public, while speculation incurs risk to make a profit specifically from price volatility hedging is a form of insurance for risk-averse investors, speculation is for those seeking more rapid returns through higher risk It can be difficult to draw a clear distinction between hedging activities and speculation "if the actual exposure cannot be clearly ascertained, then differentiating between a hedging transaction and a speculative trade can become very complicated; if the impact of the underlying exposure is opaque, then the risk-reducing impact of the hedge becomes obscured (if it ever existed)...once you move beyond the straightforward elimination of open positions, into more nuanced transactions involving complex hedging strategies or tenuous relationships between hedges and exposures, the distinction between a hedge and a bet becomes increasingly vague" – . In general the advocates of financial transaction tax point to Basel III and other treaties and regulations that have increasingly required disclosure to make it easier to ascertain the degree of hedging or speculation in a given transaction or set of transactions. The sheer duration of a holding is the most cogent clue: Day traders all engage in speculation by definition. More fair and equitable tax collection Another common theme is the proposed intention to create a system of more fair and equitable tax collection. The Automated Payment Transaction tax (APT tax) taxes the broadest possible tax base, namely all transactions including all real and financial asset transactions. Instead of introducing progressivity through the tax rate structure, the flat rate APT tax introduces progressiveness through the tax base since the highest income and wealth groups undertake a disproportionate share of financial transactions. In the context of the financial crisis of 2007–2008, many economists, governments, and organizations around the world re-examined, or were asked to re-examine, the concept of a financial transaction tax, or its various forms. In response to a request from the G20 nations, the International Monetary Fund (IMF) delivered a report in 2010 titled "A Fair and Substantial Contribution by the Financial Sector" which made reference to a financial transaction tax as one of several options. According to several leading figures, the "fairness" aspect of a financial transaction tax has eclipsed, and/or replaced, "prevention of volatility" as the most important purpose for the tax. Fraser Reilly-King of Halifax Initiative is one such economist. He proposes that an FTT would not have addressed the root causes of the United States housing