Where now for the rules that rocked European finance?

Helping small and medium companies access capital markets was at the heart of Mifid II but more than 16 months on, bankers and regulators are worrying that Europe’s flagship securities-industry overhaul has become more of a problem than a solution.

On the face of it, the new legislation sought to make the European Union’s stock and bond markets work for the benefit of the so-called real economy — midsized manufacturing or family businesses far removed from big financial hubs like London.