Banks gained an unlikely ally in their fight against excessive regulation today, when an industry body representing 160 non-financial companies in Europe joined the list of opponents to proposed reforms of the derivatives industry.

Companies including aerospace firm BAE Systems, mining group Anglo American, energy giant EDF and engineering company Siemens have signed a letter to the commissioners of the European Union urging them to reconsider proposals to regulate the derivatives market. The letter has been prepared by the European Association of Corporate Treasurers, or EACT.