EBS Market Data has also sealed a deal to provide the company’s data as an exchange feed within the CQG FX offering, providing CQG customers with access to transactional FX prices. Denver-based CQG provides financial information, industry standard technical analysis tools and integrated listed derivative order routing to traders.
Chirac Stirs the Pot
French President Jacques Chirac was responsible for the resurrection of a controversial subject with the financial markets at the World Economic Forum in Davos; proposing an international tax to help fight AIDS, claiming that such a measure could raise up to $10 billion each year. Chirac’s plan calls for a tax on international financial transactions; similar to the so-called Tobin Tax, which was mooted by Canadian economist Bill Tobin to reduce speculation in the foreign exchange markets in 1978.
Chirac’s proposals received a lukewarm reception from many quarters including the US and UK authorities; both vital business centres for the financial markets industry; and are generally seen as unworkable. ACI – The Financial Markets Association remains against the imposition of such a tax; this was stressed by Andrea Lanzi, sub-regional executive for Austria, Germany and Switzerland in an interview with the Reuters news agency. “Every tax slows things down,” Lanzi told Reuters. “The moment you tax an FX transaction people will think twice about making a transaction. Hedge funds and speculators will think twice. Trading volumes will go down.”