What’s happening?
The EU legislation, known as the level-one text, for the vast Markets in Financial Instruments Directive (MiFID II) was agreed between member states and the European Parliament in January 2014. Some weeks later, the controversy around high-frequency trading (HFT) bubbled up dramatically after the publication of Michael Lewis’s book Flash Boys, and the announcement that the US Federal Bureau of Investigation was looking into certain HFT practices as possible market manipulation.
