Trading firms are preparing for a key vote that will determine whether or not a sweeping reform of Europe’s financial markets will be delivered in September, with some warning that there are still major flaws with the draft that need to be resolved.

The European Securities and Markets Authority's Board of Supervisors, a panel of 28 senior regulators from across the EU, will meet on September 24 to vote on whether the draft regulatory technical standards for the review of the Markets in Financial Instruments Directive should be passed to the European Parliament for scrutiny.