Tech-driven trading giants push for new tax breaks

Their in-the-shadows approach has worked well for the industry, which reckons revenue is up 17 per cent a year in the past decade on a compound annual growth rate basis to about $1.7 billion in 2021. They say there is no shortage of demand for their market making from exchanges and other market participants, and there's an ever-evolving need for new products and models as technology and financial markets change. But their good times are under threat. The sweetheart tax regime - the Offshore Banking Unit regime, set up in 1992 to help Australia capture banking activity and revenue that…