The document discusses the impact of the Financial Transaction Tax (FTT) on the FX industry, highlighting the cascade effect where multiple stages of FX transactions could be taxed, leading to increased costs. It provides a table comparing the costs for financial and non-financial institutions under different scenarios, illustrating how a headline rate of 1bp can escalate to an effective rate of up to 8bp for a USD/INR NDF transaction.
doj/DataSet10/EFTA01449314.pdf
{"title":"Exchange Rate Perspectives: FX and the Financial Transaction Tax","document_date":"2013-07-30","document_type":"tabular","key_organizations":["Deutsche Bank Securities Inc."]}