January 3 was not just any day for the financial sector:
it was the day #MifidII started trending on
Twitter (ahead of football), with users sharing their
questions, anxieties and sometimes wisdom on one of the EU's
largest pieces of legislation.
The new Markets in Financial Instruments Directive (Mifid
II) has broken many records because it is the most wide-ranging
reform affecting financial services in years. But another
feature makes it unique: its length. The directive spans 225
pages at its core, but over 7,000 if all guidance, relevant
technical standards and addendums are factored in as well
– five times longer than another masterpiece, War and
Peace. A quick search of the internet reveals it would...