Anyone working in financial risk and compliance could perhaps have hoped for a break after the high-pressure run-up to the introduction on Thursday of Mifid, the Markets In Financial Instruments Directive. But if so, it seems they were mistaken.

Ask “what’s next” and you are met with a host of responses ranging from compliance teams still scrambling to implement Mifid itself, through to those who are considering what competitive opportunities it will bring. There are some who want to see the directive extended to other asset classes. And that’s all before they mention the other regulatory changes looming large on the horizon.