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Lee Shepard, writing in Forbes on Oct. 16, stated "The United States should adopt a financial transactions tax (FTT) to kill high frequency trading (HFT)..." Click here to read the full article.
The first anniversary of Occupy Wall Street coming up this Monday, Sept. 17, and OWS is teaming up with Act Up for a 7am rally for a Robinhood Tax. Related to that is the financial industry practice of high frequency trading.
Since the "flash crash" of May 6th 2010 in which the stock market plunged about 1000 points in minutes and then recovered, there has been a lot of focus on high frequency trading - a practice in which certain trading firms use sophisticated technology and algorithms that automatically trigger certain quick purchases and sales of stock.
Advocates of a tax on high frequency trading suggest that placing a tax on it would be both fair and a solid revenue raiser because high frequency trading concentrates wealth, is not designed to provide capital and credit, but rather, to scoop large amounts of cash out of the market, and in some cases, allows high frequency traders to have access to market information sooner than other investors. (Clarification: HFT would not be taxed directly; the idea is to have a general tax on financial transactions that is so small - fraction of a penny - that it would not discourage other investing, just the high volume computerized trading of HFT.)
Here are some links:
Global Economic Intersection: The Great Debate: High Frequency Trading and Transaction Taxes
Wall Street Journal Article: Mark Cuban: High-Frequency Traders Are the Ultimate Hackers
Forbes: High Frequency Trading Doesn't Hurt Individual Investors