New month, new tax

Yesterday, 1st August (already!), the new French Financial Transaction Tax (FTT) came into effect. With the fine print of the new tax only emerging over the previous few days, we’ve now added the French FTT to our ‘At a glance‘ page to provide you with an overview.

The tax, which applies to the purchase of over 100 French stocks with a company market value of more than €1 billion, is the first step towards fiscal reform and part of France’s plan to cut its budget deficit. The first tax payments (for August, September and October) are due by 9th November.

The market impact is yet to be felt, and whether it will lead to a significant decrease in trading volumes in French equities and a shift of order flow from cash products to derivatives remains to be seen.

Click here for the French Financial Transaction Tax at a glance.

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