The wait is over. Regulatory and public affairs staff at Europe's banks, brokers and exchanges on Thursday got their first glimpse of Mifid II's final rules, when parts of the draft text were circulated ahead of a key European Commission meeting next week.

A revised version of the Market in Financial Instruments Directive, dubbed Mifid II, will overhaul EU's trading landscape when it comes into force in 2017, by limiting activity on dark pools, 'unbundling' payments for research and execution, and introducing equity-like transparency to the region's fixed income markets.