Eurex Clearing, the clearing arm of Deutsche Börse, has cut fixed fees for equity transactions by 4% for the first time following record trading volumes in May and June. The move comes after calls from investment banks and the European Union for lower fees.

Robert Barnes, head of market structures at UBS and a representative of the London Investment Banking Association, said he hoped exchanges would "stop milking their members and instead start to work together with them for mutual profit". He was speaking at an annual derivatives conference last weekend.