FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have forex derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
Foreign exchange transaction costs could rise by as much as 700% for European corporates and 4,700% for fund managers as a result of the European Union's (EU) financial transaction tax (FTT), according to the global foreign exchange division (GFXD) of the Global Financial Markets Association.
In a research paper published today, the GFXD has used trade data from 2012 to conduct an assessment of the impact the FTT could have if foreign exchange swaps, forwards, options and non-deliverable
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