Flow Traders, an electronic market-maker that specialises in exchange-traded products, hopes that new European trading rules could prompt investors to trade directly with the firm rather than via a bank.

Randolf Paling, co-head of trading at the Amsterdam-based company, wrote in its annual report for 2016 that the European Union's revised Markets in Financial Instruments Directive's emphasis on transparency and best execution will give investors a "clearer overview" of who they are trading with.