The document discusses the impact of financial transaction taxes (FTT) on market efficiency, price discovery, and liquidity. It references studies on the effects of FTT in Japan and the US, highlighting how these taxes can widen bid-offer spreads and increase transaction costs. A table provides historical data on changes in tax rates and corresponding changes in bid-ask spreads.
doj/DataSet10/EFTA01449216.pdf
{"title":"Exchange Rate Perspectives: FX and the Financial Transaction Tax","key_people":["Liu","Pomeranets","Weaver","Oliver Wyman"],"document_date":"2013-07-30","document_type":"tabular","key_locations":["Japan","New York State"],"key_organizations":["Deutsche Bank Securities Inc.","European Commission"]}