Two of the largest trading firms in Europe have expressed regret that Nasdaq OMX has decided to close its European trading system next month, arguing that competition is necessary to drive equity markets in the region forward.

Richard Semark, managing director, European client trading and execution at UBS, said: "Given Nasdaq OMX Europe came to market after its main rivals it was always going to be harder for them to grow marketshare but it is a shame they've decided to close the business because the market needs competition."