The European Commission’s review of Mifid is set to result in fundamental and far-reaching changes to the region's trading landscape, according to a senior European lawmaker, as the industry awaits the delayed publication of the EC's draft directive.

Kay Swinburne, a Conservative member of the European Parliament, yesterday said that the review, dubbed Mifid II, would transform the European trading landscape and urged the industry to help shape the nature of the reforms which will go beyond the equities market.