NYSE Euronext slumped to a $182m (€129m) loss in the second quarter despite higher trading volumes, as the transatlantic exchange paid out almost half a billion dollars to cut loose staff and exit an agreement with its European derivatives clearing house.

The loss, which compares with a profit of $195m a year earlier, came as the exchange paid an agreed $355m charge to pull out of a contract with LCH.Clearnet to clear trades for its European derivatives division, Liffe. NYSE today launched its own derivatives clearing house, NYSE Liffe Clearing, which will manage clearing operations while continuing to outsource risk management to LCH.Clearnet.