French Financial Transaction Tax Market Maker Exemption

French Financial Transaction Tax Market Maker Exemption. Significantly, there is no wide market maker exemption, which will result in multiple charges on the simple sale of securities over an exchange. A financial transaction tax is a levy on a specific type of financial transaction for a particular purpose.

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FTTs are sometimes called "Robin Hood". We develop a price maker/taker model to study how a financial transaction tax affects markets where potential traders either take a price or quote prices These effects are amplified in markets with market makers. A striking result of our analysis is that the rather muted impact of the tax on the market quality of the most liquid French stocks masks signicant changes in the portfolio allocations and trading behavior of the aected.

Our paper question the effectiveness of a modified cancelled order tax with no exemptions, all orders cancelled.

Significantly, there is no wide market maker exemption, which will result in multiple charges on the simple sale of securities over an exchange.

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Keywords: Financial transaction tax, institutional trading, liquidity, high-frequency trading. We develop a price maker/taker model to study how a financial transaction tax affects markets where potential traders either take a price or quote prices These effects are amplified in markets with market makers. There are several exemptions granted for IFTT withholding, including: – Market-making activities – Transactions to ensure the liquidity of newly issued shares – Purchases by pension funds and similar entities.

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