An index tracking the share price performance of the world's top listed exchanges fell more steeply in October than in any other month this year, suggesting the sector may be facing a wave of consolidation next year.

The FTSE/ Mondo Visione Exchange Index, which tracks the share prices of 17 of the world's top listed stock and futures exchanges, fell 18.9% last month, beating the previous greatest decline, of 17.1% in June.