The Futures Industry Association published another in a series of special analyses of the impact of the Markets in Financial Instruments Directive (MiFID II) and Regulation—this time highlighting potential issues for algorithmic and high-frequency traders. In general, under MiFID II, persons engaging in proprietary high-frequency algorithmic trading must be authorized and are subject to ongoing oversight and compliance requirements. MiFID II and MiFIR are scheduled to take effect in January 2017.