The Mexican tax regime provides a general classification of derivative transactions that may be extended to multiple types of regular and sophisticated trades executed between Mexican and/or foreign counterparties on a day-to-day basis. Tax differences may result depending on whether the derivative instrument is classified as an equity derivative or as a debt derivative. The execution of these trades through Mexican recognized markets is also seen as a tax-efficient bridge for some particular cases. This article discusses the current tax implications that apply to derivative transactions in a domestic and international setting, taking into account the current tax laws as well as some of the most representative changes of the proposed 2014 Mexican Tax Reform that will become effective as of 1 January 2014 in the derivatives field.