Difference between revisions of "London Stock Exchange Group"

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(LSE Acquires Refinitiv)
(LSE Acquires Refinitiv With A Bid From HKEX)
 
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United Kingdom and Chinese officials touted the link as "ground breaking" and would deepen "global connectivity."<ref>{{cite web|url=https://finance.yahoo.com/news/first-chineselisted-company-launches-on-london-stock-exchange-122720416.html|name=First Chinese-listed company launches on London Stock Exchange|org=Yahool Finance|date=June 17, 2019}}</ref>
 
United Kingdom and Chinese officials touted the link as "ground breaking" and would deepen "global connectivity."<ref>{{cite web|url=https://finance.yahoo.com/news/first-chineselisted-company-launches-on-london-stock-exchange-122720416.html|name=First Chinese-listed company launches on London Stock Exchange|org=Yahool Finance|date=June 17, 2019}}</ref>
  
===LSE Acquires Refinitiv ===
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===LSE Acquires Refinitiv With A Bid From HKEX===
  
 
On August 1, 2019, it was confirmed that the London Stock Exchange Group had acquired [[Refinitiv]], Bloomberg's biggest competitor in desktop terminals, for about $27 billion. The move expands the LSE's information services business.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-07-29/lse-soars-as-investors-bet-27-billion-bid-will-transform-bourse?srnd=premium-europe|name=LSE Soars on Bet $27 Billion Refinitiv Bid Will Boost Bourse|org=Bloomberg|date=July 29, 2019}}</ref><ref>{{cite web|url=https://www.reuters.com/article/us-refinitiv-m-a-lse/lse-refinitiv-deal-faces-long-antitrust-review-sources-idUSKCN1UN0O4|name=LSE-Refinitiv deal faces long antitrust review: sources|org=Reuters|date=July 29, 2019}}</ref>  
 
On August 1, 2019, it was confirmed that the London Stock Exchange Group had acquired [[Refinitiv]], Bloomberg's biggest competitor in desktop terminals, for about $27 billion. The move expands the LSE's information services business.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-07-29/lse-soars-as-investors-bet-27-billion-bid-will-transform-bourse?srnd=premium-europe|name=LSE Soars on Bet $27 Billion Refinitiv Bid Will Boost Bourse|org=Bloomberg|date=July 29, 2019}}</ref><ref>{{cite web|url=https://www.reuters.com/article/us-refinitiv-m-a-lse/lse-refinitiv-deal-faces-long-antitrust-review-sources-idUSKCN1UN0O4|name=LSE-Refinitiv deal faces long antitrust review: sources|org=Reuters|date=July 29, 2019}}</ref>  
 
 
 
The LSE said it would pay for the purchase by issuing $14.5 billion in new shares and would take on $12.5bn of existing debt. It will also gain Refinitiv’s majority stake in the listed bond trading platform [[Tradeweb]] and ownership of the currency trading platform [[FXall]]. However, the LSE must go through a lengthy antitrust process in which regulators will investigate whether its cumulative data offerings give it pricing power over customers.<ref>{{cite web|url=https://www.ft.com/content/54c886d8-b420-11e9-8cb2-799a3a8cf37b|name=London Stock Exchange clinches acquisition of Refinitiv for $27bn|org=The Financial Times|date=August 2, 2019}}</ref>
 
The LSE said it would pay for the purchase by issuing $14.5 billion in new shares and would take on $12.5bn of existing debt. It will also gain Refinitiv’s majority stake in the listed bond trading platform [[Tradeweb]] and ownership of the currency trading platform [[FXall]]. However, the LSE must go through a lengthy antitrust process in which regulators will investigate whether its cumulative data offerings give it pricing power over customers.<ref>{{cite web|url=https://www.ft.com/content/54c886d8-b420-11e9-8cb2-799a3a8cf37b|name=London Stock Exchange clinches acquisition of Refinitiv for $27bn|org=The Financial Times|date=August 2, 2019}}</ref>
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 +
The deal was put into question in September 2019, when [[Hong Kong Exchanges & Clearing]] made an offer for the London Stock Exchange Group for $36.6 billion. The proposed deal would offer 2,045 pence plus 2.495 HKEX shares per LSE share. That would value each LSE share at 8,361 pence. The deal, if approved, would end the LSE's bid for [[Refinitiv]]. The LSE board unanimously rejected the offer citing "fundamental flaws." <ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-09-11/hong-kong-exchange-makes-surprise-36-6-billion-bid-for-lse|name=Hong Kong Exchange Makes Unsolicited $36.6 Billion Bid for LSE|org=Bloomberg|date=September 11, 2019}}</ref><ref>{{cite web|url=https://www.cnbc.com/2019/09/13/london-stock-exchange-rejects-hong-kong-takeover-bid.html|name=London Stock Exchange rejects Hong Kong takeover offer|org=CNBC|date=September 13, 2019}}</ref>
  
