The European Council of the European Union formally delayed the application date of the Markets in Financial Instruments Directive II and the Markets in Financial Instruments Regulation to January 3, 2018. In addition, the date by which member states must adopt their own version of MiFID II through national legislation was delayed to July 3, 2017. These delays were previously agreed with the European Parliament on May 2, 2016. MiFID II and MiFIR are comprehensive measures that will greatly increase regulation of European financial markets by, among other things, (1) requiring the trading of certain financial and commodity instruments on regulated venues “whenever appropriate;” (2) increasing obligations on certain algorithmic traders; and (3) obligating speculative traders to limit the size of their net position in commodity derivatives.