LSE revenues up 19 per cent


LSE revenues up 19 per cent
The London Stock Exchange (LSE) has reported a 19 per cent rise in first-quarter revenues, with the increase attributed to "record" trading on its electronic system.

Revenue for the three months ending June 30th rose to £100.1 million, up from £84.3 million a year ago, the LSE said in a statement.

Average daily trading volumes on its electronic SETS system reached 501,000 over the period, up 51 per cent on the previous year.

The average daily value traded also rose 27 per cent to £8.4 billion.

Welcoming the result, LSE chief executive Clara Furse said: "The exchange continues to deliver excellent growth with all key businesses performing strongly.

"Volumes on SETS reached new record levels, as our issuer and information divisions also made a very good start to the financial year," she added.

Revenue from LSE's issuer-services unit, where companies pay the exchange for listing on the market or selling stock, was up 35 per cent over the quarter to reach a record £19.4 million.

The information services unit also reported strong growth, with revenues up 11 per cent to £28.4 million.

LSE said the rise reflected a growth in terminal numbers, with the number of terminals receiving real-time exchange data at the end of the first quarter up to 120,000 compared to 107,000 last year.

Ms Furse added that the LSE was looking forward to completing its merger with Milan's Borsa Italiana, which it recently agreed to combine with in a €1.6 billion (£1.1 billion) deal.

She stressed that the tie-up between the two exchanges would provide "significant new opportunities for growth".

The planned merger comes amid increasing consolidation within the stock exchange sector, where various bourses have been seeking to combine their operations in order to cut costs and remain competitive.

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