Europe's transaction tax would harm FX markets, bank says

08/6/2013 | Reuters

Analysts at Deutsche Bank are warning that a proposed 0.01% tax on derivatives transactions in Europe could significantly hurt foreign exchange markets. "In its current form, the [financial-transaction tax] would have major adverse consequences for the FX markets," according to a report from macrostrategist Oliver Harvey. The levy could effectively shut down nonspot forex markets in the 11 countries planning to implement it, Harvey wrote.

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