Ms Brenda McVeigh:

In France the tax and share purchases arrangement covers all transactions in shares of French listed companies with a market capitalisation in excess of €1 billion wherever the trade is carried out. High-frequency trading is carried out by information technology equipment within remarkably short timeframes and will be subject to a separate tax levied on the volume of cancelled orders. I assume France has not introduced something on high-frequency trading yet.

For Italy the rates for taxable transactions are 0.1% if traded on regulated markets or multilateral trading facilities, or 0.2% if executed over the counter. However, in the financial year 2013 applicable rates will be 0.12% if traded on a regulated markets and 0.22%-----