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Intro -- Contents -- 1 Introduction -- 2 Why the Package? Financial Markets Before and After the Crisis -- Abstract -- 2.1 A Brief Overview of Financial History Before the Global Financial Crisis -- 2.2 What Went Wrong: The Dissemination of Risks -- 2.3 The Reaction of Authorities: Shaping a New Regulatory Framework -- 2.4 Why Banks Got into Trouble -- 2.5 Transparency and Intermediary-Client Relationships -- 2.6 Issues Left Outstanding by MiFID I -- References -- 3 Relevant Changes from MiFID I -- Abstract -- 3.1 How the Package Approaches Regulatory Issues -- 3.2 Topics Addressed by MiFID II -- 3.3 Interactions Between Directive, Regulation and Supervision -- 3.4 The Path Towards the Package -- 3.5 The Scope of MiFID II and MiFIR -- 3.6 Exemptions to the Applicability of MiFID II -- 3.7 Corporate Governance of Investment Firms -- 3.8 Risk Management and Mitigation -- 3.9 Investor Protection and Transparency -- References -- 4 How Exchanges Work: Trading Venues, Algorithmic and High-Frequency Transactions -- Abstract -- 4.1 Trading Venues as a Critical Issue -- 4.2 The Rationale of MiFID II Rules -- 4.3 ECNs and Algorithmic Trading -- 4.4 The Self-Assessment of Trading Venues -- 4.5 CCPs, Trading Venues, and Access to Information in MiFIR -- 4.6 The Role of Supervision in MiFIR -- References -- 5 Market Infrastructure and Transparency Obligations -- Abstract -- 5.1 The Role of EMIR as a Precursor of the Package -- 5.2 The MiFID II Rules Regarding Information -- 5.3 Transparency in MiFID II -- 5.4 Categories and Functions of Data Reporting Services Providers -- 5.5 Transparency Waivers and Deferrals -- 5.6 Transparency Provisions of Direct Applicability -- 5.7 Transaction Reporting in MiFIR -- 5.8 The Greatest Concern: Derivatives Trading -- References -- 6 Investor Protection -- Abstract -- 6.1 The Idea of Investor Protection Over Time.