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Did the French Just Fry the NYSE?

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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Trader disclosure: On Aug 16th 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan owns (AAPL) calls; Nathan owns (BAC) puts; Nathan owns (DELL) puts; Nathan owns (JPM) puts; Nathan owns (AAPL) calls; Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman’s firm owns (CAT) calls; Finerman’s firm owns (WAL); Finerman’s firm owns (MSFT); Finerman’s firm owns (IBM); Finerman’s firm owns (HPQ) and (HPQ) puts; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Terranova owns (XOM); Terranova owns (CVI); Terranova owns (CAT); Terranova owns (OXY); Terranova owns (AAPL); Terranova owns (DAR); Terranova owns (FCX); Terranova owns (CACI); Terranova owns (ARUN); Terranova owns (ORCL); Terranova owns (EMC); Terranova owns (NCR); Terranova owns (VMW); Terranova owns (IBM); Terranova owns (AMZN); Terranova owns (LULU); Terranova owns (LTD); Terranova owns (WFM); Terranova owns (JPM); Terranova owns (AXP); Terranova owns (FXA); Terranova owns (VRTS); Terranova owns (LQD)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of Building Materials Holdings
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For Mike Khouw
Cantor Fitzgerald is a market maker in (NFLX)
Cantor Fitzgerald is a market maker in (GOOG)
Cantor Fitzgerald is a market maker in (AAPL)
Cantor Fitzgerald is a market maker in (BAC)
Cantor Fitzgerald is a market maker in (AMZN)
Cantor Fitzgerald is a market maker in (CBOE)
Cantor Fitzgerald is a market maker in (WFC)
Cantor Fitzgerald is a market maker in (IBM)

For Dennis Gartman
Funds Managed By Dennis Gartman and Dennis Gartman own Gold

For Brian Kelly
Accounts managed by Brian Kelly Capital short (SLV) calls
Accounts managed by Brian Kelly Capital own (JJG)
Accounts managed by Brian Kelly Capital long (TLT) calls
Accounts managed by Brian Kelly Capital own (SPY) calls
Accounts managed by Brian Kelly Capital are short the British Pound

For Peter Misek
Jefferies makes a market in Apple Inc.
Jefferies makes a market in Google, Inc.
Jefferies makes a market in Research in Motion, Inc.

For Rich Repetto
** No disclosures

For David Greenberg
** No disclosures






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