Some French Equities Futures Trading Plunged After Tax Tweak

Trading in some French equities futures came to a standstill after the government early last year sharpened rules around dividend taxes that have been criticized by industry representatives.

The number of Total Return Futures contracts bought and sold on the country’s blue-chip index, the CAC-40, dropped to zero in the months following the change in February 2025, according to Bloomberg-compiled data on about 26 contracts. Trades resumed in January, though the volume remained relatively low.

The French parliament in February 2025 widened the tax code to include more equity trades as the government seeks to clamp down on dividend ...