LSE posts quarterly figures

Source: LSE

Highlights:

  • Revenue up four per cent to £171.0 million; down three per cent at constant currency
  • SETS volumes continued to grow, increasing 20 per cent to 777,000 trades per day, driven by a very strong October. SETS value traded declined 30 per cent, set against an average 34 per cent fall in the FTSE 100 compared to the prior period. Trading volume at Borsa Italiana was seven per cent lower at 253,000 trades per day
  • Money raised on the Group's markets was up 145 per cent to £29.7 billion, the second highest quarter on record - mainly comprising £27.8 billion raised in secondary issues in London
  • Demand for LSE real time data remained resilient with 111,000 professional users of LSE information, up 4,000 over last year although 1,000 down since the half year; professional terminals receiving Borsa Italiana data were 3,000 down on last year to 155,500, and 5,500 down on the number at the half year
  • Post Trade Services revenues increased 60 per cent to £30.9 million as a result of an increase in margin and reserve fund deposits, and the strength of the Euro (revenue up 34 per cent at constant currency)
  • Italian cash equities market successfully migrated to TradElect in early November; overall integration programme is on schedule to deliver the increased synergies announced at the Interim results

Nine months year to date:

  • Revenue up five per cent to £516.5 million; a one per cent decrease on a pro forma basis at constant currency
  • SETS volumes up 28 per cent to 752,000 trades per day. SETS value traded declined 12 per cent, a resilient performance set against an average 19 per cent fall in the FTSE 100 over the comparative period. Trading volume at Borsa Italiana was eight per cent lower at 259,000 trades per day
  • Money raised on the Group's markets increased 74 per cent to £73.3 billion - principalpally comprising £61.7 billion in seecondary issues in London
  • Revenues from Information Services up 16 per cent to £136.9 million, partly reflecting the overall increase in terminals taking real time data over the comparable period

Commenting on performance in the past quarter, Clara Furse, Chief Executive said: "The Exchange has delivered a good overall performance in what are very difficult conditions for financial markets. Capital raising on our markets in the UK has been strong with a near record in terms of money raised in the quarter, and while new issues remain subdued we are seeing a continued flow of secondary issues.

"Trading in the past quarter, in common with other major markets, became weaker, mainly reflecting the 34 per cent fall in average value of the FTSE 100 and a 47 per cent average reduction in the S&P MIB index equity market.

However, we are pleased to have successfully introduced TradElect in Italy during the period, to quickly move to a common trading platform for our major cash equity markets."

Read the full statement here:

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