Mifid II was one of the most heralded pieces of financial regulation in the past decade but its implementation has proved to be more of a whimper than a bang.

‘Mifid II Day’ on January 3 was meant to mark the most significant overhaul of the financial services industry in the past decade. Instead, it was characterised by major exchanges failing to implement the regulation on time, postponement of the dark pool caps, confusion reigning in some markets and questions as to whether, in the light of Brexit, Europe’s most liquid market will still be governed by Mifid II.