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London Stock Exchange Group

From Wikipedia, the free encyclopedia

London Stock Exchange Group plc
Public limited company
Traded asLSELSE
FTSE 100 Component
IndustryFinancial services
Founded23 June 2007; 13 years ago (2007-06-23)
HeadquartersPaternoster Square
London, EC4
United Kingdom
Key people
ProductsStock exchanges
Revenue£ 2,056 million (2019)[1]
£ 1,065 million (2019)[1]
£ 465 million (2019)[1]
Number of employees
4,587 (2018)[2]
DivisionsBorsa Italiana
London Stock Exchange
Websitewww.lseg.com
London Stock Exchange, Capel Court, in use from 1802 to 1972
London Stock Exchange, Capel Court, in use from 1802 to 1972
Former premises in Threadneedle Street, in use from 1972 to 2004
Former premises in Threadneedle Street, in use from 1972 to 2004
Paternoster Square. London Stock Exchange Group has occupied the building that takes up much of the right side of this picture since 2004
Paternoster Square. London Stock Exchange Group has occupied the building that takes up much of the right side of this picture since 2004

London Stock Exchange Group (LSEG) plc is a British-based stock exchange and financial information company. It is headquartered in London, England. It owns (and is listed on) the London Stock Exchange, as well as Borsa Italiana, LSEG Technology,[3] Russell Indexes, FTSE International, and majority stakes in LCH and MTS.

History

The London Stock Exchange was founded in Sweeting's Alley in London in 1801.[4] It moved to Capel Court the following year.[4]

In 1972 the Exchange moved to a new purpose-built building and trading floor in Threadneedle Street. Deregulation, sometimes known as "big bang", came in 1986 and external ownership of member firms was allowed for the first time.[4] In 1995 the Alternative Investment Market was launched and in 2004 the Exchange moved again, this time to Paternoster Square.[4]

Between April and May 2006, having been rebuffed in an informal approach, Nasdaq built up a 23% stake in the Exchange.[5] The stake grew to 29% as a result of the London exchange's share consolidation.[6] Nasdaq has since sold its investment.[7]

The following timeline outlines the consolidation through mergers and acquisitions among bourses in the European Union, which has taken place since the 1990s in response to financial harmonisation and liberalisation. Current, independent (parent) exchange companies are shown in colour.

    United States Intercontinental Exchange, Inc.
  United States New York Stock Exchange, Inc. United States European Union NYSE Euronext, Inc.
    United Kingdom London Traded Options Market United Kingdom London International Financial Futures and Options Exchange European Union Euronext N.V.
      United Kingdom London International Financial Futures Exchange
    United Kingdom London Commercial Sale Rooms United Kingdom London Commodity Exchange  
Netherlands Amsterdam Exchanges N.V. (Amsterdam Bourse)     European Union Euronext N.V.
    Belgium Bourse de Valeurs Mobilières de Bruxelles S.A. (Brussels Bourse)
  France Société des Bourses Françaises S.A. (Paris Bourse)
    Portugal Bolsa de Valores de Lisboa e Porto (Lisbon Bourse)
          Republic of Ireland Irish Stock Exchange  
                Norway Oslo Stock Exchange Norway Oslo Børs Holding ASA Norway Oslo Børs VPS Holding ASA  
                                      Norway Verdipapirsentralen Norway Verdipapirsentralen ASA  
                                    Denmark VP Securities A/S  
                  Italy Borsa Italiana S.p.A. (Italian Bourse) United Kingdom London Stock Exchange Group plc  
    United Kingdom London Stock Exchange plc  
                                              Norway Statnett Marked AS   European Union Nord Pool Spot AS European Union Nord Pool AS  
                                              European Union Nord Pool ASA    
                                United States National Association of Securities Dealers, Inc. (NASD) United States NASDAQ United States NASDAQ OMX Group, Inc. United States Nasdaq, Inc.
                      Sweden Stockholm Stock Exchange Sweden OM AB European Union OM HEX AB European Union OMX AB
                          Finland Helsinki Stock Exchange Finland Helsinki Exchanges Group Plc
                                                Estonia Tallinn Stock Exchange  
                                              Latvia Riga Stock Exchange  
                                              Lithuania Vilnius Stock Exchange
  Denmark Copenhagen Stock Exchange  
                                          Iceland Iceland Stock Exchange  
                                                          Armenia Armenian Stock Exchange  
                                                Switzerland SIX Swiss Exchange AG
                      Spain Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (Spanish Bourses)  
                          Hungary Budapest Stock Exchange     Hungary Budapest Stock Exchange
          Austria Wiener Börse AG (Vienna Stock Exchange) European Union Central and Eastern Europe Stock Exchange Group AG Austria Vienna Stock Exchange
                                                Czech Republic Burza cenných papírů Praha, a.s. (Prague Stock Exchange)  
                                            Slovenia Ljubljana Stock Exchange      
                                              Croatia Zagreb Stock Exchange
Germany Frankfurter Wertpapierbörse AG (Frankfurt Stock Exchange)   Germany Deutsche Börse AG (German Bourse)
                                  Luxembourg Centrale de Livraison de Valeurs Mobilières Luxembourg Cedel International  
                                                              Germany European Energy Exchange  
                                                        Germany Switzerland Eurex Exchange  
                                                        Germany Switzerland STOXX
1585
1602
1625
1698
1724
1769
1771
1792
1799
1801
1808
1818
1831
1863
1864
1912
1954
1970
1971
1978
1979
1980
1985
1989
1991
1993
1995
1996
1998
2000
2001
2002
2003
2004
2005
2006
2007
2008
2010
2011
2012
2013
2014
2015
2016
2018
2019
2020
2021

