Monthly Archives: September 2013

Rep. Issa to SEC: How well are you using XBRL?

Seal of the U.S. Securities and Exchange Commi...

This week, the chair of the House Committee on Oversight and Government Reform, Rep. Darrell Issa, sent a letter to SEC Chair Mary Jo White, asking her to appear before the committee later this month to explain why the SEC has moved slowly on using XBRL data. Continue reading Rep. Issa to SEC: How well are you using XBRL?

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Data Transparency 2013

Live blogging from the Data Transparency 2013 conference.

First panel – Jeanne Holm, Data.gov mentions using GitHub for open policy development. Anne Castle – Making LandSat data free increased use by more than two orders of magnitude. Government forgoes user fees, recoups a larger economy and tax base, IMHO.

Very positive start to the conference!

Congressman Darrell Issa  РMadison project working to open the way legislation is written and changed. Open, transparent sausage-making!

House Majority Leader Eric Cantor – Transparency can lead to a more efficient Federal government.

 

HFT Tax: Italian Toe in the Water

The Italian financial transaction taxation plan has come into effect this week. It includes two aspects, an HFT tax, and an equity derivatives tax. (Since I don’t speak Italian, I am relying on English language reporting for the details.)

I’ll reserve judgement on the derivatives tax. I don’t think market specific taxes are a great idea if they just push order flow onto different bourses. This is an area where market coordination is necessary.

The HFT tax is a step in the right direction. It includes a tax on the practice of making orders and cancelling them within milliseconds, which is one of the most pernicious activities of the algorithms used in HFT. This practice clogs the network with spam, slowing and disrupting real market activity. As with e-mail spam, a tax is the most appropriate measure to curb the abuse of a common good.