Comment: Putting brakes on stock trading would make GameStop-type events worse

Slowing or staunching trades through a transaction tax as is proposed in the US would prolong the time it takes for a meteoric price rise to correct itself

23rd February, 2021
Comment: Putting brakes on stock trading would make GameStop-type events worse
‘President Joe Biden should resist the urge to pursue a financial transactions tax, because such a tax would inflict more pain on small investors rather than add sanity to stock markets.’ Picture: Getty

“God does not play dice with the universe,” Einstein once assured us. True. Instead, a gaggle of geeky gamers with goggles, toggles and Robinhood-like finance apps are determining our future.

Long before GameStop made headlines for its meteoric 1,700 per cent flash and crash and the US Congress demanded testimony from hedge fund executives, key parts of the economy were already being gamed.

Now, numerous US legislators are proposing a new tax on stock...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Get basic

*New subscribers only

You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

2 Yearly

€315

€248

Unlimited Access for 2 Years

You can cancel any time.

Team Pass

Get a Business Account for you and your team

Share this post

Related Stories

Analysis: Central banking’s brave new world

Trading places: the rise of the citizen investor

Markets Rosanna Cooney 2 weeks ago

Brexit will not bring a ‘bonfire of regulations’ says City of London policy head

Markets Daniel Murray 3 weeks ago

Aidan Regan: Wall Street’s aristocrats prepare to head off barbarians at the gate

Markets Aidan Regan 3 weeks ago