The European Securities and Markets Authority Friday kicked off its final consultation into a revised version of the Markets in Financial Instruments Directive, giving the industry its last say on changes to the EU's main trading rulebook.

Mifid II is set to redefine the future of markets and trading in the world's largest economic bloc. It will go much further than its predecessor, which focused mainly on equities markets, and force transparency requirements upon other asset classes such as bonds and derivatives.