Euronext, the stock and derivatives exchange operator, has taken the first hit in the price war pitting it against its European rivals Deutsche Börse and the London Stock Exchange. First quarter earnings in its most profitable business fell in spite of a rise in volumes.

Earnings before interest, tax and amortisation for the exchange's cash trading business fell 17%to €21.7m and the margin dropped from 44% to 38%. This exposes the first wounds of war between European exchanges since Euronext cut its trading fees at the start of this year.