120, issue 2 (April),  BIS central bankers’ speeches  3  absence of further work on calibrating costs and benefits, there is no presumption that the optimal tax should be large, only that it may be non-zero, and that it may make sense for it to differ across asset classes. Can existing regulatory tools be used to tax SFTs efficiently?
With this last observation in mind, my next step is to run through a number of our existing regulatory instruments, and in each case ask: to what extent can the instrument at hand be used efficiently to impose a Pigouvian tax on an SFT, either one of the dealer-as-principal type or one of the dealer-as-intermediary type?