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Author: SuisseBear Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 465377  
Subject: French FTT: Hollande promotes derivative trading Date: 8/1/2012 3:35 PM
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... via un(?)intended consequences, like the Brits many years ago:


July 24 (Bloomberg) -- French President Francois Hollande’s transaction tax is set to take effect Aug. 1. Not all investors will be paying it.

To escape the tax, many institutional investors will turn to so-called contracts for difference, or CFDs, offered by prime brokers that let them bet on a stock’s gain or loss without owning the shares. Traders have used it successfully to skirt the U.K.’s stamp duty.

“We’ve never purchased U.K. stocks without using a CFD,” said Fabrice Seiman, co-chief executive officer of Lutetia Capital, a merger-arbitrage fund in Paris that oversees $100 million. “Now we’ll do the same for French stocks. It is individual investors who are going to pay.” ...

http://www.sfgate.com/business/bloomberg/article/Hollande-Tr...
http://online.wsj.com/article/SB1000087239639044347710457755...


Oh, interestingly enough, only the daily net purchase amount seems to get taxed... so day traders and HFTs might actually go unaffected, too.

SB
<pulling hairs out>
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