Turning day for the Italian markets. From today our country is the first in the world to apply a tax on high-frequency trading transactions. Each purchase or sale order (even the withdrawn or unsuccessful orders) will be subject to a withdrawal equal to 0,02% when it lasts less than half a second.
The novelty could have significant effects on the volume of transactions and on market liquidity, as well as accelerating the exodus of some operators from the listing. However, this is a test of great importance for all financial centres.
After the Nasdaq blackout and the injuries of Goldman Sachs and Everbright, the need to put order in super-fast finance has grown, which has now distorted the very concept of risk. Milan will act as a guinea pig market.