 
== Key People ==
 
== Key People ==

Latest revision as of 07:25, 13 September 2019

FTSE Russell banner 2016.gif

London Stock Exchange
LSE Goup.png
Founded 1801
Headquarters 10 Paternoster Square, London, EC4M 7LS, United Kingdom

Image: 200 pixels

Key People David Schwimmer, Chief Executive Officer
Employees 4700
Products Cash equities, futures and options, debt, covered warrants, ETFs, reits, fixed interest, CFDs and depositary receipts
Twitter @LSEplc
LinkedIn Profile
Website www.londonstockexchange.com

London Stock Exchange Group (LSE Group) is an international exchange group that operates a range of international equity, bond and derivatives markets, including the London Stock Exchange plc; Borsa Italiana; MTS, the European fixed income market; and London Derivatives Market (formerly Turquoise). The London Stock Exchange is the United Kingdom's primary stock exchange. The LSE, which is itself publicly traded, provides markets that facilitate the raising of capital and the trading of corporate securities, access to a trading environment, as well as real-time pricing and reference information services worldwide. The 2007 acquisition of Borsa Italiana added futures and options to its product mix.[1]

LSE Group also owns 80 percent of LCH.Clearnet, the global central counterparty clearing operator, as well as wholly-owned subsidiaries CC&G, the Italian clearing house; Monte Titoli, the European settlement business; and globeSettle, a Luxembourg-based central securities depository launched in 2014.[2]

The group also operates index, data and analytics platforms including FTSE Russell Indexes, SEDOL, UnaVista, Proquote and RNS. LSE also operates MillenniumIT, a technology platform LSE bought in 2009, and which forms the basis of LSE’s trading system.

LSE Group is headquartered in London, with operations in North America, Italy, France and Sri Lanka. As of 2015, the group employed over 4700 people.

In 2017, the exchange's Borsa Italiana and LSE Derivatives markets combined, were ranked 28th among global derivatives markets, according to the Futures Industry Association's annual volume survey. They posted a combined volume of 46 million contracts, up 8 percent a year earlier.[3]

History

The Early Years

The LSE traces its roots to the stock trading started in coffee houses in London in the late 17th century, which evolved into the opening of the first regulated exchange on March 3, 1801. The exchange amalgamated with 12 regional bourses in 1973 – the year in which female members were admitted for the first time – before the the modern form of the LSE was established with market deregulation in 1986. The so-called “Big Bang” ended the separation of brokers and dealers, opened membership to outside companies and shifted trading from the floor to dealing rooms. The LSE was established as a private limited company.

The Alternative Investment Market was launched in 1985, providing a listing venue for smaller companies, and the Stock Exchange Electronic Trading Service (Sets) and Crest settlement operations started in 1987.

The Transition - Public Listing and Industry Consolidation

Shareholders voted in favor of a stock market listing in 2000, and the LSE listed on its own main board in July 2001.[4]

The LSE has been at the forefront of consolidation in the global exchange sector, successfully fending off a series of hostile takeover bids. The battle started on Dec. 14, 2004, with an unsolicited 530p-a-share offer from Deutsche Boerse which, like subsequent proposals, was rejected by management as undervaluing the company. The LSE introduced a raft of shareholder-friendly measures as part of its defenses, including borrowing to finance a series of share buybacks, cost-control measures and the delivery on time and to budget a new, high-speed share trading platform.[5]

The LSE then considered tentative offers from Euronext and saw off a hostile bid from a consortium led by Australia's Macquarie Bank – launched on Dec. 15, 2005 and valued at 580p-a-share in cash – before embarking on a year-long defense against offers from the Nasdaq. The U.S. exchange made an indicative 950p-a-share offer on March 3, 2006, which was swiftly rejected by the LSE and withdrawn on March 30, 2006. Nasdaq started acquiring LSE stock on Apr. 12, 2006, building a 14.99-percent stake at 1,175p a share, adding a further 3.8 percent on May 3 at 1,218p and 5.4 percent at 1,248p in November. Nasdaq tabled a £2.9 billion indicative offer on Nov. 20, 2006 valued at 1,243p per share, with the U.S. exchange boosting its stake from 24.1 percent to 28.75 percent. The LSE continued to reject the offer and rejected discussions with Nasdaq executives. The offer expired on Feb. 10, 2007.

