The London Stock Exchange’s FX Income Grew By 7.1 Percent In Q3

The London Stock Exchange’s FX Income Grew By 7.1 Percent In Q3

The foreign exchange operations generated a total of £56 million in income. LSEG (the London Stock Exchange Group) presented a financial report for the third quarter of the current financial year on Friday, highlighting solid results in all sectors. According to official numbers, the group’s overall revenue increased by 7.6 percent in the third quarter to £1.69 billion, representing a record high.

The total revenue was £1.55 billion, a 7.3 percent increase over the previous year. Demand increased across the board for the group’s products and services, including business intelligence, financial markets, and post-trade. The Forex income, which comes under the financial markets category, also increased in tandem with the overall expansion, bringing in £56 million in quarterly volume. This was a 7.1 percent increase over the previous year.

Demand Increased Across All Markets

The profit from stock trading increased by 15.4 percent year on year to £60 million, while the profit from fixed income, futures and other investments increased by 21.1 percent year on year to £195 million. Additionally, business intelligence and post-trade solutions have seen an increase in the amount of business they receive. Earnings from data analytics also increased by 6% during the period,

Moreover, profits from post-trade increased by 11.5 percent, resulting in an overall profit of £218 million, 2.3 percentage points higher than the same period last year. “The Firm had a great business result in the third quarter, with revenue increasing throughout all areas,” said David Schwimmer, CEO of LSEG.

He went on to say: “I am pleased to report that we are making outstanding progress with the incorporation of Refinitiv and that we are on course to achieve £125 million in cost benefits in 2021, well ahead of our original schedule. We are continuing to operate across a variety of workstreams to achieve the targeted revenue improvements. When it comes to product and technology advancements, the Group is well-positioned as we make focused investments to better fulfill the demands of our clients and leverage the growth trends that are driving innovation across our sector.”

Refinitiv Unveiled New Financial Advisory Interface

To help financial advisory firms better serve their clients, Refinitiv, an LSEG company that provides stock market data and technology, unveiled in June 2021 the development of a new service for wealth managers. The newly established ‘Refinitiv Active Investor’ solution makes use of superior software to help wealth managers optimize their brand identification. For Refinitiv, a better customer experience is critical in the quickly changing financial advisory market. 

The company stated that new users need novel asset management data and insights. “We feel that financial advisory organizations will need to be capable of meeting clients at any stage along their investment journey, from regular service to self-service,” said Sabrina Bailey, International Director of Wealth Management at Refinitiv. “Active Investor is a strong new tool for wealth managers wishing to engage with self-directed customers.” She went on to say.