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LSE annual profit surges

LSE annual profit surges
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The London Stock Exchange exceeded its profit forecasts for the year up until the end of March.

Profit increased 22 percent on the previous year to the equivalent of 388 million euros.

That gives chief executive Xavier Rolet’s strategy a welcome lift ahead of his planned expansion through the purchase of Canadian group TMX.

Rolet said the performance boost was partly

down to a diversification strategy.

He has been working hard to diversify the business since his appointment in May 2009, looking to derivatives trading, clearing and technology services for growth, and credited his strategy for the better-than-expected results.

The British exchange has seen its share of domestic equities trading slump in the past three years amid increasing competition from upstarts such as Chi-X Europe and Bats Europe.

The London exchange also said it had filed its application to merge with Canada’s TMX, a deal that will enable the LSE to tap into TMX’s stable of booming mining firms.