reducing the number of their equity trades. According to Anders Borg who served as finance minister in the Swedish government from 2006 to 2014, "between 90%-99% of traders in bonds, equities and derivatives moved out of Stockholm to London." Revenues As a result, revenues from these taxes were disappointing. For example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million. In addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988. See also ATTAC (Association for the Taxation of Financial Transactions for the Aid of Citizens) Financial markets Financial transaction tax Foreign exchange market Money market Speculation Tobin tax Transfer tax Volatility (finance) Volatility risk References External links European Commission Working Paper on FTT Taxation in Sweden Sweden