美国民主党政治人士提议征收交易税
A group of Democratic politicians have proposed a financial transaction tax on trades of stocks, bonds and derivatives.
美国民主党一些政治人士已提议对股票、债券和衍生品交易征收一种金融交易税。
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.
民主党总统候选人希拉里•克林顿(Hillary Clinton)正寻求对高频交易（HFT，一种利用计算机在若干分之一秒内执行交易的技法）征收一种税率更低的税。
Such taxes have been floated in Congress for years without success.
多年来，此类税收议案一直在美国国会内现身，但从未成行。
But market participants are paying close attention nonetheless.
尽管如此，市场参与者仍对此密切关注。
It’s very much alive, says Bill Harts, chief executive of Modern Markets Initiative, a trading industry group.
由高频交易公司资助的交易行业组织Modern Markets Initiative的首席执行官比尔•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.
佛蒙特州参议员、曾竞选下任总统的伯尼•桑德斯(Bernie Sanders)以及明尼苏达州众议员凯斯•埃利森(Keith Ellison)分别提出议案，欲对股票交易征收0.5%的税，对债券交易征收0.1%的税，对期货等衍生品交易征收0.005%的税。
Another, introduced by Rep Peter DeFazio of Oregon, would levy a uniform 0.03 per cent tax on stock, bond and derivative transactions.
俄勒冈州众议员彼得•德法西奥(Peter DeFazio)提出的议案是对股票、债券和衍生品交易统一征收0.03%的税。
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.
希拉里的方案是对交易订单（即表明买卖意愿的消息）征税，而不是对股票市场交易征税。
Specifically, her campaign says its tax would hit HFT strategies involving excessive levels of order cancellations.
她的竞选团队明确表示，这种税将对涉及过量取消订单的高频交易策略造成打击。
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.
在近期针对幌骗(spoofing)行为的官司中，快速下单和取消订单已成为一个关键指控。幌骗是指交易者试图通过营造一种有意买卖的错觉来欺骗其他交易者。
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.
德法西奥的办公室称，他的提案不但会遏制金融投机，还会每年增加数十亿美元财政收入，这些收入可用来资助免费大学教育或基础设施维修。
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.
麻省大学阿默斯特分校(University of Massachusetts Amherst)对桑德斯税收议案展开的一项研究估计，即便这样的税导致交易量减半，每年也可创造3000亿美元财政收入。
Critics say the logic behind such a tax is contradictory, as deterring trading would leave fewer transactions to tax.
批评人士表示，这种税收背后的逻辑自相矛盾，因为遏制交易将减少可供征税的交易。
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，由高频交易公司Virtu资助、由约翰霍普金斯大学(Johns Hopkins University)一名学者撰写的一份研究称：金融交易税既想遏制投机又想增加财政收入，这一双重目标彼此对立、不可调和。
The US asset management industry is also sceptical.
美国的资产管理行业也持怀疑态度。
Vanguard, the $3.8tn fund house, has lobbied against transaction taxes, believing they would result in unintended and considerable costs for individual investors.
资产管理额达3.8万亿美元的基金公司先锋集团(Vanguard)已展开游说反对开征交易税。它认为，这种税将给个人投资者带来意想不到的可观成本。
The asset manager adds: A tax ostensibly aimed at Wall Street would ultimately be detrimental to Main Street.
这家资产管理公司还表示：一种表面上针对华尔街征收的税，最终将给‘主街’（Main Street，指普通人）造成损害。
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，取消和更换订单并不违法，实际上对确定公允价格也很重要。
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，如果说希拉里的提案是为了制止幌骗，那么幌骗早已被定为非法。
People who are spoofing should be subject to prosecution, he adds.
他接着说：对非法的事情征税似乎是多余的，玩幌骗的人应该受到的是起诉。
