Nov. 1 (Bloomberg) -- U.S. exchange operators fell after lawmakers said they will propose a tax on financial transactions such as stock and bond trades.
NYSE Euronext declined 6.8 percent, the most since Aug. 18, to $24.76, while Nasdaq OMX Group Inc. fell 2.8 percent to $24.36. CME Group Inc. slumped 8.6 percent to $251.88 in the biggest retreat since Aug. 10.
Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, said they will introduce bills tomorrow in their respective chambers. The proposals will give the U.S. an increased role in the international debate over a transaction tax, which is likely to be discussed at the Group of 20 summit this week in Cannes, France.
The European Union proposed a financial transaction tax in September that would take effect in 2014 and raise about $57 billion euros ($78 billion) a year. While the EU would apply a tax of 0.1 percent on trades of stocks and bonds, the U.S. tax would be about 0.03 percent, Harkin said.
To contact the reporter on this story: Nick Baker in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Baker at email@example.com