Ongoing trading and clearing reforms aim at improving regulatory robustness and European integration. Their complexity, however, provides a wonderful regulatory capture opportunity. This contribution shows how specific interest groups are able to magnify their voice in such an environment. In particular, data gathered from consultation procedures provides evidence of a few players taking advantage of their expertise and limited outside attention to take over the regulatory debate. Interestingly, the impact on trade transparency and execution provisions is not as one-sided as one would expect. While few players are involved, their conflicting agendas often lead to rather balanced regulatory outcomes. This is especially the case for those reform proposals that are not overly rigid, which may indicate that drafters should favor incentives (using optional provisions) over mandates when operating in a complex environment.