The depth of the crisis afflicting Europe's stock markets became apparent today as two of the continent's biggest exchanges reported a two-thirds decline in the value of shares traded in January, and others hit key milestones in plans for alternative trading systems to meet a growing competitive threat.

German exchange group Deutsche Börse said the value of shares traded across its systems fell 71% in January to €90bn ($115bn), compared with €307.8bn last year. Spain's Bolsas y Mercados Españoles also reported sharply lower values traded in January, down 63.5% to €66.6bn.