Big Bang Turns to Drip Feed as MiFID Becomes Bits and Pieces

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Traders monitor financial data as the second iteration of the Markets in Financial Instruments Directive (MiFID II) comes into force, at the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Wednesday, Jan. 3, 2018. After seven years of preparation, $2 billion in compliance costs and one false start, the biggest shake-up to European regulation in a decade is finally here.Photographer: Alex Kraus/Bloomberg
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The European Union’s sweeping MiFID II law came into force on Jan. 3. Well, at least some of it.

The rest will show up in bits and pieces over a year or more and some parts may be rejigged after firms, lawmakers and regulators scrap over details.