It is widely assumed that the expense of Financial Transaction Taxes is simply that of the tax itself, but in reality the processes financial firms need to comply with them can be even more costly 

CSDR is an onerous regulation with the potential for tier one banks to quickly rack up fines. But it is also an opportunity to centralise settlement processes and even to drive new revenue sources

The research unbundling measures contained in MiFID II are already impacting US investment research firms, creating a dilemma for the SEC over what approach it should take on its home turf

Banks have not been paying enough attention to tax issues, particularly with speculation over the launch of an EU-wide financial transaction tax (FTT), due to focusing so many resources on keeping up with a flood of new regulations. This could lead to problems.