Why Financial Transaction Taxes grab headlines but are not fit for purpose

February 24, 2020

EU, Financial Transaction Tax, topstory, US

Financial Transaction Taxes (FTT) make for great political soundbites. Tax the banks! Raise revenues! There are a bunch of ways to get that job done but FTTs aren’t it. Here’s…

Why US banks are getting fined for ADR violations (Premium)

January 3, 2019

Josh Galper

Securities Lending, Tax

ADRs, pre-release, sec, Securities Lending, topstory

No Comments

The US SEC fined J.P. Morgan last week $135 million for “improper handling of ADRs”, following a $54 million fine against BNY Mellon earlier in the month. The SEC has…

Tracking the cash investment impacts of US corporate tax repatriation (Premium)

May 21, 2018

Josh Galper

Cash management, Tax

cash, Money Markets, taxation, topstory

No Comments

We look at US tax repatriation in the context of cash investments including repo liquidity. Anecdotal and government data sources are just starting to tell who is affected. This topic…

US tax code section 871m is making changes in the swaps markets

April 4, 2018

Josh Galper

Derivatives, Tax, US

871m, topstory, Total Return Swaps

No Comments

In the world of tax reform and financial markets, 871m is an important one to keep track of. This change to the US Internal Revenue Code aims to stop an…

New US tax rules are creating a global arbitrage to avoid the 30% interest expense limit (Premium)

March 7, 2018

Josh Galper

Tax, US

Repo, Securities Lending, Securitization, Taxes, topstory, US Tax Cuts and Jobs Act

No Comments

The recently passed US Tax Cuts and Jobs Act of 2017 (or the Jobs Cuts and Tax Act, depending on your political views) contained a 30% limit on interest deductions.…

News Update: dividend taxes in Switzerland, the US and Germany; and what’s next for the Basel Committee (Premium)

January 30, 2018

Josh Galper

Basel III, Europe, Regulatory, Tax, US

Basel Committee, Germany, Regulation, Switzerland, taxation, topstory, US

No Comments

This week’s News Update is on taxation and regulation. There’s a lot going on in the world and the details matter. Here’s the latest from Switzerland, the US, Germany and…

We’re not much worried about US tax reform’s impact on repo, but non-tri-party, non-DvP repo participants should stay alert

December 19, 2017

Josh Galper

Liquidity Management, Regulatory, Repo, Tax, US

DTCC, DvP, Liquidity, Repo, SOFR, topstory, US tax reform

No Comments

As everyone connected to the Internet or paper media knows, the US is close to passing a massive tax reform package that offers some of the most substantial changes since…

Global Legal Entity Identifiers are a technical convenience but do nothing to combat bad actors

September 18, 2017

Richard Stinchfield

Big Data, Blockchain, Operations, Regulatory, Risk Management, Systemic Risk, Tax, Technology

artificial intelligence, DLT, Know Your Customer, LEI, regtech, topstory

No Comments

The quest to assign Global Legal Entity Identifiers (GLEIs) is a misguided effort to assign legal responsibility where none belongs, and ends up making suspicious actors in financial markets look…

A European Commission paper on EU finances has some good ideas, but a Financial Transactions Tax is not one of them

July 4, 2017

Josh Galper

Europe, Tax

Europe, Financial Transactions Tax, FTT, topstory

No Comments

The European Commission has released a compelling read, “Reflection paper on the future of EU finances“. This considers the tough question about what will happen to the EU budget after…

Finadium: Greenfield Opportunities in Securities Finance and Credit Businesses

March 28, 2017

Josh Galper

Repo, Risk Management, Securities Lending, Tax, Technology

blockchain, credit, direct, Finadium, peer to peer, securities finance, technology, topstory

No Comments

This research report provides a review of four new technology-driven business opportunities in the market today. This is a how-to guide for business owners and project leaders, rather than a…

Taxation, transparency and blockchain

March 21, 2017

Richard Stinchfield

Bitcoin, Blockchain, Derivatives, Regulatory, SEC, Tax, US

bitcoin, blockchain, IRS, OTC derivatives, Regulatory, sec, topstory

No Comments

Last week brought two pieces of news that focus attention on some of the regulatory challenges that blockchain-based public markets are up against. This has direct implications for trading in…

European news roundup: Basel III, FTTs and Brexit (Premium)

September 1, 2016

Josh Galper

Basel III, ECB, Europe, Tax

Basel III, Brexit, EU, Europe, FTT, topstory

No Comments

We were pleased to see two points of sanity emerge from Europe this week. Both had the themes of scaling back regulatory overreach and seeking to strike a realistic balance between a…

A US Financial Transactions Tax? Seriously? Another round of legislation has been introduced in Congress (Premium)

July 21, 2016

Richard Stinchfield

Regulatory, Tax, US

Europe, Financial Transaction Tax, FTT, taxation, topstory, US

No Comments

As the US enters the home stretch of the Presidential election, Representative Peter DeFazio (D-Ore.) has sent up one of the first significant legislative trial balloons of the current Democratic…

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Tax

Why Financial Transaction Taxes grab headlines but are not fit for purpose

Why US banks are getting fined for ADR violations (Premium)

Tracking the cash investment impacts of US corporate tax repatriation (Premium)

US tax code section 871m is making changes in the swaps markets

New US tax rules are creating a global arbitrage to avoid the 30% interest expense limit (Premium)

News Update: dividend taxes in Switzerland, the US and Germany; and what’s next for the Basel Committee (Premium)

We’re not much worried about US tax reform’s impact on repo, but non-tri-party, non-DvP repo participants should stay alert

Global Legal Entity Identifiers are a technical convenience but do nothing to combat bad actors

A European Commission paper on EU finances has some good ideas, but a Financial Transactions Tax is not one of them

Finadium: Greenfield Opportunities in Securities Finance and Credit Businesses

Taxation, transparency and blockchain

European news roundup: Basel III, FTTs and Brexit (Premium)

A US Financial Transactions Tax? Seriously? Another round of legislation has been introduced in Congress (Premium)

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