The Commission has published its proposal for a Financial Transaction Tax (FTT). It plans to levy a 0.1% tax on all share and bond exchanges and a 0.01% tax on derivative contracts. The tax would apply to all transactions in financial instruments between financial institutions when at least one party to the transaction is in the EU. The Commission says the tax will help ensure the financial sector makes a fair contribution to fiscal consolidation, and that a co-ordinated EU-level framework would strengthen the single market. The EU and Member States would split the revenue. The Commission wants the tax to take effect from 1 January 2014. (Source: Commission Proposes FTT)