Over the past decade, market structures have changed so dramatically as to be almost unrecognizable. A steady stream of new regulations designed to increase transparency and minimize the risks presented by rogue traders has left its mark, carving ever deeper valleys into self-regulated markets. MiFID II is just the latest in series of far-reaching reforms that are setting the tone for the future. Put simply, it seems that markets should brace themselves for more regulations over the coming years and not less.