One of Europe’s senior policy chiefs has allayed market participants' concerns that supervisors are gearing up for a wholesale revision of the region’s derivatives rulebook, but said they could revisit certain aspects if such a move proves justified.

Lord Hill, the European commissioner for financial services, who was speaking at a public hearing held in Brussels on Friday to review the impact of the European Market Infrastructure Regulation, sought to put an end to speculation over a potential second version of the rules.