The value of equity trading covered by France's financial-transaction tax increased nearly 33% in April compared with August, the first full month that the levy was in place. "If EU regulators do introduce a tax, the French version would be a good benchmark," said Paul Squires, AXA Investment Managers' head of trading. "The current scope of the EU FTT would more dramatically impose costs on investors that will reduce their investment returns." France's levy covers stock purchases of companies listed in Paris with more than €1 billion in market capitalization. It exempts derivatives, repo transactions and market makers.