Bankers work around the clock to iron out EU finance reforms

New MiFID II rules seek to apply lessons from financial crisis and aim to force banks to report details of trillions of euros in transactions

Bankers will work through the night to iron out last-minute hitches before Wednesday's launch of a major change to European Union financial markets that aims to apply lessons from the financial crisis nearly a decade ago.

The new rules are already a year late due to their complexity, with regulators having to issue 11th-hour guidance to banks and financial firms to avoid freezing up trades as well as calming nerves of those not yet fully compliant.

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