Idee per trading system



Sono rimasto affascinato dal tuo pdf gratuito e ho acquistato i tuoi corsi ehai fatto un capolavoro. They suggested that funding could come from "a global financial transactions tax. Qualificazioni Under 21 Euro MA STANNO BENE QUESTA GENTE.??. Ooooo finalmente sfatiamo questo mito che tante persone non capiscono. Main tradig Contents Featured content Current events Random article Donate to Wikipedia Wikipedia store.




A Tobin taxsuggested by Nobel Memorial Prize in Idwe Sciences Laureate economist James Tobinwas originally defined as a tax on all spot conversions of one currency into another. Tobin's original tax was intended to put a penalty on short-term financial round-trip excursions into another currency. By the late s, however, the term Tobin tax was being incorrectly used to describe all forms of short term transaction taxation, whether across currencies or not - another term for these broader tax schemes is Robin Hood tax due to tax revenues from the presumably richer speculator funding general revenue of whom the primary beneficiaries are poorer.

More exact terms however apply to different scopes of tax. One non-tax regulatory equivalent of Tobin's very narrow original tax is to require "non-interest bearing deposit requirements on all open foreign exchange positions. However, they would not raise funds for other purposes, so are not a tax. Tobin suggested his currency transaction tax in in his Janeway Lectures at Princetonshortly after the Bretton Woods system of monetary management ended in Then, on August 15,United States President Richard Nixon announced that the United States dollar would no longer be convertible to goldeffectively ending the system.

This action created the situation whereby the U. In that context, Tobin suggested a new system for international currency stability, and proposed that such a system include an international charge on foreign-exchange transactions. Inin another context, just after "the nineties' crises in Mexico, Southeast Asia and Russia," [3] which included the economic crisis in Mexicothe Asian Financial Crisisand the Russian financial crisisTobin summarized his idea: The tax on foreign exchange transactions was devised to cushion how much can you make options trading rate fluctuations.

The idea is very simple: at each exchange of a currency into another a small tax would be levied - let's say, 0. This dissuades speculators as many investors invest their money in foreign exchange on a very short-term basis. If this money is suddenly withdrawn, 1 min forex trading system have to drastically increase interest rates for their currency to still be attractive. But high interest is often disastrous for a national traing, as the nineties' crises in Mexico, Southeast Asia and Russia have proven.

My tax would idee per trading system some margin of manoeuvre to issuing banks in small countries and would be a measure of opposition to the dictate of the financial markets. Economic literature of the period ss emphasized that netotrade forex in the terms of payment in trade-related transactions so-called "swaps" for instance provided a ready means of evading a tax levied on currency only.

Accordingly, most debate on the issue has shifted towards a general financial transaction tax which would capture such proxies. Other measures to avoid punishing hedging a form of insurance for cashflows were also proposed. By the s the Basel II and Basel III frameworks required reporting that would help to differentiate them.

In March China drafted rules to impose a genuine currency transaction tax and this was referred to in financial press as a Tobin tax [1]. This was widely viewed as a warning to curb shorting of its currency the yuan. Also in US Democratic Party POTUS nominee Hillary Clinton included in her platform a vow to "Impose a tax on high-frequency trading. The growth of high-frequency trading has unnecessarily placed stress on our markets, created instability, and enabled unfair and abusive trading strategies.

Hillary would impose a tax on harmful high-frequency trading and reform rules to make our stock markets fairer, more open, and ide. Clinton referred separately to "Impose a risk fee on the largest financial institutions. Big banks and financial companies would be required to pay a fee based on their size and their risk of contributing to another crisis. Because of its restriction to so-called "harmful high-frequency trading" rather than to inter-currency transactions, neither of Clinton's proposals could be considered a true Tobin tax though international exposure would be a factor in the "risk fee".

Critics of all financial transaction taxes and currency transaction taxes emphasize the financial risk management difficulty of differentiating hedging idee per trading system speculation[1] [11] and the economic argument attributed to the "Chicago School" that they prr in principle be differentiated.

However, advocates of systrm taxes considered these problems manageable, especially in context of broader financial transaction tax. In his view, "currency exchanges transmit disturbances originating in international financial markets. National economies and national governments are not capable of adjusting to massive movements of funds across the foreign exchanges, without real hardship and without significant sacrifice of the objectives of national economic policy with respect to employment, output, and inflation.

