Waters: What will be the major MiFID milestones for the rest of this year?
Chris Pickles, MiFID Joint Working Group: The two key milestones are purely regulatory. The first is that the European Parliament has to sign off on the MiFID Level II text. Hopefully that will happen before everyone goes on summer vacation in Europe. After that, the national regulators in each of the 25 member states of the European Union and the additional three members of the European Economic Area all have to conve