FTT, would tax middle class savers, including pension funds, 401ks and IRAs. At a time when market development, efficiency and competition are driving the cost of investing toward zero, it makes little sense to increase the cost through what is essentially a sales tax. Further, the threat such a tax poses to the efficiency of the U.S. capital markets is real. It begs the question, what’s the point?”
With Rob Gouley, Principal, Trading at OMERS, and Eric Stockland, Managing Director, Global Markets at BMO Capital Markets.