Fund managers hoping for last-minute changes to rules governing the way stock exchanges charge for data in Europe are likely to be left disappointed, according to politicians responsible for rubber-stamping the regulations.

The rules, designed to limit the amount exchanges can charge for market data, form part of the EU's revised markets in financial instruments directive, known as Mifid II. Final standards were published by the European Commission on April 25 and quickly drew criticism from the UK investment community.