Europe's trading community fears having even less time to get to grips with new rules underpinning trading in the region, after the European Commission pushed back an important deadline for finalising Mifid II.

The European Securities and Markets Authority, the body responsible for producing the technical standards for a revised version of the Markets in Financial Instruments Directive, wrote to the Commission on Monday to say that an early legal review of the standards would force a delay in their submission until September. Esma had been due to submit the standards in July.