In 2007 the Exchange acquired the Milan-based Borsa Italiana for 1.6bn euro (£1.1bn; $2bn) to form the London Stock Exchange Group plc. The combination was intended to diversify the LSE's product offering and customer base. The all-share deal diluted the stakes of existing LSE shareholders, with Borsa Italiana shareholders receiving new shares representing 28 per cent of the enlarged register.[8]

On 16 September 2009, the London Stock Exchange Group agreed to acquire Millennium Information Technologies, Ltd., a Sri Lankan-based software company specialising in trading systems, for US$30m (£18m). The acquisition was completed on 19 October 2009.[9]

On 9 February 2011 TMX Group, operator of the Toronto Stock Exchange agreed to join forces with the London Stock Exchange Group in a deal described by TMX head Tom Kloet as a 'merger of equals' (though 8/15 board members of the combined entity will be appointed by LSE, 7/15 by TMX).[10] The deal, subject to government approval would create the world's largest exchange operator for mining stocks.[11] In the UK the LSE Group first announced it as a takeover, however in Canada the deal was reported as a merger.[12] The provisional name for the combined group would be LTMX Group plc.[13] On 13 June 2011, a rival, and hostile bid from the Maple Group of Canadian interests, was unveiled for the TMX Group. This was a cash and stock bid of $3.7 billion CAD, launched in the hope of blocking the LSE Group's takeover of TMX. The group was composed of the leading banks and financial institutions of Canada.[14] The London Stock Exchange however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting".[15]

In July 2012, the LSE bought a 5% stake in Delhi Stock Exchange.[16]

On 2 June 2014, the LSE became the 10th stock exchange to join the United Nations' Sustainable Stock Exchanges (SSE) initiative.[17][18][19]

On 26 June 2014, the LSE announced it had agreed to buy Frank Russell Co., making it one of the largest providers of index services.[20]

In January 2015, Reuters reported that the London Stock Exchange Group planned to put Russell Investments up for sale, and estimates the sale will produce $1.4 billion per unit.[21]

In March 2016, the company announced it had reached an agreement with Deutsche Börse to merge. The companies will be brought under a new holding company, UK TopCo, and will retain both headquarters in London and Frankfurt.[22] On 25 February 2017, the London Stock Exchange Group PLC stated it wouldn't sell its fixed-income trading platform in Italy to Deutsche Börse AG, to appease anti-trust concerns. The planned merger between the two exchanges, which was estimated to create the largest exchange in Europe, was subsequently described as "at risk" by the Wall Street Journal.[23] The merger attempt was blocked by EU Competition Regulator on 29 March 2017 stating that "The Commission's investigation concluded the merger would have created a de facto monopoly in the markets for clearing fixed income instruments".[24]

In August 2019, the company agreed to buy Refinitiv in an all-share transaction valuing the target at $27 billion.[25] But shortly thereafter, on 11 September 2019, the LSE itself became the target of a £32 billion bid by the Hong Kong Exchanges and Clearing.[26] In order to secure the deal, in July 2020, the company announced that it was considering selling its Italian assets including MTS, Italian bond trading venue and potentially Borsa Italiana.[27]

On 18 September 2020 LSEG entered into exclusive talks to sell the Italian Bourse to Euronext.[28]

Leadership

In April 2018, former Goldman Sachs banker David Schwimmer was hired as chief executive of the London Stock Exchange Group, replacing Xavier Rolet, who was ousted in November 2017.[29] Schwimmer's most recent role at Goldman Sachs was serving as "global head of market structure and global head of metals and mining in investment banking".[29]

