Welcome to The Fintech Files, keeping you up-to-date with the latest developments in financial tech and innovation. Regular host Yolanda Bobeldijk is on maternity leave, so this week's edition is brought to you by Lucy McNulty, FN's Brexit and regulation correspondent...

Confusion reigns over market data
The introduction of the EU's revised trading rulebook — which is said to contain some 1.7 million paragraphs of technical text — had scores of startups that specialise in regulatory technology rushing to help more established players navigate the new world. But The Fintech Files can reveal that the business models of some Mifid II-focused regtechs could be in jeopardy as confusion spreads over the right way to interpret aspects of the new rulebook.