The European Union (EU) has sweeping reforms of financial markets coming into force January 3, 2018. They will affect Wall Street firms in many ways, covering all transactions of EU securities wherever traded worldwide. Whether the firm is on the buy-side: portfolio managers, mutual funds, institutional investors, or on the sell-side: broker-dealers, investment advisors, researchers, consultants, MIFID II will affect business models, research, trading, reporting and order execution.