The first was to move "toward a common currency, common monetary and fiscal policy, and economic integration. For Keynes who was himself a speculator the key issue was the proportion of 'speculators' in the market, and his concern that, if left unchecked, these types of players would become too dominant. A key issue with Tobin's tax was "avoidance by tradinv of product mix In this fashion, markets would innovate so as to avoid the tax Thus, the real issue is how to design a tax that takes idee per trading system of all the methods and margins of idee per trading system that investors have for changing their patterns of activity to avoid the tax.

Taking account of these considerations implies a Tobin tax that is bigger in scope, and pushes the design toward a generalized securities transaction tax that resembles the tax suggested by Pollin et al. Forex flash cards are four benefits to this. First, it is likely to generate significantly greater revenues.

Second, it maintains a level playing field across financial markets so that no individual financial perr is arbitrarily put at a competitive disadvantage versus another. Third, it is likely to enhance domestic financial market stability by discouraging domestic shstem speculation. Fourth, to the extent that advanced economies already put too many real resources into financial dealings, it would cut back on this resource use, freeing these resources for other productive uses [Fourth] such substitution is costly both in resource use, and because alternative instruments do not provide trwding the same services [thus] just as the market provides an incentive to avoid a Tobin tax, so too it automatically sets in motion forces that deter excessive avoidance.

In Soros' scheme, rich systej would pledge SDRs which are denominated as a basket of multiple 'hard' currencies for the purpose of providing international assistance. Soros was not necessarily dismissing the Tobin tax idea. He stated, "I think there is a case for a Tobin tax It is true that it may discourage currency speculation but it would also reduce the liquidity of the marketplace.

The term "Tobin tax" has sometimes been used interchangeably with a specific currency transaction tax CTT in the manner of Tobin's original idea, and other times it has been used interchangeably with the various different ideas of a more tradihg financial transaction tax FTT. In both cases, the various ideas proposed have included both national and multinational concepts.

Examples of associating Tobin's tax with these: The concept of a Tobin tax has experienced a resurgence in the discussion on reforming the international financial system. In addition to many legislative initiatives trdaing favour of the Tobin tax in national parliaments, possible ways to introduce a Tobin-style currency transaction tax CTT are being scrutinised by the United Nations.

This examination was subsequently revisited by other analysts, such as Ellen Frank, who, in wrote: "If by globalization we mean the determined efforts of international businesses to build markets and production networks that are truly global in scope, then the current monetary system is in many ways an endless headache whose costs are rapidly outstripping its benefits. They offer to dollarize or euroizeonly to find themselves so short of dollars that they are forced to cut off growth.

They raise interest rates idee per trading system extraordinary levels to protect investors against currency losses, only to topple their economies and the source of investor profits. IMF bailouts provide a brief respite for international investors but they are, even from the perspective of the wealthy, a short-term solution at best The impact of such a tax on volatility is of particular concern because the main justification given for this tax by Tobin was to improve the autonomy of macroeconomic policy by curbing international currency speculation and its destabilizing effect on national exchange rates.

Some of these theoretical studies have concluded that a transaction tax could reduce volatility by crowding out speculators [20] or eliminating individual ' noise traders' [21] but that it systme not have any impact on volatility in case of sufficiently deep global markets such as those in major currency pairs, [22] unlike in case of less liquid markets, such as those in stocks and especially options, where volatility would probably increase with reduced volumes.

In contrast, some papers isee a positive effect of a transaction tax on market volatility. As Liu and Zhu point out, [ Others have tried to be more precise or practical in their search for the Tobin tax rate. Tax rates of the magnitude of 0. In positive economics studies however, where due reference was made to the prevailing market conditions, the resulting tax rates have been significantly lower. For example, the EUR.

Sterling Stamp Duty supporters argue that this tax rate would not adversely affect currency markets and could still raise large syatem of money. A CTT tax rate designed with a pragmatic goal of raising revenue for various development projects, rather than to fulfill Tobin's original goals of "slowing the flow of capital across borders" and "preventing or managing exchange rate crises"should avoid altering the existing "fundamental market behavior", and thus, according to Schmidt, must not exceed 0.

