Interactive Data has launched a new service to support the identification of instruments subject to recently implemented French and Italian Financial Transaction Taxes (FTTs).
Financial organizations may be required to determine and collect applicable transaction taxes under the French and Italian FTTs. Interactive Datas new service is designed to help financial institutions with this process by identifying instruments that may fall within the scope of the French and Italian FTTs.
The Interactive Data service compiles a list of instruments meeting the market capitalization, location of issuer and other criteria specified in the French and Italian FTTs. This information is updated on a daily basis to reflect instrument level changes and additions, including those arising from corporate actions such as rights issues.
The Financial Transaction Taxes represent an operational challenge for financial institutions due to the complexities of identifying securities in scope and determining the level of tax on those instruments, said Anthony Belcher, director EMEA Pricing and Reference Data at Interactive Data. Our new service enables firms to determine the securities that may fall under the scope of the transaction tax within each jurisdiction whilst removing the need to maintain these lists themselves.
(JDC)