been the subject of structural reforms which have involved both the post-trade — Regulation (EU) No. 648/2012 (‘EMIR …’) — and the trading phase — Directive 2014/65/EU (‘MiFID II’) and Regulation (EU) No. 600/2014 (‘MiFIR’). In particular, the … post-crisis regulation is characterized by the increasing role of the EU authorities both as a supervisor and as a …