[rdm70]

Unintended consequences alert: read up on the UK stamp duty on UK equity trades. Goldman Sachs creates a derivative security matching the return of the underlying equity that you can trade with GS and avoid paying the stamp duty. Net result: GS makes money, less liquidity for the average investor. Rock on transaction taxes.

[moe]

Goldman Sachs creates a derivative security matching the return of the underlying equity

So Goldman Sachs is using a loophole, how surprising.

What is your point, though? Should we not make laws that can potentially have loopholes?