The International Capital Market Association, a trade group for securities-market participants, estimated in a report last month that the tax would cause the short-term repo market to contract by 66%.

WSJ: Review & Outlook: The Transaction-Tax Climbdown

The International Capital Market Association, a lobby group, has warned that the tax would cause the short-term repo market in Europe to contract by at least two-thirds, with serious consequences for other financial markets and the real economy.

WSJ: EU Likely to Weaken Proposed Transaction Tax