Six Group, the operator of Switzerland's national stock exchange, is to cut nearly 4% of its workforce and reduce annual costs by Swfr30m (€24.9m), in one of the first signs that infrastructure providers are being forced to reassess their business models amid market uncertainty.

The cuts announced today by the Zurich-based group, which operates Switzerland's trading, clearing and settlement systems, are some of the first to affect a European exchange, and follow a wave of cuts across investment banks, interdealer brokers and other trading firms.