The document discusses the implications of the Financial Transaction Tax (FTT) proposed by the European Commission on financial market reform efforts. It highlights concerns that the FTT may discourage financial intermediation and central clearing, which are key to reducing systemic risks. The document also explores the potential impact of the FTT on non-financial corporations and other market efforts to reduce risk, such as portfolio compression trades. The FTT's broad implications for major trading centers, particularly London, are also examined.
doj/DataSet10/EFTA01449317.pdf
{"title":"Exchange Rate Perspectives: FX and the Financial Transaction Tax","document_date":"2013-07-30","document_type":"correspondence","key_locations":["London"],"key_organizations":["European Commission","Dodd Frank Act","EMIR","Basel III","Deutsche Bank Securities Inc."],"reference_numbers":["DB-SDNY-0104671","SDNY_GM_00250855","EFTA01449317"]}