Wednesday 01 May 2019 10:10 am | Updated: Sunday 02 June 2019 10:56 pm

London Stock Exchange boosts income despite trading slowdown and signals improved listing environment

The London Stock Exchange boosted income in the first three months of the year and said the listing environment had improved in the second quarter.

The increase, five per cent up year-on-year to £546m, was led by its clearing and information services businesses.

LSE said the performance came against a "challenging market backdrop."

But the company’s capital markets business suffered a nine per cent revenue drop to £97m due to lower equity trading volumes.

The group’s London Clearing House (LCH) reported 14 per cent revenue growth to £134m.

LSE said it was partly due to an updated agreement with partner banks for its interest rate swap service – SwapClear – set to save £30m in costs this year.

The company added that there had been “no discernible change” to customers’ use to SwapClear as equivalence had been secured in the event of a no-deal Brexit.

Chief executive David Schwimmer said: “While equity markets were slower due to macroeconomic uncertainty, we have seen an improved listing environment in the second quarter.”

“The group is strategically well positioned to develop its growth opportunities further in the evolving macroeconomic landscape,” he added.

The company’s information services also performed well, with FTSE Russell revenue growing seven per cent.