MiFID II Deadlines Went Wrong `From Day One': Reed Smith Lawyer

• ‘Not surprised’ at last minute delay of dark-trading caps • Sees transaction reporting under MiFID II not going smoothly

The revised Markets in Financial Instruments Directive went into effect on Jan. 3 after years of preparation. The sweeping European Union rules, which aim to boost transparency and prevent another financial crisis, alter how firms pay for investment research, how they document and execute trades, and how brokers share information, find best prices and pay one another.

Tamasin Little, a partner at law firm Reed Smith LLP in London, talks about what’s gone wrong and what’s gone right. Little, who advises financial institutions on ...