Brut, the US-based electronic communications network (ECN), has won regulatory approval from the Financial Services Authority in the UK to open up its electronic communications network offering trading in US securities to institutional clients in Europe.

Brut, which is owned and supported by 26 Wall Street firms,has received the all-clear to bring its share dealing model to Europe from the US, where fierce pricing and technology battles among rivals has reduced equity trading to a near commodity-style business.