DataSet-10
EFTA01390593
1 pg
…agreement or other master agreement for financial transactions) between Party A
(including any of its affiliates) and Party B whether executed now or at any time in the future
which governs the terms of transactions entered into between the parties…
DataSet-10
EFTA01353570
1 pg
…agreement or other master agreement for financial transactions) between Party A
(including any of its affiliates) and Party B whether executed now or at any time in the future
which governs the terms of transactions entered into between the parties…
DataSet-10
EFTA01456460
1 pg
…agreement or other master agreement for financial transactions) between Party A
(including any of its affiliates) and Party B whether executed now or at any time in the future
which governs the terms of transactions entered into between the parties…
DataSet-10
EFTA01353603
1 pg
…agreement or other master agreement for financial transactions) between Party A
(including any of its affiliates) and Party B whether executed now or at any time in the future
which governs the terms of transactions entered into between the pasties…
DataSet-10
EFTA01449213
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
transaction. For example, where a dealer provides liquidity to a financial entity and
simultaneously hedges the same transaction with a third counterpany, afl three
entities are likely to…
DataSet-10
EFTA01449322
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 6: USD/CAD is cheap vs. BEER FV !Figure 7: AUDIUSD is quite expensive vs. BEER FV
1.8 CAD …
DataSet-10
EFTA01449229
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Commodity Price and Currency Monitor
[Figure I: CRB Commodity Prices and components (Figure 2: Energy prices
- Raw nosh .t …
DataSet-10
EFTA01449228
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 43: Equity inflows have tracked the STOXX Figure 44: Foreign interest on the bond side boomed in
!late …
DataSet-10
EFTA01449327
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30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
frigure 3I: Portfolio outflows reach record highs !Figure 32: Net equity and net debt positions
400 Not Portlo 400 200 …
DataSet-10
EFTA01449324
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 18: NZENUSD is fair value vs. FEER F11 !Figure 19: USD/ CHF is bit expensive vs. FEER FV
1.2 3.0 CH
NZp Relative FEER Fair…
DataSet-10
EFTA01449226
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 31: Portfolio outflows reach record highs (Figure 32: Net equity and net debt positions
400 Not Pottloio flows 400 200 …
DataSet-10
EFTA01449339
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Appendix 1
Important Disclosures
Additional information available upon request
For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this
research, please…
DataSet-10
EFTA01449212
1 pg
…2010
tin 3T May 2013 spokesperson for EC Tax and Customs Algirdas Semeta acknowledged that
implementation by the 2014 target date was 'unlikely.'
Proposed EU Commission Financial Transaction Tax Impact Analysis on Foreign Exchange Markets,
Oliver VVyrronJtorsay 2012
Page 6 …
DataSet-10
EFTA01449328
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 43: Equity inflows have tracked the STOXX Figure 44: Foreign interest on the bond Bid: I -x:r
'late 2006 and has slowed…
DataSet-10
EFTA01449312
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
involve very large notional amounts. The FX market is also intermediated, with
several potential stages between client and ultimate liquidity provider.
We are concerned that the FIT would…
DataSet-10
EFTA01449331
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
[Figure 13: ANZ Commodity Price Index (Nominal) and IFigure 14: Long-run Belationslilp-NZD/USD
NZWUSD
0.85 0.2 …
DataSet-10
EFTA01449330
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Commodity Price and Currency Monitor
[Figure I: CRB Commodity Prices and components (Figure 2: Energy prices
- flaw naularet …
DataSet-10
EFTA01449320
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 7: USD/CAD: CAD overvaluation is being 8: USD/AUD: AUD is very expensive. beyond 20%
unwound threshold
…
DataSet-10
EFTA01449222
1 pg
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 12: EUR/USD is cheap vs. FEER FV 'Figure 13: USD/JPY is very cheap vs. FEER FV
1.8 MILL_ Rel a ti ve FEER Fair…
DataSet-10
EFTA01449311
1 pg
…to encourage greater clearing and margining of transactions
in order to reduce credit risk.
The Bottom Line
On 22nd January 2013 the European Council gave the go ahead to 11 EU member
states to negotiate a Financial Transaction Tax (FTT).'…