Principal subsidiaries

Principal subsidiaries areas follows:[30]

Principal activity Country of

incorporation

% equity and

votes held

Held directly by the Company:
London Stock Exchange Recognised investment exchange UK 100
Held indirectly by the Company:
BIt Market Services Retail information services and market technology Italy 99.99
Borsa Italiana Recognised investment exchange Italy 99.99
Cassa di Compensazione e Garanzia CCP clearing services Italy 99.99
FTSE International Market indices provider UK 100
LCH CCP clearing services UK 82.60
Monte Titoli Pre-settlement, settlement and centralised custody Italy 98.86
LSEG Technology IT solutions provider Sri Lanka 100
MTS Wholesale fixed income bonds Italy 60.36
Turquoise Global Holdings Multi-lateral trading facility UK 51.36
Frank Russell Company Global asset manager and index business USA 100

Operations

Following the merger with Borsa Italiana, the group is Europe's leading equities business, with 48% of the FTSEurofirst 100 by market capitalisation and with the most liquid order book by value and volume traded.[31] Its activities include:

  • London Stock Exchange: The London Stock Exchange is Europe's leading stock exchange and is owned by the London Stock Exchange Group plc.[32]
  • Borsa Italiana: Borsa Italiana is Italy's leading stock exchange and is owned by the London Stock Exchange Group plc.[33]
  • LSEG Technology: LSEG Technology was acquired by LSEG in 2009 as their technology service provider. It offers a trading platform known as Millennium Exchange and is available for use at most of the leading stock markets in the world.[34]
  • Cassa di Compensazione e Garanzia ('CC&G'): CC&G provides central counterparty services. It was purchased along with Borsa Italiana in 2007.[35]
  • Monte Titoli: Monte Titoli is the Italian Central Securities Depository for Italian issued financial instruments. It performs pre-settlement, settlement and custody services for its member participants. It was created in 1978 and acquired by the Borsa Italiana in 2002 before becoming part of the LSEG.[36]
  • Turquoise: on 21 December 2009, the LSE agreed to take a 60% stake in rival trading platform Turquoise, which currently has a 7% share of the market. Turquoise will be merged with the LSE's trading facility Baikal Global.[37]
  • LCH: on 3 April 2012, LSE and LCH shareholders voted overwhelmingly to take up to 60 percent of the clearing operator with an offer of 20 euros per share, which valued LCH at 813 million euros ($1.1 billion).[38]
  • FTSE Russell: through its acquisition of the Frank Russell Company in 2015, London Stock Exchange Group combined FTSE Group with Russell Indexes to form FTSE Russell, now one of the largest index providers in the world.[39]
  • Mergent: on 21 November 2016 LSEG announced plans to acquire Mergent Inc, provider of business and financial information on public and private companies.[40]
  • The Yield Book and Citi Fixed Income Indices: on 30 May 2017 LSEG announced the acquisition of The Yield Book and Citi Fixed Income Indices, leading providers of fixed income analytics systems, for $685 million.[41][42]
  • AAX: on 22 January, 2019, LSEG announced that its Millennium Exchange matching engine technology had been selected by digital asset exchange AAX, marking the first time its solutions are applied in the digital assets economy.[43][44]