He estimates that any financial idee per trading system should be at most one basis point so as to have negligible effect on hedging. Stiglitz said, the tax is "much more feasible today" than a few decades ago, when Tobin recanted. Thus a tax can be collected at the few places where all trades are ultimately cleared or settled. In his book, Bank transactions: pathway to the single tax idealMarcos Cintra carries out a qualitative and quantitative in-depth comparison of the systrm, equity and compliance costs of a bank transactions tax relative to orthodox tax systems, and opens new perspectives for the use of modern banking technology in tax reform across the world.

Agreement [to implement the tax] by [just three cities,] London, New York and Tokyo alone, would capture 58 per cent of speculative trading. Wrobel examined the actual international experiences of various countries in implementing financial transaction taxes. In JanuarySweden introduced a 0. In July the rate was doubled. In Januarya considerably ttading tax of 0. On a bond with a maturity of five years or more, the tax was 0.

The revenues from taxes were disappointing; for example, revenues from the tax on idef securities were initially expected to amount to 1, million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million. But there was leakage of information prior to the announcement, which might explain the 5. These declines were in line with psr capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income traving only served to increase the cost forex ta ut kontanter government borrowing, providing another argument against the tax.

Even idee per trading system the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. On 15 Aprilthe tax on fixed-income securities was abolished. In January the rates on the remaining taxes were cut in half and by the end of the year they were abolished completely.

Once the taxes ttading eliminated, trading volumes returned and grew syxtem in the s. The Swedish experience of a transaction tax idee per trading system with purchase or sale of equity securities, fixed income securities and derivatives. In global international currency trading, however, the situation could, some argue, look quite different. Wrobel's studies do not address the global economy as a whole, as James Tobin did when he spoke of "the nineties' crises in Mexico, South East Asia and Russia," [8] [51] which included the economic crisis in Mexicothe Asian Financial Crisisand the Russian idee per trading system crisis.

The APEC Business Advisory Councilthe business representatives' body in APECwhich is the forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region, expressed its views in a letter to the IMF on 15 February The representatives of APEC's national trade unions centers also met with the Japanese Prime Minister, Naoto Kan, the host Leader of APEC forand called for the Prime Minister's support on the Tobin Tax.

ITUC, APLN and TUAC refer to Tobin Tax as the Financial Transactions Tax. An economist speaking out against the common belief that investment banks would bear the burden of a Tobin tax is Simon Johnson, Professor of Economics at the MIT and a former Chief Economist at the IMF, who in a BBC Radio 4 interview discussing banking tradinng reforms presented his views on the Tobin tax.

Representative Peter DeFazio of Oregon proposed a financial transaction tax in his " Let Wall Street Pay for the Restoration of Main Street Bill ". This tradimg proposed domestically for the United States only. A financial transactions tax would lead to job losses also in non-financial sectors of the economy through the so-called multiplier effect forwarding in a magnified form any taxes imposed on Wall Street employees through their reduced demand to their suppliers and supporting industries.

The author estimated the ratios of financial- to non-financial job losses of between tothat is "a 10 percent decrease in securities industry employment would depress employment in the retail, services, and restaurant sectors by more than 1 percent; in the business services sector by about 4 percent; and in total private jobs by about 1 percent. The cost of currency hedges —and thus "certainty what importers and exporters' money is worth"—has nothing to do with volatility whatsoever, as this cost is exclusively determined by the interest rate differental between two currencies.

Nevertheless, as Tobin said, "If In positive economics studies however, where due reference was paid to the prevailing market conditions, the resulting tax rates have been significantly lower. For instance, Edwards concluded that if the pfr tax revenue from taxing the futures markets were to syste maximized see Laffer curvewith the tax rate not leading to a prohibitively large increase in the marginal cost of market participants, the rate would have to be set so low that "a tax on futures markets will not achieve any important social objective and will not generate much revenue.

Lack of direct supporting evidence for stabilizing volatility-reducing properties of Tobin-style transaction taxes in econometric research is acknowledged by some of the Tobin tax supporters: Ten studies report a positive relationship between transaction taxes and short-term price volatility, iree studies did not find any significant relationship.

Schulmeister et al,p. This allows these Tobin tax proponents to state that "some studies show implicitly that higher transaction costs might dampen price idee per trading system. This is so because these studies report that a reduction of trading activities is associated with lower price volatility. Tradjng lack of empirical evidence systen support or clearly refute the Tobin tax proponents' claim it will reduce "excess" volatility is due in part to a lack of an agreed definition of "excess" volatility that allows to be distinguished and formally measured.

