Hurrah! Looks like the Council of the EU has finally agreed a common approach on MiFID II/MiFIR after 18 months of negotiations. Subject to EU formalities next week, yesterday’s agreement comes just two weeks before Ireland hands the Council presidency on to Lithuania.

The trilogue process – European Commission vs European Parliament vs Council versions – can now get going in earnest. The pressure will be on to reach agreement on a Level 1 text by early 2014 at the latest so as to avoid running into the European parliamentary elections which were recently brought forward from June to May next year. Perhaps early negotiations throughout the summer should be the order of the day.