The Financial Conduct Authority yesterday warned European legislators against reducing investor choice ahead of a crunch Brussels meeting on the Market in Financial Instruments Directive, Europe's key piece of securities market reform, scheduled for this morning.

Speaking during a panel session at Europe's biggest trading conference TradeTech, Tim Rowe, manager, trading platforms and settlement policy markets division, said the regulator - formerly the UK's Financial Services Authority - had "concerns" over the direction of the negotiations with respect to anonymous trading platforms known as "dark pools".