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The Markets in Financial Instruments Directive (MiFID) is the European Union legislation that regulates firms who provide services to clients linked to financial instruments such as shares, bonds, units in collective investment schemes and derivatives, and the venues where those instruments are traded. 

MiFID II is intended to be a stronger version of the previous law, and it is focused mainly on increasing customer protection, making trading platforms more open, and ensuring that portfolios are properly managed.  It requires the intermediaries to disclose the prices before and after the trade and offer more transparency to investors.