Stock Exchange marks its own rise

THE London Stock Exchange yesterday revealed that its first quarter revenues rose 39 per cent to £249.7m, beating analyst forecasts, thanks in part to its acquisition of a London clearing house earlier this year.

The LSE acquired a majority stake in LCH.Clearnet in May. Revenues adjusted to strip out currency fluctuations and the impact of its acquisition were up eight per cent.

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The figure beat a consensus estimate by 10 analysts for revenue of £233.4m in the three months to June 30. The exchange, which draws revenue from trades executed on its markets, said it was well placed to build on a positive start to its financial year.

“We remain focused on delivering benefits from recent transactions, developing opportunities and expanding our global footprint,” said chief executive Xavier Rolet in a statement.

Yesterday, it was also announced that Ian Axe is stepping down as chief executive of LCH.Clearnet Group and LCH.Clearnet. He will stay in post to ensure an “orderly handover” and a search for a successor has already started.