…But the lobby groups for HFT on both sides of the Atlantic are ready to step up their arguments if the pilots show signs of gaining traction.

“You have to let markets evolve and let them decide,” said Niki Beattie, founder of Market Structure Partners, a consultancy, and non-executive chair of XTX Markets, which supports speed bumps.

“You can give people choice but if you haven’t got competition then you can’t do it.”