Interactive Data has launched its new financial transaction tax data service to support identification of instruments subject to recently implemented French and Italian Financial Transaction Taxes (FTTs).
As per the French and Italian FTTs rules, the financial institutions may be required to determine and collect applicable transaction taxes.
The new service has been developed with a strategy to assist the financial organizations to identify instruments that may fall within the ambit of the financial transaction taxes of both countries.
Interactive Data EMEA pricing and reference director Anthony Belcher said, "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."
In accordance with the French and Italian FTTs rules, the new service gathers the information of instruments that fulfill market capitalization, location of issuer and other criteria.
In a bid to reflect instrument level changes and additions, such as those arising from corporate actions such as rights issues, the complied information is updated on a daily basis.