US warns EU over financial transaction tax

More co-ordination between regulators is needed

"[The US] will not allow the [EU financial transaction tax] to happen. We will be very careful on how compensation is capped and regulated," says the president and CEO of the US Chamber of Commerce Thomas Donohue.

He also wants to see more international co-ordination in the regulation of the financial services industry.

"The G-20 economies should not look at their own capital markets in isolation. They need to look at all of them to understand how they interact," Donohue said, speaking at the

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