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Markets in Financial Instruments Directive II (MIFID II)
A comprehensive packages of changes to MiFID, which includes the introduction of the concept of an organised trading facility that will cover ‘dark pools’, new transparency rules and rules about position reporting and limits. The exemption for traders of commodities and commodity directives in MiFID will be removed, which could result in energy traders having to comply with both MiFID I and II simultaneously. MiFID II is expected to come into force in 2015.