美國民主黨政治人士提議徵收交易稅
A group of DeMocratic politicians have proposed a financial transaction tax on trades of stocks, bonds and derivatives.
美國民主黨一些政治人士已提議對股票、債券和衍生品交易徵收一種金融交易稅。
Hillary Clinton, the Democratic presidential nominee, is seeking a narrower tax on high-frequency trading (HFT), the technique of using computers to execute transactions in fractions of a second.
民主黨總統候選人希拉里•克林頓(Hillary Clinton)正尋求對高頻交易（HFT，一種利用計算機在若干分之一秒內執行交易的技法）徵收一種稅率更低的稅。
Such taxes have been floated in Congress for years without success.
多年來，此類稅收議案一直在美國國會內現身，但從未成行。
But market participants are paying close attention nonetheless.
儘管如此，市場參與者仍對此密切關注。
It’s very much alive, says Bill Harts, chief executive of Modern Markets Initiative, a trading industry group.
由高頻交易公司資助的交易行業組織Modern Markets Initiative的首席執行官比爾•哈茨(Bill Harts)表示：它非常有生命力。
Bernie Sanders, the Vermont senator and former presidential candidate, and Keith Ellison, a Minnesota representative, have each sponsored bills that would impose a tax of 0.5 per cent on the sale of stocks, 0.1 per cent on bonds and 0.005 per cent on derivatives such as futures.
佛蒙特州參議員、曾競選下任總統的伯尼•桑德斯(Bernie Sanders)以及明尼蘇達州衆議員凱斯•埃利森(Keith Ellison)分別提出議案，欲對股票交易徵收0.5%的稅，對債券交易徵收0.1%的稅，對期貨等衍生品交易徵收0.005%的稅。
Another, introduced by Rep Peter DeFazio of Oregon, would levy a uniform 0.03 per cent tax on stock, bond and derivative transactions.
俄勒岡州衆議員彼得•德法西奧(Peter DeFazio)提出的議案是對股票、債券和衍生品交易統一徵收0.03%的稅。
Mrs Clinton’s plan would place a tax on orders — or messages that signal an intent to buy or sell — rather than transactions in stock markets.
希拉里的方案是對交易訂單（即表明買賣意願的消息）徵稅，而不是對股票市場交易徵稅。
Specifically, her campaign says its tax would hit HFT strategies involving excessive levels of order cancellations.
她的競選團隊明確表示，這種稅將對涉及過量取消訂單的高頻交易策略造成打擊。
Rapid-fire entry and cancellation of orders have become a central allegation in recent legal cases against spoofing — conduct in which traders try to dupe other traders by generating a false sense of interest in buying or selling.
在近期針對幌騙(spoofing)行爲的官司中，快速下單和取消訂單已成爲一個關鍵指控。幌騙是指交易者試圖通過營造一種有意買賣的錯覺來欺騙其他交易者。
According to Mr DeFazio’s office, his bill would discourage financial speculation and raise billions of dollars of annual revenue that could fund free university education or repairs to infrastructure.
德法西奧的辦公室稱，他的提案不但會遏制金融投機，還會每年增加數十億美元財政收入，這些收入可用來資助免費大學教育或基礎設施維修。
A study of the Sanders tax proposal by the University of Massachusetts Amherst estimated it would generate $300bn per year in revenue even if it led trading volume to fall by half.
麻省大學阿默斯特分校(University of Massachusetts Amherst)對桑德斯稅收議案展開的一項研究估計，即便這樣的稅導致交易量減半，每年也可創造3000億美元財政收入。
Critics say the logic behind such a tax is contradictory, as deterring trading would leave fewer transactions to tax.
批評人士表示，這種稅收背後的邏輯自相矛盾，因爲遏制交易將減少可供徵稅的交易。
A 2010 study written by an academic at Johns Hopkins University and funded by Virtu, a high-frequency trading firm, said: The dual goals of FTTs to deter speculation and raise revenue are irreconcilably at odds with one another.
2010年，由高頻交易公司Virtu資助、由約翰霍普金斯大學(Johns Hopkins University)一名學者撰寫的一份研究稱：金融交易稅既想遏制投機又想增加財政收入，這一雙重目標彼此對立、不可調和。
The US asset management industry is also sceptical.
美國的資產管理行業也持懷疑態度。
Vanguard, the $3.8tn fund house, has lobbied against transaction taxes, believing they would result in unintended and considerable costs for individual investors.
資產管理額達3.8萬億美元的基金公司先鋒集團(Vanguard)已展開遊說反對開徵交易稅。它認爲，這種稅將給個人投資者帶來意想不到的可觀成本。
The asset manager adds: A tax ostensibly aimed at Wall Street would ultimately be detrimental to Main Street.
這家資產管理公司還表示：一種表面上針對華爾街徵收的稅，最終將給‘主街’（Main Street，指普通人）造成損害。
Mr Harts of Modern Markets Initiative, which is backed by high-frequency trading companies, says that cancelling and replacing orders is not illegitimate and is in fact important for determining fair prices.
哈茨表示，取消和更換訂單並不違法，實際上對確定公允價格也很重要。
If the aim of the proposal is to stop spoofing, that has already been outlawed, he says. It seems redundant to put a tax on something that’s illegal.
他表示，如果說希拉里的提案是爲了制止幌騙，那麼幌騙早已被定爲非法。
People who are spoofing should be subject to prosecution, he adds.
他接着說：對非法的事情徵稅似乎是多餘的，玩幌騙的人應該受到的是起訴。
