London
Stock Exchange Group plc (LSEG)
posted strong first-quarter results for 2025, highlighting double-digit revenue
growth in its Foreign Exchange (FX) segment. The group’s Markets division
delivered broad-based gains, benefiting from ongoing global market volatility
and heightened client activity.
London Stock Exchange
Group Reports Double-Digit FX Revenue Growth in Q1 2025
LSEG reported
FX revenues of £69 million for the quarter ended March 31, up 12.3% on an
organic constant currency basis compared to the same period last year (£61
million). This surge was attributed primarily to increased dealer-to-client
activity on the FXall platform, coupled with healthy growth in interbank
volumes supported by the Matching platform.
The Markets
division as a whole saw revenues rise 13.5% on a constant currency
basis-including the recent ICD acquisition-reaching £834 million, or 10.7% on
an organic basis. Double-digit advances were also noted in related segments,
such as Over-the-Counter (OTC) Derivatives, up 16.8%, and Fixed Income,
Derivatives & Other, up 17.3% organically/
“Our Markets division demonstrated strong
growth, particularly in FX, OTC Derivatives, and Tradeweb platforms, as clients
responded to elevated volatility,” David Schwimmer, LSEG’s Chief Executive
Officer, commented. “This momentum has extended into April, reflecting the
broader uncertainty in global markets.”
LSEG Outpaces Forecasts
Group-wide,
total income excluding recoveries grew by 8.7% including mergers and
acquisitions, or 7.8% on an organic basis, surpassing the prior year quarter.
Revenue contributions from Data & Analytics accelerated as well, rising
5.1%, while FTSE Russell and Risk Intelligence each climbed by nearly 10%.
Despite
increased costs of sales, which rose 7.2%, LSEG maintained healthy
profitability. Gross profit for the quarter stood at £2.05 billion, up 7.5%
year-on-year. The group also continued to return capital to shareholders, with
£245 million of a planned £500 million share buyback completed by the end of
April.
LSEG’s
management reaffirmed full-year guidance, anticipating organic total income
growth (excluding recoveries) of 6.5% to 7.5% for 2025 and further improvements
to EBITDA margins.
Executive Appointments
LSEG recently
announced several executive moves aimed at advancing its data and foreign
exchange businesses. Gianluca
Biagini and Ron Lefferts have been appointed as Co-Heads of LSEG’s Data &
Analytics division, overseeing data operations that serve more than 44,000
clients globally.
Biagini,
who is set to join LSEG from S&P Global, brings over 25 years of industry
experience, including leadership roles in data, valuations, and risk analytics
across multiple asset classes. Lefferts, already a part of the LSEG executive
team, has a background that spans senior positions at IBM and Protiviti, along
with his current role directing LSEG’s global sales efforts.
In a
separate move, LSEG
named Gavin Wells as Chief Operating Officer for its foreign exchange division.
Wells, who returns to LSEG, is recognized for his extensive expertise in FX
markets. His appointment comes as LSEG continues to strengthen its position in
global currency trading and expand its FX platforms.
This article was written by Damian Chmiel at www.financemagnates.com.
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