On the other side of the debate were the leaders of Germany who, in Mayplanned to propose a worldwide ban on oil trading by speculators, blaming the oil price rises on manipulation by hedge funds. At that time India, with similar concerns, had already suspended futures trading of five commodities. This [ proposed tradinng transaction tax ] legislation will force Wall Street to do their part and put people displaced by idee per trading system crisis back to work. Federal Reserve Idde Paul VolckerPresident Obama's advisor, has argued that such speculative activity played a key role in the financial crisis of — Volcker endorsed only the UK's tax on bank bonuses, calling it "interesting", but was wary about imposing levies on financial market transactions, because he is "instinctively opposed" to any tax on financial transactions.

Researchers have used models belonging to the GARCH family [67] [68] [69] to describe both the volatility behavior of stock market returns and the volatility behavior of foreign exchange rates. This is used as idee per trading system that the similarity between currencies and stocks in the context of a tax designed to curb volatility such as a CTT or FTT in general can be inferred from the almost identical statistically indistinguishable behavior of the volatilities of equity and exchange rate returns.

All of these would have to be taxed together under a "non-currency" financial transactions tax such as under certain proposals in the U. Because these three groups idee per trading system instruments are nearly perfect substitutes, if at least one of these groups were to be exempt, it would likely attract most market volume from the taxed alternatives. On October 5,Joseph Stiglitz said that any new tax should oer levied on all asset classes — not merely foreign exchange, and would be based on the gross value of the assets, thereby helping to discourage the creation of asset bubbles.

In December, Ignacio Ramoneteditor of Le Monde Diplomatiquerenewed the debate around the Tobin tax with an editorial titled "Disarming the markets". Ramonet proposed to create an association for the introduction of this tax, which was named ATTAC Association for the Taxation of financial Transactions for the Aid of Citizens. The tax then became an issue of the global justice movement or alter-globalization movement and a matter of discussion not only in academic institutions but even in streets and in parliaments in the UK, France, and around the world.

In an interview [72] given to the Italian independent radio network Radio Popolare in July James Tobin distanced himself from the global justice movement. James Tobin's interview with Radio Popolare was quoted by the Italian foreign minister at the time, tfading director-general of the World Trade Organisation Renato Ruggieroduring a Parliamentary debate on prr eve of idee per trading system G8 summit in Genoa. Afterwards James Tobin distanced himself from the global justice movement.

He declared himself not contrary to this use of the tax's income, but stressed that it was not the important aspect of the tax. ATTAC and other organizations have recognized that while they still consider Idee per trading system original aim as paramount, they think the tax could produce funds for development needs in the South such as the Millennium Development Goals[36] and allow governments, and therefore citizens, to reclaim part of the democratic space conceded to the traading markets. It was originally assumed that the Tobin tax would currency swap in forex multilateral implementation, since one country acting alone would find it very difficult to implement this tax.

Many people have therefore argued that it would be best implemented by an ped institution. It has been proposed that having the United Nations manage a Tobin tax would solve this problem and would give the UN a large source of funding independent from donations by participating states. However, there have also been initiatives of national dimension about shstem tax.

This is in addition to the many countries that have foreign exchange controls. Whilst finding some support in countries with strong tradingg political movements such as France and Latin Americathe Tobin tax proposal came under much criticism from economists and governments, especially those with liberal markets and a large international banking sector, who said it would be impossible to implement and would destabilise foreign exchange markets. Most of the actual implementation of Tobin taxes, whether in the form of a specific currency transaction taxor a more general financial transaction taxhas occurred at a national level.

Ysstem July,analyst Marion G. Wrobel examined the international experiences of various countries with financial transaction taxes. The tax would systfm impact financial transactions between financial institutions charging 0. This "R plus I" residence plus issuance solution means the EU-FTT idee per trading system cover all transactions that involve a single European firm, no matter if these transactions are carried out in the EU or elsewhere in the world.

The proposal supported by the eleven EU member stateswas approved in the Idee per trading system Parliament in December[84] and by sustem Council of the European Union in January An existing example of a Financial Transaction Tax FTT is Stamp Duty Reserve Tax SDRT and stamp duty. Changes were made in It simplified the two-tier tax in favour of a mechanism designed solely as a means for raising development revenue.

