European trading chiefs have clashed over the issue of who ought to be given the power to monitor trading across European markets, amid growing fears that regulators are unable to monitor and detect what has become an increasingly professionalised market abuse industry.

Speaking during World Exchange Congress in Istanbul, one of the industry's annual get-togethers, exchange chiefs disagreed on whether the job of cross-market supervision ought to be handed to regulators, an independent body, or to the incumbent exchanges.