UK regulator the Financial Services Authority has unveiled to Europe’s main trading venues its plan to conduct a far-reaching review of the equities market that will lead to reforms dubbed Mifid II.

The FSA yesterday summoned UK-regulated exchanges and trading firms to a meeting at its Canary Wharf offices where the watchdog detailed for the first time the "work-streams" and a timetable for the UK leg of the European Commission-backed review of the November 2007 the markets in financial instruments directive.