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MENAFN - AFP - 24/01/2013

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(MENAFN - AFP) London Stock Exchange Group on Thursday said its income grew six percent in the group's third quarter compared with a year earlier to almost 209 million.

LSEG, which operates the London Stock Exchange and Italy's Borsa, said revenue grew to 208.9 million (331 million, 248 million euros) in the three months to December 31 compared with the equivalent period in 2011/12.

"This has been another good quarter," LSE chief executive Xavier Rolet said in a statement.

"The Group has continued to benefit from a more diversified range of businesses with particularly strong performances from our information services and our technology operations."

LSEG added that it was focused on completing a deal to buy a majority stake of up to 60 percent in leading independent clearing house group LCH.Clearnet -- after last month extending a deadline for the tie-up to January 31.

LSEG in December agreed to lower its offer to 15 euros a share (20), down from an original offer of 20 euros that was agreed in March 2012.

The change in terms came after weeks of fresh negotiations between the LSEG and LCH.Clearnet over the price, triggered by regulatory changes in Europe.

The lower price reflected the higher costs that LSEG would likely face as a result of new regulations increasing the financial buffer that clearing houses must set aside to cover risks of default.

Clearing houses play a key role in the transaction of shares between two parties, charging clients a fee to guarantee deals should one side default.

 






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