While the outcome of the European Commission's review of the Markets in Financial Instruments Directive is by no means certain, one text is expected to prove extremely influential throughout the decision-making process: the Swinburne report.

The report, authored by Kay Swinburne MEP, the European Conservatives and Reformists economics spokesman, explores regulation of trading in financial instruments and is regarded as a key text that will set the political tone for Mifid II.