delete The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No. 3) 2009
These 2009 Regulations exempt certain securities transfer transactions on NYSE Arca Europe (a multilateral trading facility operated by Euronext Amsterdam) processed through EuroCCP (European Central Counterparty Limited) from stamp duty and stamp duty reserve tax. They prescribe NYSE Arca Europe as a recognised investment exchange and EuroCCP as a recognised clearing house, and provide that no charge arises where conditions A (specific transfer patterns between clearing participants, nominees, non-clearing firms, clients, and EuroCCP) and B (matching agreement requirements) are both met. Traded securities subject to such agreements must be held in a designated account.
This regulation creates a narrow, arbitrary exemption that picks winners (EuroCCP and NYSE Arca Europe) over other platforms and clearing houses. The complex conditions A and B introduce compliance burdens and uncertainty. Rather than targeted exemptions, the better policy is to abolish stamp duty entirely — a tax that demonstrably reduces liquidity and drives business offshore. These regulations perpetuate a patchwork of carve-outs that distort market behavior and favor specific entities, with no principled justification for why these particular clearing arrangements deserve relief while others do not.