European financial institutions must not assume that regulators will go easy when new trading rules come into effect in January 2018, consultancy Deloitte has warned.

The second iteration of Europe's Markets in Financial Instruments Directive comes into effect in just 26 days. The rules are intended to make European markets safer and more transparent, and to target conflicts of interest in trading but they will also fundamentally change the way in which trades are executed, reported and monitored.