What is happening?
The final draft of France’s Financial Transaction Tax (FTT) was published in President Francois Hollande’s first fiscal package in July 2012, due to come into effect from August 2012. In theory, it includes three components: an equity transaction tax, a tax on high frequency trading (HFT), and a tax on so-called 'naked' sovereign credit default swaps (CDS) that are not matched by underlying credit exposure.
