Dutch state-owned bank ABN Amro said it will close its markets activities in Asia and stop selling equity derivatives products and its own structured products in other regions, leading to 100 job cuts.
First there was ZIRP. Now get ready for NIRP.
Up to a quarter of electronic trading volume on the London Metal Exchange (LME) comes from customers in Asia, its chief executive said, indicating the bourse has a roboust base for its drive into the region.
Europe’s plans for a financial transaction tax must be revised, Bank of France Gov. Christian Noyer said in an interview published Sunday on the web site of Financial Times.
Transaction taxes result in more volatile markets, wider bid-ask spreads, greater market impact, and a decrease in volume. Those are key findings of a recent study conducted jointly by the Bank of Canada and Rutgers University into the impact of a transaction tax administered by the State of New York until 1981.