While Europe’s stock exchanges have struggled over the past four months amid a slowdown in equity trading activity, Europe’s futures markets have done relatively well, buoyed by demand for equity derivatives from nervous investors.

The slump in European equity orders that began last November is showing no signs of going away. German exchange Deutsche Börse said last week share trading in February was 58% down on last year while the latest data from the London Stock Exchange and Paris-based Euronext show they are also suffering, with their January numbers down 30% and 29.5% respectively.