The European Union is attempting to implement a comprehensive framework — MiFID, the Markets in Financial Instruments Directive — broad enough to allow the oversight, and potential regulation, of any market in any sort of financial instrument in a uniform and consistent way. If the project succeeds, it should provide the first mechanism for regulating hedge funds. That would be a philosophical as well as a legal milestone, as in theory hedge funds can regard regulation as simply a market risk like any other, to be quantified in order to be hedged against. This premise of the hedge fund has been the thorniest design issue — a fundamental philosophical mismatch — in creating markup-centric realizations of MiFID-mandated processing: markup is about establishing identifiers and delineating the particular content identified in each instance; hedging depends on discovering the particulars of identified risk in order to sidestep just those consequences. This talk will present a strategy based on working “backwards” from outcome to intent as a way to use a markup-based approach to a problem which would seem inimical to the basic markup functions of identification and delineation.