Some Johnny Foreigner wants to tell us all how dastardly the financial industry is in opposing the financial transactions tax. In which piece he tells us this:
The lobbying aims to exempt all non-financial companies, for example, as well as the now infamous \”market-making\” activities, that is proprietary trading.
Imagine what happens when the crusading politician at the head of his howling mob starts talking to the adults and says something stupid like this.
Prop trading is not market making and market making is not prop trading. Sure, they\’re both done for the bank\’s own books but they are still very different things, both conceptually and in practice. Not knowing this just doesn\’t bode well for the level of financial markets nous on display elsewhere in the campaign.