FTT would ‘drain financial resources’, GFXD research claims

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Foreign exchange transaction costs could rise by as much as 700% for European corporates and 4,700% for fund managers as a result of the European Union's financial transaction tax (FTT), according to the global FX division (GFXD) of the Global Financial Markets Association. In a research paper published today, the GFXD has used trade data from 2012 to conduct an assessment of the impact the FTT could have if FX swaps, forwards, options and non-deliverable forwards (NDFs) are not exempt. The f