The London Stock Exchange Group (LSEG) recorded “solid growth” in Q1 2024, according to CEO David Schwimmer.
The capital markets division was up 11.4% YoY, which the group stated was due primarily to growth at Tradeweb, which it owns a majority stake in. Equities returned to growth, with secondary trading gains partly offset by lower market activity.
Within its capital markets division, the average daily value traded for equities was £3.9 billion – a slight drop YoY from Q1 2023’s £4 billion. Total income was £60 million, up from £56 million in Q4 2023 and £59 million YoY.
At FTSE Russell, equities revenue was £60 million, up 1.7% YoY from Q1 2023’s £59 million. In its trading update, LSEG stated that continued strong demand for flagship equity products has supported growth in underlying subscription revenues.
Revenue for fixed income, derivatives and other was recorded as £318 million, up 18.2% YoY. Compared to Q4 2023, it rose by 8% from £294 million.
The data and analytics division saw a 0.9% YoY increase in revenue, from Q1 2023’s £990 million to Q1 2024’s £999 million. The firm attributed this growth to Credit Suisse-related cancellations and the impact of an enterprise-wide LSEG Data Agreement (LDA) with a major bank, which it stated will provide multi-year growth and improved long-term value, after an initial revenue reduction.
On the results, Schwimmer commented: “We have started the year well, delivering another quarter of solid growth consistent with our plans. The rapid pace of innovation continues, with new product launches across LSEG throughout 2024.”
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