London Financial Services partner Nathaniel Lalone spoke with The Economist regarding the upcoming shake-up to occur in the European Union's finance industry when the Markets in Financial Instruments Directive (MiFID II) goes into effect on January 3, 2018. Nate said that because regulators tend to focus solely on equity markets, they often create unintended problems in derivative markets. Nate also suggested that a "hard Brexit" could mean most bonds and derivatives will fail to meet MiFID II's transparency requirements since the threshold for deeming instruments "liquid" is based on trading volumes that include the United Kingdom. ("Europe's Capital Markets Face a Big Shake-Up and Are Not Ready," September 30, 2017)