Entries with tag pending legislation.

Australian Authorities Consider Throttling High-Frequency Trading

The Australian Securities and Investment Commission, an independent financial regulator, is reportedly considering a 500-millisecond delay on electronic stock trading to slow the pace of high-frequency trading. High-frequency trading is a software-driven form of stock market trading that uses sophisticated algorithms enabling trades to be executed in microseconds, yielding profits from very small changes in the share prices. There are concerns the speed provides undue advantage to high-frequency traders and deters long-term traders from participating in the market. The practice is reportedly costing long-term investors roughly $2 billion/year, according to Australian Financial Review. (SlashDot)(Computerworld)(Australian Financial Review)

US Senate Passes Internet Tax Bill

By a vote of 69 to 27, the US Senate passed a bill that would enable sales taxes to be collected from Internet transactions, regardless of where in the United States the seller is based. The Marketplace Fairness Act, which received support from most Democrats and some Republicans, was opposed by hard-line conservatives, states without sales taxes, and antitax activists. The House of Representatives and President Barack Obama will have to approve the measure before it becomes law. Businesses with less than $1 million in online sales would be exempt. Currently, a state can require retailers to collect sales taxes only if it has a store or other physical presence in the state. This exempts Internet-only firms such as eBay and Amazon, which collect taxes only in states where they have offices or distribution centers. (SlashDot)(The Washington Post)(The Wall Street Journal) 

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