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Hillary Pushes HFT Tax (A Day After BlackRock Warns Of "Wild Price Swings")
Following yesterday's flip-flop on TPP, Hillary Clinton has unleashed some new financial system 'policies' this morning, the most crucial of which includes the provision of a transaction tax which will dramatically penalize high-frequency traders (gratifying critics of HFT's instability-creating market structure). The question is, who is she trying to appease with this 'policy'? The answer is simple - Follow the money... once again.
As Bloomberg reports, Hillary Clinton is proposing a tax on the flash boys that may be unlike any in the world.
She wants to penalize traders who use super-fast computers to repeatedly submit and then retract their stock orders by charging a fee for transactions they cancel. The proposal, released by her presidential campaign late Wednesday, will gratify critics of high-frequency trading, who’ve long argued that the industry’s reliance on orders that are never executed is a hallmark of unfair markets, and worse, manipulation.
...
While a group of European nations have tried to curb rapid buying and selling by proposing a tax on the volume of trades, charging a fee for canceled orders is a new idea. The plan is designed to target “harmful” high-frequency trading that makes markets “less stable and less fair,” Clinton’s campaign said. She plans to formally propose the tax on Thursday as part of a broader plan to reform financial rules.
It appears more lobbying dollars need to be thrown Hillary's way...
Dear @ModernMarkets did you forget to invite Hillary Clinton for a $250,000 hour speech this year?
— zerohedge (@zerohedge) October 8, 2015
A trade group for high-frequency firms said Clinton’s plan was misguided because it would act as a disincentive for equity traders who make markets by submitting a high level of buy and sell orders every day.
“We are in favor of curtailing irresponsible levels of cancellations,” said Bill Harts, chief executive officer at Modern Markets Initiative. “However, a tax on liquidity providers is a tax on investors and the very traders who make our markets efficient and cost effective for those average investors.”
So who is Hillary really trying to appease with this aggressive policy move?
Let's see - just yesterday, the world's largest asset manager BlackRock made a modest proposal to "fix" markets - by shutting them down when there is significant volatility...
Among the fund company’s suggestions: The entire $23 trillion market should automatically come to a halt if a certain number of shares stop trading, giving traders time to regroup on a wild day, according to BlackRock. Tweaking the rules on halts and making all stock openings electronic are among other ideas in a paper published Wednesday by the firm.
BlackRock’s proposals come as money managers talk with market-makers and stock exchanges to identify what happened amid the market turmoil on Aug. 24 and how to prevent a repeat. Trading that day was disrupted by delayed openings, more than 1,000 halts, and wild price swings. The fund company believes that many of its recommendations can be adopted with a minimum of fuss.
"They’re all very doable changes without a whole lot of magic," Barbara Novick, co-vice chairman of BlackRock, said in an interview. "I don’t think they’re going to be contentious. I don’t think they’re going to be difficult."
Simply put, BlackRock hates HFTs because they destabilize their precious ETF business cash cow.
* * *
So, a day after BlackRock calls for curbs on trading to "protect" investors and ensure its ETF business does not get massaccred (a la Black Monday) in the next vicious circle sell-off; Hillary Clinton, having previously gone "nuclear" on short-term capital gains, drops a new anti-high-frequency-trading "transaction tax"... apparently confirming her status as a BlackRock puppet...
Mills was chief of staff for Clinton’s State Department and was general counsel to Clinton’s 2008 campaign. As Politico notes, Mills "has worked for the Clintons for years [and] regardless of whether there’s ultimately an official title on the [2016] campaign, hers will be a key voice." Earlier this year, The NY Post (in an admittedly hyperbolic piece) described Mills as Clinton’s "consigliere" who "knows where the [Benghazi] bodies are buried." Mills also serves on the board of the Clinton Foundation.
Ok, so what? Now we know who Cheryl is, but what’s she got to do with anything?
Good question.
And for the answer, we’ll leave you with the following screengrab which should tell you everything you need to know about why Clinton is now going the nuclear route on capital gains taxes... and pushing for a tax that will kill the high-frtequency-trading business.
* * *
Bonus: BlackRock contributions to the DNC
Source: opensecrets.org
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Hillary is showing her true colors, that of puppet for the global sociopaths, saying whatever she needs to, doing whatever she wants, just like teflon Bil!
Equality bitchez!!!
Wondering why this Mills bitch is the only one highlighted in that image above, when you can look through the rest of the list and see many more people tied to Blackrock, as well.
When Hil suggests a tax that will wipeout her daughter's hubby; you know she's flailing...
All trades hand written on paper from now on. That will eliminate the HFT.
When Hitlery suggests a tax that I have been pushing on ZH for years, all of the sudden I feel DIRTY...
and she is newly
"against" TPP.
Does sound fishy.
Reminds me of when candidate Obama suggested he was
"against" overseas militarism, big business rip-offs,
and was "for" open transparent government.
threaten deep pockets, take payoff. a page right out of the jessie jackson play book. fucking democrats.
I'm guessing that Hillary finally figured out that the Obamatron's agenda(s) are political poison (TPP)!
Probably because she is a member of Hillaryland.
"Mills was chief of staff for Clinton’s State Department and was general counsel to Clinton’s 2008 campaign. As Politico notes, Mills "has worked for the Clintons for years [and] regardless of whether there’s ultimately an official title on the [2016] campaign, hers will be a key voice." (above)
-----
" She is most known for being deputy White House Counsel for President Bill Clinton, whom she defended during his 1999 impeachment trial."
