The European Commission’s revamp of the Markets in Financial Instruments Directive—the pan-European capital markets regulatory framework first introduced in 2007—finally arrived on Wednesday, January 3, leaving market participants facing the daunting task of reporting more data to regulators than has ever before, notably around the requirements covering transaction reports.

Under Mifid II, the scope of these reports has expanded from 24 fields under the original rulebook to 65 fields today