The Reykjavik stock exchange opened in disarray today, with its main index crashing 76% on opening.

Suspended last Thursday amid fears of financial meltdown, the OMX Iceland 15 of leading stocks traded at 706 points today. Just last year the index - formed in 1997 with a base of 1000 - had touched 9000 points.

The collapse in the country's stock market was inevitable after its three biggest constituents - Kaupthing, Landsbanki and Glitnir - were taken into public ownership.

Together the three main banks made up around 75% of the Iceland 15, but their shares currently carry a value of zero. Three other Iceland banks on the index - Straumur-Burdaras, Reykjavik Savings and Exista - remain suspended.

Reykjavik government officials were in Moscow today to negotiate the terms of a multibillion-dollar Russian rescue of what is left of the rest of the Icelandic economy.

"We had an excellent reception," said an Iceland spokesman. "We have not actually discussed an amount yet."

Meanwhile, pressure was mounting today for an in-depth investigation of the activities of the big three credit ratings agencies, accused of missing problems ranging from Iceland to the US subprime mortgage crisis.

Local authorities, who are believed to have more than £1 billion of council taxpayers money locked up in the three nationalised Icelandic banks, blame the agencies for assigning them rock-solid ratings until shortly before the crisis hit.