On July 1 the UK Treasury published the results of its Wholesale Market Review, laying the foundations for a post-Brexit overhaul of trading rules. The 76-page paper proposes short-term amendments to MiFID II rules across equities, fixed-income and derivatives markets, and asks high-level questions about longer-term priorities. Although many of the contemplated reforms are technical market microstructure tweaks, taken together they have the potential to fundamentally alter the UK trading landscape and widen the gap with EU regulation, adding further complexity for market participants to navigate.