London Stock Exchange first quarter revenue up

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London Stock Exchange first quarter revenue up

09/07/2008 08:29

LONDON (Reuters) - The London Stock Exchange on Wednesday announced an 8 percent increase in revenue for the three months ended June, despite global financial market turmoil.

Revenue rose to 178 million pounds for the first quarter for its financial year from 164.3 million pounds a year earlier.

"The quality and diversity of our operations and unique international brand highlight the resilience of our business in what are highly uncertain market conditions," said Chief Executive Clara Furse.

Exchanges are facing pressure in equity trading and issuance as financial institutions go through a painful process of deleveraging.

U.K. equities average daily value traded was flat in April and down 11 percent and 8 percent in May and June, respectively.

Italian equities value traded declined 16 percent in April, 13 percent in May and 37 percent in June.

Initial public offering (IPO) activity, in terms of money raised, dropped 45 percent in the first quarter from the same period last year.

Analysts expect the LSE’s profit to fall amid increased competitive pressure, as new entrants, such as Chi-X, are taking trading away from the incumbent exchange.

(Reporting by Daisy Ku)

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