We have all heard stories where firms who are already familiar with regulation are struggling with MiFID II.  In his speech today, Michael Hodson highlighted how firms who to date have not been regulated may need to be. 

This is an area we are actively engaged on with a number of clients as the adjustment in moving from an unregulated business to one that is regulated, can be difficult. 

Firms who deal on their own account or undertake algorithmic trading will need to undertake a detailed assessment of their current activity to see if it requires an authorisation under MiFID II.