London Stock Exchange company soaks in profits
The London Stock Exchange (LSE) increased its profit in the third quarter. The company, which is still working on the takeover of financial service provider and data supplier Refinitiv, also performed better than expected by experts.
LSE closed the measurement period with a turnover of 587 million pounds, converted to 679 million euros. That was 12 percent more than a year earlier. Furthermore, the stock market operator must look for a new financial director. David Warren, the current financial responsible for LSE, announced his departure.
Until recently, LSE was behind Hong Kong’s stock market operator Hong Kong Exchanges and Clearing (HKEX). The Asians offered 29.6 billion pounds (more than 33 billion euros) for the stock market operator, but the LSE leadership did not agree.
With the acquisition of Refinitiv, LSE wants to focus more on data-driven activities. A price tag of 27 billion dollars is on the financial service providers. Furthermore, the brexit is a point of attention for LSE.
The company has already obtained a permit in Amsterdam to ensure that customer transactions are not disrupted when the British leave the EU. Furthermore, LSE is hopeful that Brussels clears a sort of exception for the clearing activities of LSE.