The London Stock Exchange last week reported its revenue for the three months to the end of June and, barely 60 days into his tenure as the exchange’s chief executive, Xavier Rolet may have found himself having to pardon his French – the numbers made grim reading.

Listing turnover was down 16% on last year, driven by a 19% decline in annual fees and a 13% drop-off in new listings revenue. The LSE's trading lines fared worse, with a 22% deficit. The exchange's top-earning equity trading business was down 28%, derivatives revenue fell 25% and fixed income slumped 12%.