European rules introduced 18 months ago to liberalise Europe’s equity markets, which unleashed a wave of new alternative trading platforms, have made "trading much tougher" in the short-term, while taking longer than expected to achieve their goals, according to one full-service broker.

Jerry Lees, head of alternative execution services at broker CA Cheuvreux, told delegates at Trade Tech, the electronic trading industry's annual gathering, that the alternative trading systems and dark pools that have emerged as a result of the European Union's Mifid legislation will benefit investors in the long run by providing greater liquidity and flexibility. However, he said these changes are happening more slowly than anticipated.