Bolsa Portuguesa e AEM contra a introdução do imposto sobre transacções financeiras

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Position submitted to Portuguese government

Lisbon, 25 July 2013 –  At the end of last week, NYSE Euronext Lisbon and AEM – Associação de Empresas Emitentes de Valores Cotados Em Mercado (Association of listed companies)  submitted their common position to the Portuguese government, opposing the introduction in Portugal of a financial transaction tax (FTT).

The position submitted to the Minister of Finance details and describes AEM and the Portuguese Stock Exchange's disagreement regarding to the European Commission's initiative to introduce an FTT, which is currently at the negotiation stage in respect of a reinforced cooperation mechanism encompassing 11 countries (including Portugal).

The Portuguese Stock Exchange and AEM both believe that the European Commission's proposal not only fails to fulfil its objectives but will also have potentially very negative and serious economic and financial impact, particularly in smaller economies and markets such as Portugal.

Of particular significance, with reference to the the negative impact expressed in the position that was submitted, is the probable switch of transactions, investors and companies to markets not affected by the FTT.,This could lead to shrinking economic activity and increased unemployment in Portugal.

AEM and NYSE Euronext Lisbon have jointly reiterated commitment to analyse and discuss the subject in greater depth with the Portuguese government  before the European level discussionsin September. This means that common position put forward now, is particularly important and timely.

The joint position taken by the Portuguese Stock Exchange and AEM can be viewed in full at:

www.bolsadelisboa.com.pt and www.emitentes.pt

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