This story was amended on 25 March, 2013 to clarify that in evidence it was heard that Ian Winter QC gave advice to his clientbased on the original trial judge's comments.
Europe's first 'Tobin tax', named after economist James Tobin who mooted a global tax on currency trades in the 1970s, levies 0.1 per cent on stock and bond trades and 0.01 per cent on derivatives transactions involving one financial institution with its headquarters in the tax area, or trading on behalf of a clientbased in the tax area.