Can't be having a 0.01% (ONE HUNDREDTH OF ONE FREAKING PERCENT!!) tax on derivatives now, can we?
$1.26 Quadrillion in notional derivatives...next stop $1 Quintillion.
One day these will be marked to market, making Armageddon look like a spring picnic.
The UK has said it will "resist" a financial transaction tax on EU members proposed by the European Commission.
The tax would raise about 57bn euros ($78bn; £50bn) a year and would come into effect at the start of 2014.
Under the proposals, the financial tax would be levied at a rate of 0.1% on all transactions between institutions when at least one party is based in the EU. Derivative contracts would be taxed at a rate of 0.01%.
A transaction tax would need the approval of the UK in order to be implemented across the EU.
The commission said that if the UK vetoed the tax, it would look to implement it in the eurozone.