Amidst the on-going rumblings about delays to MiFID II, and the budget and planning uncertainty this has created, it’s good to see that market participants continue to press on with implementation. MiFID II includes many new obligations for venues and, for investment firms, knowing what the exchanges will do fills a significant piece of the puzzle in their overall plan. Despite the lack of finalised detail, the groundwork that has been collaboratively covered by the industry over the last few years means that there is a pretty good consensus on how some of the new regulations can work in practice. Promisingly, we are now starting to see some real traction as the first exchanges start to set out their stalls for 2016. Hats off to BATS and we look forward to seeing more of the same.