How would this work for Futures? (tax on notional value? Gains? Margin requirements?) Trying to find info on this
Countries that already have a financial transaction tax do it based on notional value, at least those that i know of. However those that i know of do not have a financial transaction tax on futures, mostly stocks and bonds. For example in Belgium they charge 0,35% on both sides, so 0,35% when you buy the stock and 0,35% when you sell the stock.
There is only one way to have a transaction tax on futures that makes sense and it's on their notional value.
This is an idiotic bill that has zero chance of passing. It was clearly thought of by somebody who knows nothing about the markets. Suddenly you would see the options market explode in volume while the underlying security volume would dip tremendously if it were implemented.
https://www.elitetrader.com/et/threads/news-articles-about-the-financial-transaction-tax.355293/ Just proposals being speculated on in the press. I would expect a US FTT, if it were to pass, to be mimicked worldwide.