London Stock Exchange hit by website glitch as earnings disappoint

An issue prevented the exchange from posting real-time prices on its website on Friday morning. In a notice posted on its site, the company said it was “investigating a technical issue.” A spokesperson declined to comment. The problem only affects the website’s display, rather than the underlying market, and is not supposed to affect companies that buy price data from the exchange. It had been resolved at 10:20 a.m.

The issue came as the London Stock Exchange Group (LSEG) released third quarter figures that were lower than the city’s forecast. Revenue increased 7.6% in the quarter, with profit up 7.3%. The performance was driven by a 17.2% increase in sales in its capital markets division thanks to exceptional trading activity on its rates and derivatives trading platform Tradeweb and good volumes on its FXall platform. However, a weaker performance of the company’s data and analytics division and its post-trade division resulted in lower profits in these parts of the business.

“LSEG Group’s revenue growth was better than expected at constant exchange rates, but was largely driven by the strength of Tradeweb, where we expect growth to decelerate in 2022,” said Michael Werner , analyst at UBS.

Citi analysts called the revenue mix “slightly disappointing.”

LSEG left the forecast for the full year unchanged, saying growth would not be as rapid in the last quarter of 2021 as it had been in the third quarter. Shares fell 302p or 3.7% to 7782p.

LSEG completed its $ 27 billion acquisition of data giant Refinitiv earlier this year and LSEG CEO David Schwimmer said today the company is “making excellent progress” on integration . He said LSEG was “comfortably on track to realize £ 125million in cost synergies in 2021, ahead of our initial phasing”.

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