One of the authors of Mifid II, the regulatory text set to transform trading in Europe, is set to leave his post as head of the European Commission's securities markets unit after just nine months, according to sources familiar with the situation.

Ugo Bassi, head of the securities markets unit, Internal Market and Services, at the European Commission, is expected to be promoted to director of another division within Internal Market and Services known as Directorate 'F', or the Capital and Companies directorate, according to sources familiar with the situation.