x

London Stock Exchange on track to close Refinitiv deal as income jumps

The London Stock Exchange Group (LSE.L) said on Friday it would complete its $27 billion takeover of analytics company Refinitiv on time this year as it reported higher-than-expected annual income, driven a jump in clearing activity.

“We remain on track to close the (Refinitiv) transaction in the second half of this year,” said David Schwimmer, the former Goldman Sachs (GS.N) veteran who took over the reins at the LSE in 2018.

The Financial Times report earlier this week that the deal is facing intense early scrutiny in Brussels, raising the risk that regulators will subject the deal to a much lengthier probe than expected.

Refinitiv is 45%-owned by Thomson Reuters (TRI.TO), which owns Reuters News.

The exchange said total income from continuing operations rose 8% to 2.314 billion pounds ($3.01 billion) in the year ended Dec. 31.

Analysts had expected total income of 2.308 billion pounds according to company supplied estimates from 13 analysts.

Total revenue also rose 8% to 2.07 billion pounds, ahead of estimates.

The exchange’s post trade services unit, which includes clearer LCH, settlement and custody activities, reported a 15% rise in revenue.

Growth at LCH comes as Brexit and other tailwinds is helping Frankfurt build stronger momentum this year to attract more euro clearing from London, while France is also looking at ways to lure clearing in euro swaps away from London to the European Union.

The LSE said it has an application to the European Union for LCH to continue serving customers in the bloc after Britain’s “standstill” transition period expires in December.

The exchange said it also expects its listings link to the Shanghai exchange “to take a while to build” up activity. (reuters)

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Governing Council, VC Commended as MOAUM Holds 32nd Matriculation

Ahead of the 32nd Matriculation ceremony of the Rev....

AG Hails Gov Sule’s Global Recognition at Africa Leadership Summit in London

Ask ChatGPT By Abel Zwanke, Lafia The Accountant General of Nasarawa...

Nigerian Leaders Urged to Uphold Democratic Principles, Show Sincerity of Purpose

By Isaac Kertyo, Makurdi Nigerian leaders have been urged to...

Northern Nigeria’s Challenges Are Complex, Deep-Rooted – Bafarawa

…Harps on Peace, Unity, Development in the NorthBy Achadu...

2027: Plateau Youth Leader Rallies Support for President Tinubu’s Re-election

By Golok Nanmwa, Jos Shedrack Mainasara, a youth mobilizer in...

Mangu Mob Attack: 20 Arraigned Over Killing of 12 in Plateau

By Israel Adamu, Jos The Plateau State Police Command on...

Sokoto Govt, AGILE Sensitize on Cash Transfer to Support Girls’ Education

By Muhammad Ibrahim, Sokoto The Sokoto State Ministry for Basic...

Bayelsa Sports Director Urges Youths to Shun Crime, Embrace Sports

By Amgbare Ekaunkumo, Yenagoa The Director of Sports, Bayelsa State...
spot_img

Related Articles

Popular Categories

spot_imgspot_img