Freed from the Nasdaq pursuit – though the U.S. exchange remained its largest shareholder – the LSE acquired Borsa Italiana in June of 2007, in a deal valued at €1.6 billion.[6] LSE shareholders received 72 percent of the combined group.

The winter of 2007 saw the LSE caught up in the three-way takeover battle for OMX between the Nasdaq, Borse Dubai and the Qatar Investment Authority (QIA). Borse Dubai and the U.S. exchange subsequently teamed up with a joint offer, while the QIA bowed out in December 2007. Borse Dubai acquired OMX in early 2008 and then transfered it to Nasdaq in return for a 19.9-percent stake in a new combined company as well as Nasdaq's 28-percent stake in LSE.[7] The QIA has a 14.9 percent stake in the LSE.

EDX London, which trades derivatives on Russian and Nordic markets, became a wholly owned subsidiary of the London Stock Exchange in December 2008. In 2007, the total number of derivatives contracts traded across EDX and IDEM increased 32 percent on 2006 to a total of 79.9 million, while the notional value traded grew 45 percent to £1.5 trillion (€2.2 trillion).

The Rolet Era - Restructuring and Growth

In March 2009, Xavier Rolet was named to LSE's board, and two months later was named its new CEO, replacing Clara Furse.[8] One month later, in June 2009, the LSE said it would cut jobs - the first sign of restructuring the 208-year-old bourse since Xavier Rolet took over as chief executive. At that time, the group employed a total of 1,135 staff, split between 570 in the UK and 565 in Italy.[9]

LSE acquired a 51 percent stake in Turquoise, a former rival, in February of 2010, and in July of 2013, LSE increased its stake by purchasing Turquoise's derivatives platform. [10] On July 13, 2010, LSE named Pinar Emirdag, a former Turquoise board member and a key figure in its development, as head of professional business development. The addition came as the bourse sought to lure back customers from new rivals, such as MTFs Bats Europe and Chi-X Europe Ltd.[11] Emirdag left the company in 2013.[12]

The LSE attempted to merge with TMX in early 2011, but lost out to Maple Group Acquisition Corporation. [13] [14]

In 2010, Rolet announced he was stepping down from the board of LCH.Clearnet, ultimately paving the way for LSE to take a majority stake in the clearinghouse. The LSE did not have any shares in LCH.Clearnet at that time, which made it an exception among its global peers in not having a fully integrated clearing house for equities and derivatives.[15] LSE Group closed a €328 million cash deal with LCH.Clearnet in early 2013, leaving the exchange group with a 55 percent stake in the clearing house.[16]

Chris Gibson-Smith stepped down as chairman in 2015 after more than 11 years in the role, and former London Metal Exchange chairman Donald Brydon took over the chairman's role that July.[17]

Rolet stepped down from his role as CEO of LSE on November 29, 2017, after a public battle between the exchange's board and an activist investor over his planned departure in 2018. Chief Financial Officer David Warren replaced Rolet on an interim basis and named David Schwimmer as CEO in April 2018.[18] [19][20]

FTSE, Russell, and FTSE-Russell

LSE Group's involvement in the index business dates back to 1984, when the exchange began calculating the FTSE 100 Index for the Financial Times' parent company Pearson. The index team was spun off into a joint venture in 1995.[21] In December 2011, LSE Group agreed to a £450 ($705 million) acquisition of Pearson's 50 percent ownership to become the sole owner of the index group.[22]

In June 2014 the LSE agreed to buy The Frank Russell Company for £1.59 billion ($2.7 billion). The purchase was the largest one in the LSE's history and and gave it the opportunity to attract trading in securities and derivatives that track the Russell indices.[23] It also brought together about $9 trillion of assets benchmarked globally and made LSE the No. 2 player in U.S.-listed exchange traded funds.[24] The deal closed at the end of 2014.[25]

