The first, late-day trading, involves trading in funds after the market has closed but with the trading being done at an earlier price.
But Jefferies said: Despite the headline message of overall group trading being in line with management expectations, today's update disappoints us on mix.
Congressional aides said the absolute ban on late trading being considered by the commission would be unfair to investors who place fund trades through brokers or are in earlier time zones than those on the East Coast.
The Financial Conduct Authority launched a consultation on Tuesday that could result in managers working in areas such as algorithmic trading and high-frequency trading being included in the regime which is being introduced in the wake of the Libor rigging scandal.
They were expected to have new laws in place in time for a conference on illegal wildlife trading being held in London this week.
Well, going back to something you were mentioning before about the status of the markets, what do you think of the current market fragmentation with trading being done and all of these different kinds of venues?
