Intercontinental Exchange, one of the world's largest futures market operators, thinks the UK should use Brexit as an opportunity to "step back" and look again at some of the more controversial reforms it is having to implement through a new EU trading rulebook.

The revised Markets in Financial Instruments Directive, dubbed Mifid II, is a package of wide-ranging trading reforms taking effect in 2018 designed to address some of the unintended consequences caused by the original 2007 directive. Along with the European Market Infrastructure Regulation, it also makes good on parts of the post-crisis reforms agreed to by G20 leaders in 2009 to shore up swaps markets, including a trading obligation for standardised derivatives.