In February 2015, LSE Group entered into a licensing agreement with CBOE to develop and list options based on existing FTSE and Russell Indices. Cash-settled options on the flagship Russell 2000 began trading on CBOE as of April 1, 2015, and in October 2015, the options exchange began offering options on other Russell index products including the Russell 1000 Index (RUI), the Russell 1000 Value Index (RLV) and the Russell 1000 Growth Index (RLG)[26]

When the exchange group acquired Frank Russell, it also inherited Russell Investments, the firm's asset management division which held, at the time of acquisition, about $262 billion under management. Soon after the acquisition was completed, LSE Group put the asset management division up for sale. In October 2015, LSE agreed to a $1.15 billion cash sale to an investment group led by U.S. private equity group TA Associates.[27]

New Markets, Failed Merger With Deutsche Boerse

In October 2015, the exchange group announced the launch of a new derivatives exchange, CurveGlobal, which offers trading in interest rate products, including futures on short term interest rate (STIR) in Euribor and Short Sterling and long term interest rate (LTIR) futures in Bund, Bobl, Schatz and Gilts.[28]

In November 2015, the group launched ELITE Connect, a platform that allows market participants such as public companies, investor relations professionals, institutional investors and brokers to make contact, hold meetings and share information online.[29]

On December 22, 2015, LSEG announced it had acquired XTF Inc., a U.S. based provider of ETF data, analytics and ratings. LSEG will integrate the business into LSEG’s Information Services Division, which includes FTSE Russell, SEDOL, UnaVista and RNS.[30]

On February 23, 2016, LSEG and Deutsche Boerse Group announced they were in advanced talks to create a "merger of equals." This marked the third attempt by the two exchanges to merge, after failed attempts in 2001 and again in 2004.[31] In July of 2016, LSEG shareholders voted in favor of the merger, in spite of the potential problems resulting from the decision of Britain to exit the EU. An overwhelming 99.89pc of voting shareholders supported the deal. [32]

On December 27, 2016, the Financial Times reported that The LSE Group would sell its French clearing arm, LCH, to Euronext in a cash deal worth about €510m, hoping to smooth the way for the Deutsche Boerse merger. LSE offered to sell LCH SA, formerly known as Clearnet, in September 2016 to ease antitrust concerns. The LSE wants to keep the UK arm of LCH, which clears interest rate swaps, and link it with Deutsche Boerse’s Eurex, which clears futures.[33]

But the merger ultimately fell apart after it was blocked by the European commission on the day that Britain served notice on its EU membership, because the regulator said the deal would create a "de facto monopoly in the crucial area of fixed instruments." Margrethe Vestager, the EU competition regulator, had asked LSE to sell its Italian trading arm, MTS, to ease competition concerns for the merger, but the LSE and Deutsche Boerse refused to meet her requests. [34]

In 2017 the LSE launched an additional market called the International Securities Market (ISM), for the issuance of primary debt targeted at institutional and professional investors. It is a multilateral trading facility that operates alongside LSE’s other markets.[35]

In October 2018, the exchange increased its stake in LCH Group to 80 percent. It first acquired a majority share of the entity in 2013.[36]

In January 2019 LSE said it would buy a minority stake of 4.92 percent in Euroclear, giving it a role in all parts of a transaction from trading to clearing and settlement.[37]

LSE Links To Asia

In June 2019 the London Stock Exchange and Shanghai Stock Exchange's Shanghai-London Stock Connect, went live allowing investors to access and trade one another's stock listings on their respective markets. In other words, foreign companies are able to list on the Shanghai Stock Exchange while Chinese listed companies are able to raise capital through fungible instruments on the London Stock Exchange.

The historic link marked the first time Chinese investors could trade international stocks within China without domestic capital controls and international investors could access China A-Shares from outside the country on the London Stock Exchange, using international trading and settlement systems.

