Some of Europe’s largest industrial companies have warned they could shift their financial hedging away from Europe if proposed reforms of the vast over-the-counter (OTC) derivatives markets go ahead as proposed by the European Commission.

Executives from Lufthansa, the German airline, and Rolls-Royce, the UK engineering group, told a conference in Brussels on Friday that the Commission’s proposals for OTC derivatives reforms would hit companies that routinely use such products to manage business risks.