On Tuesday, while most investors were digesting the ways in which the leaders of France and Germany intended to safeguard against financial woes, our pros were also focused on something else they said.

Something that didn't get as much attention.

Amid the talk of new ways to defend the finances of the eurozone, French President Nicolas Sarcozy talked about implementing a new tax on financial transactions. ”This is a priority for us,” he said.

And that immediately begs the question - who would take a hit?

Although many details are still unavailable, at first glance Sandler O’Neill analyst Rich Repetto tells us that the NYSE is most vulnerable.

”They have the most sensitivity to volumes over in Europe,” he says and “they have the merger deal with the Deutsche Boerse which is squarely in the middle of it.”

However, Repetto is quick to add that it’s currently impossible to know how hard the NYSE (or anyone else) would be bit. ”The questions become what they’re going to tax, how much they’re going to tax and what will be levied.”

And in case you’re wondering if any stocks were oversold, Repetto tells us ICE may have been punished unfairly. “ICE has minimal exposure – most of the trading is done in the British pound,” he says.

*You can find out entire conversation with Rich Repetto about 11 minutes into the video clip above.

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For Peter Misek
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For Rich Repetto
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