Seven of Europe's most influential trade associations have joined forces to voice their concerns over the extraordinary workload being handled by Europe's regulatory agencies – and have demanded that they get more time and resources to formulate new rules.

In an open letter to the European Commission, trade bodies including the Futures and Options Association, the Association for Financial Markets in Europe and the International Swaps and Derivatives Association, said the challenges facing European watchdogs were "acute", and could "jeopardise high quality regulation."