http://www.ft.com/cms/s/0/e82a3792-6a2a-11e2-a3db-00144feab49a.html#ixzz2JRzl6U00 So even if both trading parties are outside the zone if the product is issued from within the zone or the HQ of your clearer is within the zone or the quoted product has 'a clear connection to a participating member state' or you live in the zone you get taxed unless you're a pension fund. Spot fx exempt. Goodbye day trading bund, bobl schatz, dax, eurostoxx, CAC, BTP, OAT even as Eurex's HQ is Swiss only SMI would be untaxed. 0.01% of underlying on the derivatives ie about 10 Euro, (per side or rtp?) FTSE, Gilt etc still viable and obviously American and Asian products. Milk em while they last!