The trade body for UK asset managers has called for changes to the EU's trading rulebook to be pushed back by a year – one of the strongest indications yet that the industry thinks Mifid II will not be fit for purpose at its January 2017 start date.

In a statement the Investment Association - which represents 200 firms managing £5.5 trillion of assets - called for a "rethink of proposed trading rules", specifically those covering bonds, included within a revised version of the Markets in Financial Instruments Directive.