See also

References

  1. ^ a b c "Preliminary Results 2019" (PDF). London Stock Exchange Group. Retrieved 28 February 2020.
  2. ^ "Social". London Stock Exchange Group. Retrieved 28 February 2020.
  3. ^ "LSEG MillenniumIT Acquisition" (PDF). London Stock Exchange Group. Retrieved 30 November 2013.
  4. ^ a b c d "Our history". londonstockexchange.com. Archived from the original on 17 March 2015. Retrieved 20 March 2015.
  5. ^ "Warnings in vogue at French Connection". Financial Times. Retrieved 8 March 2018.
  6. ^ "Prospectus" (PDF). London Stock Exchange Group plc. Retrieved 8 March 2018.
  7. ^ "LSE rejects £2.7bn Nasdaq offer". BBC. Retrieved 20 March 2015.
  8. ^ "London Stock Exchange buys Borsa". BBC. Retrieved 20 March 2015.
  9. ^ "Latest News". millenniumit.com. Retrieved 20 March 2015.
  10. ^ "LSE jumps on TMX purchase plan". reuters.com. Retrieved 20 March 2015.
  11. ^ "TSX operator, London exchange agree to merge". CBC News. 9 February 2011.
  12. ^ "FACTBOX-LSE to buy Toronto exchange". reuters.com. Retrieved 20 March 2015.
  13. ^ Wall Street Journal, "A Combined TMX-LSE Would Be Called LTMX Group", Ben Dummett, 1 June 2011
  14. ^ Reuters, "Maple Group goes hostile for TMX", Solarina Ho
  15. ^ "Toronto-London stock exchange merger terminated". thestar.com. 29 June 2011. Retrieved 20 March 2015.
  16. ^ Shah, Palak (5 July 2012). "British bourse LSE buys 5% stake in Delhi Stock Exchange". Business Standard. Business Standard Ltd. Retrieved 4 September 2012.
  17. ^ "London Stock Exchange Group joins UN sustainable stock exchanges initiative". London Stock Exchange. London Stock Exchange. Retrieved 3 June 2014.
  18. ^ Malone, Charlotte. "London Stock Exchange joins UN sustainability initiative". Blue&Green Tomorrow. Blue&Green Tomorrow. Retrieved 3 June 2014.
  19. ^ MOSS, GAIL. "London Stock Exchange joins UN sustainable stock exchanges initiative". IPE. Investments and Pensions Europe. Retrieved 3 June 2014.
  20. ^ Walker, Ian. "London Stock Exchange to Buy U.S. Asset Manager Frank Russell for $2.7 Billion". The Wall Street Journal. Retrieved 26 June 2014.
  21. ^ "Deals of the day- Mergers and acquisitions". Reuters. Retrieved 2 February 2015.
  22. ^ "London Stock Exchange and Deutsche Boerse agree merger". BBC News. 16 March 2016. Retrieved 16 March 2016.
  23. ^ Dummett, Ben (27 February 2017). "London Stock Exchange Merger With Deutsche Börse at Risk Over Antitrust Issues". The Wall Street Journal. New York City. Retrieved 27 February 2017.
  24. ^ "European Commission – PRESS RELEASES – Press release – Mergers: Commission blocks proposed merger between Deutsche Börse and London Stock Exchange". europa.eu. Retrieved 21 July 2017.
  25. ^ "London Stock Exchange clinches acquisition of Refinitiv for $27bn". Financial Times.
  26. ^ "London Stock Exchange gets £32bn Hong Kong bid". BBC.
  27. ^ Stafford, Phillip (31 July 2020). "LSE considers selling Italian assets to secure Refinitiv deal". Financial Times. Retrieved 31 July 2020.
  28. ^ "LSE engages Euronext in exclusive Borsa Italiana talks". Business Insider. 18 September 2020. Retrieved 21 September 2020.
  29. ^ a b Strydom, Martin (13 April 2018). "LSE picks Goldman's David Schwimmer as its new chief". The Times. Retrieved 13 April 2018.
  30. ^ "LSEG Annual Report 31 December 2015" (PDF).
  31. ^ "Investor relations". londonstockexchange-ir.com. Retrieved 20 March 2015.
  32. ^ "London Stock Exchange". Exchanges Journal. Retrieved 9 April 2017.
  33. ^ "Borsa Italiana and London Stock Exchange Combine (archived 20.11.2007)". Archived from the original on 20 November 2007.
  34. ^ "London Stock Exchange Group to acquire MillenniumIT for US$30M (£18M)". London Stock Exchange. Archived from the original on 19 October 2013. Retrieved 19 November 2013.
  35. ^ "LSE backs possible joint bid for LCH.Clearnet". reuters.com. Retrieved 20 March 2015.
  36. ^ "The Monte Titoli Shareholders Approve The Financial Statement For Year 2002". Mondovisione. 17 April 2003. Retrieved 9 April 2017.
  37. ^ "BBC News – LSE reveals takeover of Turquoise". bbc.co.uk. Retrieved 20 March 2015.
  38. ^ "LSE wins shareholder backing for LCH deal". reuters.com. Retrieved 20 March 2015.
  39. ^ "LSEG launches new FTSE Russell brand". London Stock Exchange Group. Retrieved 30 April 2016.
  40. ^ "London Stock Exchange adds to data service with Mergent takeover". The Telegraph. Retrieved 21 July 2017.
  41. ^ "LSEG to acquire The Yield Book and Citi Fixed Income Indices". London Stock Exchange Group. Retrieved 11 October 2018.
  42. ^ Hussain, Noor Zainab. "LSE to buy Citi's bond data and indexes business for $685 million". U.S. Retrieved 11 October 2018.
  43. ^ "LSEG Technology selected by ATOM to power the AAX digital asset exchange". London Stock Exchange Group. Retrieved 1 July 2019.
  44. ^ "AAX – Trade Digital Assets with Confidence". www.aax.com. Retrieved 1 July 2019.

External links

This page was last edited on 28 October 2020, at 22:34
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