المدربA stamp duty on share transfers is a tax charged as a percentage of the value of each transaction, on the buyer, the seller or both, whatever the profit or loss.
أمثلة
Example 12.11 (Twenty basis points)
A round trip in a Hong Kong share costs 20 basis points in duty before any spread, commission or impact. A market-making strategy that captures one or two basis points per round trip (Box 1.2) cannot exist under that tax; strategies with holding periods of days, earning fifty basis points per position, can. Transaction taxes do not shave every strategy equally: they delete the short-horizon end of the spectrum, and with it the participants who would have provided intraday liquidity.