The reaction to new rules designed to create competition among European futures bourses is "overblown", with the incumbent exchange groups set to be less affected than first thought, Goldman Sachs analysts say.

In a research note on IntercontinentalExchange, which owns the London-based Liffe derivatives exchange, analysts at the US bank downplay fears that the new rules under the Markets in Financial Instruments Directive II on competition between derivatives trading venues will have a significant impact on exchange group earnings.