A strong euro and a new focus on post trade services may have provided bright spots for the London Stock Exchange today but its equity trading business was hit by falling markets last quarter, highlighting the problems Europe's behemoth exchanges and cash-strapped fledgling markets face in a falling market.

The LSE, which like its rivals charges fees based on the value of trading, today became the latest to feel the effects of the economic slowdown, reporting a 13% fall in trading revenue for the last three months of 2008 related to a 38% slump in trading value.