The global financial crisis will exert negative pressure on the profitability of equities and derivatives exchanges this year, as lower issuance and volumes hit a sector that has, so far, weathered the global financial crisis relatively well, according to a report from Moody’s.

Exchange revenues and profits have held up well in spite of – and to a degree, thanks to – the turmoil affecting the financial sector. Volumes have often approached record levels during the crisis as traders moved to exit positions; piled into perceived safe havens or hedged their exposure to stocks or sectors.