MiFID II, a fundamental revision of the Markets in Financial Instruments Directive that was put in place in 2008, is intended to level the playing field between financial services firms through better transparency in the pricing of investment and trading services, to provide more protection for investors and to set controls on algorithmic trading. But many firms are daunted by the complexity of the new regulations and what they see as onerous new reporting standards. MiFID II is also likely to push up costs and force consolidation in certain sectors.