After two years of information gathering, frenzied lobbying, several leaks, and hundreds if not thousands of column inches the European Commission has finally published its legislative proposal for Mifid II. But don't get too excited -- it is hardly inscribed in stone.

Mifid II is the key piece of regulation that is set to transform the way a range of instruments are traded in Europe. It aims to update and build on the reforms introduced by the 2007 directive.