Contrary to recent indications it appears that the EU DST may not exempt FS as extensively as had been hoped. Bloomberg on November 22nd reported that they have seen evidence that financial services carried out through digital platforms may well be in scope of the 3% Digital Services Tax on relevant revenue. This is a very political issue and we expect that there will be a lot of movement on what the EU DST may cover. Part of this could mean that the law may bring into scope various FS multi sided digital platforms where users interact (e.g. markets, liquidity providers, data service providers, clearing, settlement, portfolio compression, etc.). It is therefore important to have considered what such a change could mean for your business.