Brokers, fund managers and stock exchanges across Europe are planning to harmonise their input to recently agreed securities market reforms in a rare case of coordinated industry collaboration on new regulations.

The group, which held its first meeting in early February, comprises executives from Barings, Axa Investment Managers, Deutsche Bank, Bank of America Merrill Lynch, Morgan Stanley, Nasdaq OMX and Six Swiss Exchange. It will deal with issues relating to the Markets in Financial Instruments Directive II, according to a person close to the discussions.