No idea what MiFID stands for? All you need to know about this EU law

Everyone in European finance has been abuzz over an obscure acronym -- MiFID II -- that’s about to radically change how assets from stocks to commodities are traded and investors’ money is managed.

Banks and asset managers across the European Union have spent more than $2 billion preparing for it. Regulators say it will protect investors, boost transparency and rebuild trust that was tarnished by the 2008 global crash. The industry has even spent months finding ways to sidestep parts of it.

But you’d be forgiven for not paying attention: MiFID II is a law entering into force on Jan 3 that,