Propping up a doomed clearing house "at all costs" will not necessarily be in the best interests of the financial system, a group of fund managers representing more than €10 trillion of assets have warned Europe's top financial regulator.

Executives from BlackRock, Allianz Global Investors, Legal and General Investment Management and Fidelity Worldwide Investment were among signatories of a letter sent to Lord Jonathan Hill, European Commissioner for financial services, last Friday.