Regulators in France, Germany and the UK have granted four of the world's largest exchange groups a late reprieve from new European rules designed to stimulate competition in futures and clearing markets.

The rules, part of the update to the Markets in Financial Instruments Directive that went live on January 3, are designed to give investors more say in where they trade and clear futures contracts. However, Deutsche Börse, Euronext, Hong Kong Exchanges and Clearing, and Intercontinental Exchange, which own major venues and clearing houses in Europe, all benefit from the regulators' decision to delay the implementation.