Freeman has a $150 price target on Goldman and a $27 price target on Morgan Stanley.
If the financial transaction taxthat is being proposed in Europe gets ratified, both NYSE and NASDAQ OMX could be impacted, Freeman said.
"This looks like it's really going after high-frequency trading, which is a smaller component of the European market than it is in the U.S.," Freeman said. "It's not clear that this is that big of an impact, but we still need to look at this closer."
If the volume of high-frequency trading decreases, Goldman and Morgan Stanley's European businesses would be impacted to some degree although commissions in the trades are very low. Commissions for this type of trading are less than a penny a share, he said.
"There's also opportunity with respect to Dodd-Frank for regulatory arbitrage going the other way," he said. "So there are a lot of things that no one can predict today, a lot of variables that could cause trading to move to other geographic regions—both away and to us."
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