LSE revenue up 87 per cent


LSE revenue up 87 per cent
The London Stock Exchange (LSE) has announced that third-quarter revenue was up 87 per cent to £167.9 billion from £89.9 billion a year earlier.

The interim statement said the exchange experienced "strong overall financial performance", with average daily book orders for cash equities growing by 56 per cent in UK and Italian markets.

The LSE acquired Italian exchange Borsa Italiana at the beginning of last October, reflected in the large revenue increase.

"The exchange has delivered excellent revenue growth, with both the London and Italian operations contributing to this very good overall result," said LSE chief executive Clara Furse.

"In particular, trading on our cash equities platforms has been strong. We are making good progress on integration of the businesses and we are confident of a good outcome for the current financial year."

The update also said trading volume had increased to "new levels" and that its "Issuer" business, providing realtime quotes and data, had performed well.

"Primary market activity remained resilient in slow market conditions," today's trading statement said, with a total of 108 equity new issues during the three months to December 31st 2007.

The FTSE 100 has added 163 points in trading today, following the positive trend of other markets around the world after the US Federal Reserve's surprise rate cut.

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