MMI CEO in The Hill: Wall Street pushes back on trading tax

Naomi Jagoda reports Modern Markets Initiative, an advocacy group for high-frequency trading firms, has been writing op-eds to speak out against the (financial transaction tax) proposals and is talking to other financial groups and policymakers about the issue, the group’s chief executive officer, Bill Harts, said. “It’s important enough, and enough people are talking about it, that it deserves scrutiny,” he added. Harts said a financial transaction tax could hurt America’s competitive advantage. Foreign companies list stocks on U.S. exchanges, and foreign investors bring money. “Since [high-frequency trading] has gained prominence over the past 20 years, our industry has focused on lowering investor costs. We measure costs like spreads in fractions of a cent, and that focus has led to the best markets ever from the investor’s standpoint, and a competitive advantage for our country,” he said.  “We are mystified as to why any politician would want to give away that advantage.”