The FCA has published its first consultation paper on the implementation of MiFID II (CP15/43). CP15/43 focuses on areas where the FCA has sufficient certainty about the MiFID II legislation to be able to make proposals for UK implementation. The proposals mainly cover changes to the trading of financial instruments. They relate to matters including the following: trading venues, systematic internalisers, transparency, market data, algorithmic and HFT requirements, passporting and UK branches of non-EEA firms. The proposed Handbook text is set out in the draft Markets (MiFID 2) Instrument 2016 in appendix 1 to the paper. Comments are invited by 8 March 2016.