Europe's top markets watchdog has outlined why it believes a delay to the reform of Europe's trading rulebook is necessary - and suggested a number of ways to postpone the reforms.

The delay was originally suggested at a hearing in the European Parliament on November 10 when Steven Maijoor, chairman of the European Securities and Markets Authority, raised concerns about whether there was enough time to implement the revisions of the Markets in Financial Instruments directive by January 3, 2017, as originally planned.