Monday, Dec 7, 2009
The idea of creating a tax on financial transactions (a "Wall Street" tax) is currently being considered by members of congress.
Intrade has listed a market on the creation of such a tax in the United States. This market is listed under Social and Civil -- US Taxes.
Contract Rules:
A contract will settle (expire) at 100 ($10.00) if a tax on financial transactions is created before midnight ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) if a tax on financial transactions is not created before midnight ET on the date specified in the contract.
A tax on financial transactions will be considered created once legislation authorising it's creation is passed into law. Expiry will be based the passage of this legislation, as reported by three independent and reliable media sources.
The contract will expire at 100 if a new tax is created that levies transactions on any of the following:
- Futures contracts
- Swaps (inc. credit default swaps)
- Stocks
- Options
- Foreign exchange
- Bonds
The contract will expire at 100 if there are exemptions available, e.g. for small accounts, market makers or limit orders.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract before you place a trade.