While some of Europe’s largest exchanges are urging regulators to change the rules on pre-trade transparency, which could hurt bank dark pools, banks including Goldman Sachs argue that improvements to post-trade reporting conventions would be more valuable.

Thomson Reuters last week waded into the debate by detailing proposals for a single European data feed. The data provider called on asset managers, brokers and trade reporting systems "to reach agreement on standards, and these rules will need to be codified through Mifid II regulation".