"and is considered a member of "Hillaryland".[7]" " She served as Counselor and Chief of Staff to Secretary of State Hillary Clinton.[8] "
https://en.wikipedia.org/wiki/Cheryl_Mills
https://en.wikipedia.org/wiki/Hillaryland
mills looks like the chick from scandal...maybe thats where they got the idea for the show
Hillary IS a global sociopath...and a whole lot worse than that as well.
HFT tax, like that'll work. They will change the name to protect the guilty and the creature from the black lagoon will get her kickback and the speaking fee's will set new records.....
I keep hoping I can go a day without seeing a picture of the ugly bitch's face somewhere
Wait until she become POTUS, you'll want to gouge you're eyes out.
That's so cute when the politicians put on their serious faces and pretend they will do anything to harm the banksters.
It is right because Humma says it is so...
HFT tells Hillary they're fine w/ a 1 min delay before cancellations ... that is, of their contrib's to her campaign
Why is this crack pot talking like she is already the president? And why are people even taking her crap and lies seriously? Is the flouride this powerful? Stop drinking tap water people!
I think the real question here is how many of the peasants that vote Dumbocrat know exactly what the hell she's talking about.
The FSA only knows big words like EBT/SNAP, Section 8, Child Tax Credits, Obombaphone, gimmie, whar's mine, din do nuttin.
she just dances to her money masters. look at her, she looks spoocked out.
#wallstreetlivesmatter
#wallstreetbailoutsmatter
Who cares whether her reasons are corrupt or not (and of course they are) - is there anyone in the ZH crowd that thinks cracking down on spoofing is a bad idea? Look at the gibberish that the Modern Markets spox was reduced to:
"who make markets by submitting a high level of buy and sell orders every day."
"a tax on liquidity providers is a tax on investors"
umm, buddy, that's why it's a tax on cancellations and not the actual liquidity-providing buy/sell orders. As a retail trader I'm perfectly cool with paying 10 cents everytime I periodically cancel an order.
Is it not illegal (front-running and spoofing)? Why just not prosecute, jail time and enormous fines to pay back those being skimmed, if she's really serious about stopping it? Our Leviathan government doesn't need anymore tax money.
Hey, yer talking about locking up my fellow 'Bots in the stawk/Bond markets, there!
Hillary can opine about HFT, but doesn't know what "wiping" a server is.
"What? Like with a cloth?"
Bingo!! +1000!!!!
ok Cheryl Mils ---where are the "bodies buried"????----just asking--
Better for you if you tell us now ----holding back information like that could get you the death penalty---
Hitlary is the reason I gave up religion and smoking...
1) For years and years, every night I prayed to God to let this bitch die a horrible, painful death, burnt alive in a car crash...she never did. I gave up God.
2) Hitlary has about 20 years on me, I look forard to the day she dies, therefore, I gave up smoking.
I hate that bitch even more now....I really miss smoking!
Wow, with all those classified email felonies hanging over her head? The wicked witch of Arkansas must have fallen off her broom one too many times.....
Gotta love ZH! Yes, please expose these bastards more!
Hillary Pushes HFT Tax (A Day After BlackRock Warns Of "Wild Price Swings")
Notice how the proposed government solutions are always a tax or a fine. It's about creating new revenue streams for this awful parasite we know as government.
The whole HFT problem can be solved by simply adding a small random delay to the time stamp of every transaction. This will completely neuter "all" HFT schemes. They lose control of what they need to control ... that being the order of the process flow.
No matter what, she is not going away. Nothing that evil will ever die.
Hopefully, Obamymammy is so pissed at her for opposing the TTP, she'll be bombed, shelled and mortared...
Another typical example of government capture by Wall Street. She could care less about markets working better for investors, or requiring HFT algos to follow fair market making protocols that were established and proven by 50 years of of floor trading.
Oh no, it’s about collecting a cut of their theft for the government, the grift from the perps, while allowing them to continue to abuse the markets anyway they choose.
Of course, if they would prefer to make a contribution to the Clinton Foundation instead, that can also be arranged.
" HFT algos to follow fair market making protocols that were established and proven by 50 years of of floor trading"
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Send one to Hillary today!
Who the fuck cares who she works for? We need to get rid of HFTs.
Hillary is a fucking psychotic cunt.
Ask her tomorrow about this issue and she won't remember a thing.
Some here may recall Mills was the lawyer who argued on behalf of Bill on the senate floor during his impeachment hearings. She's obviously had ber nose firmly implanted up the Clinton's asses for years and it certainly seems to have paid dividends. All aboard the gravy train!
Have no problem with a $.01-$.05 per share tax on sales. You can take a tax credit on your return for tax paid IF reported as a long term holding. Just like we tax short term gains differently than long term - don't see the issue.
We used to have a small tax on sales years ago but it went away.
all this from a prison cell....
Do you think Humma is a bottom or top for Hillary?
Good god I'm trying to eat my lunch man...
I think everyone wants to know how big a strap-on it takes to get sHitlery off.
"While a group of European nations have tried to curb rapid buying and selling by proposing a tax on the volume of trades, charging a fee for canceled orders is a new idea"
Ummm no its not. I've been saying that for over 5 years now, and I'm not even the smartest guy in the room.
Was there any provision in her plan that addresses HFL (Hillary Fucking Lies) trades in cattle futures? No I guess not...
"Tobin Tax"
but, hey... what does it matter?
https://en.wikipedia.org/wiki/Tobin_tax
seahag
Hitlery is trying to appear as if she is a populist candidate when she is just an EVIL FRAUD TRYING TO APPEAR POPULIST.