The linking mechanism's first listing was on June 17, 2019 with Hautai Securities, a securities company in China, as the first issuer to list global depository receipts (GDRs) on the London Stock Exchange. The firm raised $1.54 billion, marking the first time international investors were given access to China A-shares on an exchange outside China.[38][39]

United Kingdom and Chinese officials touted the link as "ground breaking" and would deepen "global connectivity."[40]

LSE Acquires Refinitiv With A Bid From HKEX

On August 1, 2019, it was confirmed that the London Stock Exchange Group had acquired Refinitiv, Bloomberg's biggest competitor in desktop terminals, for about $27 billion. The move expands the LSE's information services business.[41][42]

The LSE said it would pay for the purchase by issuing $14.5 billion in new shares and would take on $12.5bn of existing debt. It will also gain Refinitiv’s majority stake in the listed bond trading platform Tradeweb and ownership of the currency trading platform FXall. However, the LSE must go through a lengthy antitrust process in which regulators will investigate whether its cumulative data offerings give it pricing power over customers.[43]

The deal was put into question in September 2019, when Hong Kong Exchanges & Clearing made an offer for the London Stock Exchange Group for $36.6 billion. The proposed deal would offer 2,045 pence plus 2.495 HKEX shares per LSE share. That would value each LSE share at 8,361 pence. The deal, if approved, would end the LSE's bid for Refinitiv. The LSE board unanimously rejected the offer citing "fundamental flaws." [44][45]

Key People

  • Serge Harry, Chief of Staff to the Group CEO, Group Coordinator of Corporate Strategy & Country Head for France, Benelux and Germany

Contract Volume

Year Total Annual Derivatives Volume Percent Change
2018 46,105,494 8.6%
2017 42,538,399 (-) 21.3%
2016 54,065,044 10.6%
2015 48,879,243 (-) 3.2%
2014 50,492,691 0.2%
2013 50,384,211 (-)26.5%
2012 68,584,760 (-) 20.5%
2011 86,285,501 (-)2.4%
2010 88,433,932 --

Derivatives Exchange Volumes

Name Year Total Annual Volume Percent Change
Borsa Italiana 2018 36,236,792 6.1%
2017 34,151,018 (-30.30%)
2016 49,023,902 10.6%
2015 44,372,766 13.6%
2014 39,047,196 20.1%
Name Year Total Annual Volume Percent Change
LSE Derivatives Market 2018 9,868,702 19%
2017 8,387,381 66.40%
2016 5,041,142 11.1%
2015 4,506,477 (-)60.6%
2014 11,445,495 (-)36.0%

Office Locations

London Stock Exchange Group Global offices Map

HEAD OFFICE
10 Paternoster Square, London, EC4M 7LS, United Kingdom

BEIJING - CHINA
Unit 1231, Level 12 - China Resources Building, 8 Jianguomenbei Avenue, Beijing, Dongcheng District 100005, China

BOSTON, USA
1 International Place, 14th Floor, Boston, MA 02110, United States

COLOMBO, SRI LANKA
Trace - Expert City, Maradana, Colombo 10, 01000 Sri Lanka
+94 11 2416543

DUBAI, UNITED ARAB EMIRATES
Emirates Financial towers, 2404 South Tower, Dubai International Financial Centre, United Arab Emirates
+971 4 375 1868

HONG KONG, CHINA
Two Exchange Square, 8 Connaught Place Central, Hong Kong, China

ISERNIA, ITALY
Viale dei Pentri, 161, 86170 IS, Italy
+39 0865 8201

MALABE, SRI LANKA
1 Millennium Drive, Colombo, Malabe 10115, Sri Lanka
+94 11 2416000

MILAN, ITALY (GATELAB)
Via M. Gonzaga, 5, 20123 MI, Italy
+39 02 871261

MILAN, ITALY (MAIN OFFICE)
Palazzo Mezzanotte, Piazza Affari, 6, 20123 MI, Italy
+39 (0)2 724261

MILAN, ITALY
Via Giuseppe Mazzini, 9/11, 20123 MI, Italy
+39 (0)2 724261

MUMBAI, INDIA
Level 8 Vibgyor Tower, G Block C62 Bandra Kurla Complex, Mumbai 400 051, India

NEW YORK, USA
1270 Avenue of The Americas, 28th Floor, New York, NY 10020, United States
+1 212 314 1100

PARIS, FRANCE
18 Rue du Quatre Septembre, 75002 Paris, France
+33 (0) 1 70 37 65 00

ROME, ITALY
Via Tomacelli, 146, 00186 Rome, Italy

SAN FRANCISCO, USA
One Market, Spear Tower, Floor 36, Office No.3646, San Francisco, CA 94105, United States
+1 415 659 1855

SEATTLE, USA (FTSE RUSSELL)
1201 3rd Avenue, Suite 2500, Seattle, WA 98101, United States
+1 206 829 5723

SHANGHAI, CHINA
Room 3127, 31/F, Jin Mao Tower, 88 Century Avenue, Pudong, Shanghai, 31 200120, China
+86 (0)21 2890 9720

