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Date: Wednesday 09 Jul 2008

LONDON (ShareCast) - Sharp increases in information and post-trade services revenues compensated for lacklustre growth at the issuer and trading services divisions of the London Stock Exchange in the three months to the end of June.

Total revenue in the period was up 8% to £178m from £164.3m a year earlier, representing a 3% gain on a constant currency basis. Comparative figures for last year have been calculated on a pro-forma basis as if Borsa Italiana had been part of the group.

The Primary market saw 73 equity new issues during the quarter, including 33 new issues on the Main Market and three new issues in Italy. In all, a total of £34bn was raised on the Exchange’s markets during the quarter.

Average daily order book cash equities trading for the combined UK and Italian markets rose 17% to 936,000 trades. Trading on SETS in London was up 34% but equities order book trading on Borsa Italiana fell 12%. The value of trades on the combined cash equities markets eased 8%.

In Information Services, the overall number of terminals receiving London Stock Exchange (LSE) data increased 19,000 from a year earlier to 139,000.

Post-Trade Services benefited from higher treasury margins, although the volume of the Italian Futures and Options Clearing House clearing contracts was down by 9% with 27.9million contacts cleared, as against 30.6m a year earlier.

“Although market conditions are likely to remain uncertain, the group is well positioned as the Issuer market remains active for both IPO and further issues and demand for real time data is resilient,” the company said.

“Cash equities and derivatives trading volumes in London have also continued to grow,” it added.

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