Banking lobby group the Association forFinancial Markets in Europe has secured over 120 signatories to guidance it issued last month to ease confusion around the French Financial Transactions Tax, as first reported by Financial News yesterday.

The French tax, which came into force on August 1 and includes a 0.2% levy on certain French stocks; a tax on "high-frequency trading"; and a levy on naked sovereign credit default swaps, has been widely criticised by brokers for its lack of clarity on key details.