SINGAPORE (FTSE RUSSELL)
Level 18, Centennial Tower, 3 Temasek Boulevard, 039190, Singapore
+65 6818 6280

SYDNEY, AUSTRALIA
Level 36, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia
+61 2 8823 3521

TOKYO, JAPAN
100-0004, Tokyo, Chiyoda-ku, Otemachi First Square (East Tower), 11th Floor, 1-5-1 Otemachi, Japan
T: +81 (3) 3581 2811

TORONTO, CANADA
70 York Street, Suite 1520, Toronto, ON, Canada
+416 572 7979

WASHINGTON, D.C., USA
1455 Pennsylvania Avenue NW, Suite 360, Washington, DC 20004, United States

References

  1. London Stock Exchange Group PLC. Bloomberg.
  2. LSE CCPs opt for globeSettle as collateral venue. FTSE Global Markets.
  3. 2018 Annual Volume Survey. Futures Industry.org.
  4. History. LSE.
  5. LSE prepares for freedom from Nasdaq bid. Financial Times.
  6. LSE in talks with Borsa Italiana. Financial Times.
  7. Qatar bows out of OMX battle. Financial Times.
  8. LSE Names Xavier Rolet as New CEO, Replacing Furse. Bloomberg.
  9. New Chief Rolet Wields Axe At LSE. Financial Times.
  10. LSE Unveils Turquoise Acquisition. MSN Money UK.
  11. LSE Hires Emirdag as Head of Professional Business Development. Bloomberg.
  12. LSE's Pinar Emirdag Departs Exchange After Three Years. Bloomberg.
  13. LSE offer for TMX receives boost. The Financial Times.
  14. TMX, LSE Terminate Merger Deal. WSJ.com.
  15. LSE’s Rolet quits board of LCH.Clearnet. Financial Times.
  16. LSE extends control of LCH.Clearnet. Financial Times.
  17. Bigson-Smith to step down as LSE chairman. The Financial Times.
  18. LSE seeks to end the battle for the board. The Financial Times.
  19. CEO quits as LSE tries to draw line under management row. Reuters.
  20. Goldman Sachs banker appointed London Stock Exchange CEO. Guardian.
  21. LSE to Buy Rest of FTSE. The Wall Street Journal.
  22. Pearson sells £450m stake in FTSE to London Stock Exchange. The Telegraph.
  23. LSE: A bigger cheese. The Financial Times.
  24. London Stock Exchange to Buy U.S. Asset Manager Frank Russell for $2.7 Billion. The Wall Street Journal.
  25. LSE to conclude Russell deal within weeks. The Financial Times.
  26. CBOE Holdings to Launch New Options on Three FTSE Russell Indexes October 20. CBOE.
  27. LSE to Sell Russell Investments for $1.15 Billion. The Wall Street Journal.
  28. London Stock Exchange Group launches new derivatives venture – CurveGlobal. LSE Group.
  29. London Stock Exchange launches 'LinkedIn for corporate access'. Financial News.
  30. LSEG Acquires XTF. London Stock Exchange Group.
  31. Deutsche Boerse lines up swoop for LSE. Financial Times.
  32. London Stock Exchange wins shareholder support for Deutsche Boerse deal. The Telegraph.
  33. LSE to sell French clearing arm to Euronext. The Financial Times.
  34. London Stock Exchange and Deutsche Börse merger blocked by EU. The Guardian.
  35. London Stock Exchange Group Announces New International Securities Market. LSE.
  36. London Stock Exchange buys a further chunk of LCH. LSE.
  37. LSE digs deeper into market infrastructure with Euroclear buy. Reuters.
  38. Shanghai-London Stock Connect. Press Release.
  39. Long-awaited London-Shanghai share listing project goes live. Reuters.
  40. First Chinese-listed company launches on London Stock Exchange. Yahool Finance.
  41. LSE Soars on Bet $27 Billion Refinitiv Bid Will Boost Bourse. Bloomberg.
  42. LSE-Refinitiv deal faces long antitrust review: sources. Reuters.
  43. London Stock Exchange clinches acquisition of Refinitiv for $27bn. The Financial Times.
  44. Hong Kong Exchange Makes Unsolicited $36.6 Billion Bid for LSE. Bloomberg.
  45. London Stock Exchange rejects Hong Kong takeover offer. CNBC.