This week, the trio of European regulators – the European Commission, European Parliament and Council of the European Union – will convene for what many believe to be a critical meeting on the second version of the Markets in Financial Instruments Directive.

Mifid II and its attendant regulation will introduce new rules for trading and markets that will have a major bearing on the buyside, brokers, trading venues and clearing houses. A number of the rules have proved divisive and will be the subject of tough negotiations.