“Investors who own French shares are selling them and taking positions on them through derivatives instruments such as contracts for difference, structured products and ETFs, according to a Paris-based lawyer. ‘Most structured transactions remain outside the tax,’ he says. ‘It is due only if you have actually purchased the shares.’  In other words, instead of curbing excessive speculation, the tax is simply forcing those speculative activities into darker, less-regulated corners of the market.”

http://www.businessinsider.com/france-transaction-tax-and-derivatives-2013-1#ixzz2GzRC7C9m

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