Investment managers have told the European Commission (EC) that they want to choose among different trading venues for executing equity orders, although they support proposals to explore ways of increasing transparency if orders are internalised by securities firms.

The Investment Management Association (IMA), representing UK institutional managers controlling £2,000bn (€3,160bn) of funds, will tell the EC in a submission this week that its members 'strongly support a regulatory framework that recognises the diversity of trading needs and allows for choice in trading venues'.