To investigate the feasibility of such a tax they hired the City of London firm Intelligence Capital, who found that a tax on Pound sterling wherever it was traded in the world, as opposed to a tax on all currencies traded in the UK, was indeed feasible and could idee per trading system unilaterally implemented by the UK government. The Tobin Tax: Coping with Financial Volatility. In latea Tobin tax amendment was adopted by the French National Assembly.

However, it was overturned by March by the French Senate. However, the proposal was rejected by the European Commission. On November 23,the President of the European CouncilSyatem Van Rompuyafter attending a meeting of the Bilderberg Group argued for a European version of the Tobin tax. At the same time it suggested to reduce existing levies coming from the 27 member states. The BBC reported that there was a negative response to the plan among the G There are some who think that it should take the form of an insurance: In early Novemberat the G20 finance ministers summit in Scotland, the British Prime Minister " Mr.

Brown and Nicolas SarkozyFrance's president, suggested that revenues from the Tobin tax could be devoted to the world's fight against climate change, especially in developing countries. They suggested that funding could come from "a global financial transactions tax. He proposes that it inverted hammer in forex be introduced gradually, beginning probably in Europe where support is strongest.

The first stage might involve a levy on financial instruments within a few countries. The financial transaction tax would be separate from a bank levyor a resolution levy, which some governments are also proposing to impose syxtem banks to insure them against the costs of any future bailouts. EU leaders instructed their finance ministers, in May,to work out by the end of Octoberdetails for the banking levy, but any financial transaction tax remains much more controversial.

They include reducing extreme povertyreducing forex or stocks mortality rates, fighting disease epidemics such as AIDSand developing a global partnership for development. According to Cliff Kincaid, Castro advocated it "specifically in order to generate U. Castro cited Holocaust reparations as a previously established precedent for the concept of reparations. From Wikipedia, the free encyclopedia. For the more general category of "currency transaction taxes", see Currency transaction tax.

Tax, tariff and trade. Optimal capital income taxation. List of countries by tax rates. EU Financial transaction tax. Fairleigh Dickinson Univ Press — via Google Books. Eastern Economic Association: — Jubilee Research, a successor to Jubilee UK. Archived from the original on 6 March Jdee 11 February Retrieved 1 January Klingt das nicht wie Ihr Vorschlag? Aber darum ging es mir gar nicht.

So schreckt man Spekulanten ab. English Summaries [of quotes in Spiegel Online]. Online publisher: Project Gutenberg of Australia eBooks; via biblioeconomicus. Retrieved 23 February Journal of Evolutionary Economics. Review of Political Economy. American Journal of Economics and Sociology. Center for International Development at Harvard University in its series CID Working Papers with number 5.

Journal of Economic Dynamics and Control. Journal of Financial Economics. Journal of Financial Services Research. Mahbub ul Haq, Inge Kaul, and Isabelle Grunberg, eds. New York, Oxford: Oxford University Press, p. Transaction Tax: General Overview. CRS Report for Congress, Order Code RL, p. Stamp Out Poverty report. Stamp Out Poverty Campaign. Retrieved 9 February London: Telegraph Media Group. Retrieved 17 March Retrieved 24 June CS1 maint: Multiple names: authors list link.

KAIROS Policy Briefing Paper No. Archived from the original on January 23, A modern tax technology;the Brazilian experience with a bank transactions tax ". University Library of Munich, Germany in forex classic 1mm series Idee per trading system Paper with number Research Papers in Economics. Retrieved 28 June The OregonianOregonLive. Motives, Revenues, Feasibility and Effects" PDF. Research Study by the Austrian Institute of Economic Research, co-financed by Federal Ministry of Finance and Idee per trading system Ministry of Economics and Labour.

Cowles Foundation Discussion PapersCowles Foundation, Yale University". London: The Daily Telegraph. Retrieved 13 February International Journal of Finance and Economics. School of Economics, University of Wollongong, Australia, working paper. Retrieved 26 February Retrieved 3 March Council of the European Union. SDRT is a broadly equivalent tax on the transfers of uncertificated stock. HM Revenue and Customs. The effects of stamp duty on equity transactions and prices in the UK Stock Exchange.

Bank of England Discussion Paper No. Bank for International Settlements. Institut Francais des Relationes Internationales. The Role of International Institutions in Globalization: The Challenges of Reform edited by John-ren Chen. The G20 was established in September,and Canada was part of the original G7. There was no Canadian election between the March 23, Canadian adoption of the Tobin tax resolution, and the September formation of the G20, so the government remained the same.

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