Central Banking

EC recognises member state fears that FTT will hurt clearing


The European Commission has acknowledged concerns about the impact of its proposed financial transaction tax (FTT) on cleared over-the-counter derivatives trades, after a leaked discussion document revealed member state fears that the tax regime could encourage market participants not to clear and even threaten clearing house solvency.

The document – dated April 16 and seen by CentralBanking.com's sister publication Risk – was prepared for the European Council working party on tax questions by

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