Seemingly unperturbed by the roaring bear market in dot.coms, the London Stock Exchange has appointed a US-based media agency to tout for advertising business over its Web site.
The Exchange's Web site currently achieves some two million impressions per month from a high net worth audience of private investors, fund raisers and advisors.
Tim Ward, head of marketing at the London Stock Exchange describes the move to accept advertising as a "milestone" in the commercialisation of the Exchange following its demutualisation early last year.
He says the development may be of particular interest to member firms for whom the Exchange Web site is a first port of call. Speaking for the stockbroker TD Waterhouse, Jeff Plowman, senior vice president, says: "We will look at it very closely, as it could offer the opportunity to reach more new customers."
Following a competitive tender, the LSE has appointed Massachusetts-based Engage to manage its move into the cut-throat world of commercial advertising. Engage's media sales force has been contracted to work with agencies and advertisers to put together a range of online marketing programmes from simple banners and buttons to bespoke sponsorship deals. The first ads will start to appear in January.