They should just do it now simply for them bringing up the proposal to TAX Trades.
The high speed trading algorithms have gotten so ridiculous that microseconds matter. A one mile change in length of the wires/fiber optic cables means a 5.3 microsecond change in one direction communication speed. They don't want to move if they don't have to.
Copy that - emphasis on doing it NOW. Today!
My thoughts exactly.
I ran the numbers on this when Murphy came out for the tax last week. It does not just affect institutional traders doing high frequency trading. So the populist idea of "big bank bad" and they should pay more taxes is a red herring. (By the way, big banks are bad, but taxes are bad too.) This tax would affect small trading companies, partnerships and some individual investors. It impacts ETFs that must come in line with the underlying securities by market session close (due to regulation.) It affects pension and retirement funds. Just from the basic principles of capitalism it is wrong. It creates a barrier to entry and exit in a market, however so slight. We should always try to steer our markets towards pure competition and taxes get in the way.
I suspect that Murphy was the director of diversity and social justice outreach at Goldman. He doesn't know a damn thing about trading or capitalism.