Perspectives on the global markets. Yearbook Playing FTSE. Designs on derivatives. The road to IPO. The rise and rise of index investment

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1 Yearbook 2012 Perspectives on the global markets The road to IPO Accessing the world s most international capital market Playing FTSE The rise and rise of index investment Designs on derivatives Building a new market model

2 Ossiam ETF FTSE 100 Minimum Variance More than vanilla If you are looking for an ETF that tracks more than UK blue chip equities, the Ossiam ETF FTSE 100 Minimum Variance aims to give you equity exposure with a reduced risk profile. Redefining ETFs Ossiam is an affiliate of Natixis Global Asset Management, one of the top 15 asset managers in the world*. Ossiam s products are distributed in the UK by NGAM UK Ltd. * Source : Cerulli Associates, Global Markets 2011 June 2010, based on total assets under management as of 31 December This communication has been authorised and approved by NGAM UK Limited, authorised and regulated by the UK Financial Services Authority. Due to its exposure to equity markets, the fund may experience significant volatility. Investors should note that the reduction of the volatility can decrease the potential performance of the fund indexed to the strategy. Visit ossiam.com for a prospectus which will detail in full the fund s investment objectives, risks, charges and expenses. Please read the prospectus carefully before investing. All rights in the FTSE 100 MINIMUM VARIANCE (the Index ) vest in FTSE International Limited ( FTSE ). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. FTSE and its licensors are not connected to the Fund and make no claim, prediction, warranty or representation and accept no liability either as to: reliance on or any error in the Index, the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by OSSIAM.

3 LONDON STOCK EXCHANGE GROUP Editorial board Guy Brindle (Marketing Director), Tom Gilbert (Senior Press Officer) Newsdesk media Editor Joanne Hart Editor-in-chief Sub-editor Art director Art editor Production and distribution manager Editorial production assistant Sales director Sales executives Managing director Chief executive Chairman Barry Davies Emily Eastman Jean-Philippe Stanway James White Malcolm Green Elizabeth Heuchan Martin Cousens Troy Bailey, Simon Bester, Cataldo Tarantini Andrew Howard Alan Spence Paul Duffen Pictures Getty Images, istockphoto, Rex Features, Shutterstock ISBN Printed by Buxton Press Published by 130 City Road, London EC1V 2NW, UK Tel: +44 (0) Fax: +44 (0) th Street, NW, Washington DC 20005, US Tel: +1 (202) Fax: +1 (202) Newsdesk Media publishes a wide range of business and customer publications. For further information, please contact Alan Spence, chief executive, or Paul Duffen, chairman. An official publication of London Stock Exchange Group London Stock Exchange Group plc 10 Paternoster Square, London, EC4M 7LS By making this communication, none of London Stock Exchange Group plc and/or its group undertakings (which shall be construed in accordance with section 1161 of the Companies Act 2006) ( LSEG ), Newsdesk Communications LTD ( Newsdesk ), or the individual authors intend to invite or induce you to engage in any investment activity for the purposes of the UK regulatory regime (other than, where relevant, in respect of the London Stock Exchange plc s exempt activities of operating UK regulated investment exchanges and providing clearing services in the UK). This publication does not constitute an offer to buy or sell, or a solicitation of an offer to sell, any securities, or the solicitation of a proxy, by any person in any jurisdiction in which such an offer or solicitation is not authorised, or in which the person making such an offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such an offer or solicitation. Information in this publication may or may not have been prepared by LSEG, Newsdesk, or the individual authors, but is made without any responsibility on the part of LSEG, Newsdesk and the individual authors. None of LSEG, Newsdesk, or the individual authors accept responsibility for any errors, omissions, or inaccurate information. All information in this document is provided as is without warranty of any kind. None of LSEG, Newsdesk, nor the individual authors make any representations and disclaim to the extent permitted by law all express, implied and statutory warranties of any kind in relation to this publication, including warranties as to accuracy, timeliness, completeness, performance or fitness for a particular purpose. No action should be taken or omitted to be taken in reliance upon information in this publication. None of LSEG, Newsdesk, or the individual authors accept any liability for the results of any action taken or omitted on the basis of the information in this communication. The information in this publication is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular, information in this publication does not constitute legal, tax, regulatory, professional, financial or investment advice. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. Third-party advertisements are clearly labelled as such. None of LSEG, Newsdesk, or the individual authors endorse or are responsible for the content of any third party advertisement in this publication or otherwise. AIM, London Stock Exchange, the London Stock Exchange coat of arms device are registered trade marks of London Stock Exchange plc. FTSE is a registered trade mark of subsidiaries of London Stock Exchange Group plc and is used by FTSE International Limited under licence. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by LSEG can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. London Stock Exchange Group 3

4 Contents Forewords 10 Chris Gibson-Smith Chairman, London Stock Exchange Group 13 Xavier Rolet Chief Executive, London Stock Exchange Group 15 David Richards Chairman and CEO, WANDisco 17 Brunello Cucinelli Chairman and CEO, Brunello Cucinelli Overview 18 The long view London Stock Exchange Group has upheld an adaptable approach throughout its long history, enabling it to thrive 4 London Stock Exchange Group

5 Contents Primary markets 24 A celebration of equity financing Why equity remains the most effective way for companies to grow and develop, even during extreme economic turbulence 30 The road to IPO Listing on London Stock Exchange is an important decision for companies, and the process can also be very rewarding 40 The world comes to market International businesses flock to London Stock Exchange s markets, which play host to hundreds of listed companies from overseas 46 AIMing high Examining how and why the thriving AIM has become the world s most successful growth market over the past two decades 54 Borsa deluxe Italian exchange Borsa Italiana is a natural home for the country s luxury goods sector, but it also holds much broader appeal 58 ETPs call London home Recent years have seen a rise in the popularity of exchange-traded products, with London becoming a market leader 62 Playing FTSE: the rise of the indices Index investing is becoming increasingly popular, providing investors with access to a wide range of assets at low cost 66 Bonds, bonds, bonds Regulation, economic conditions and technology are changing the way institutional and private investors interact with the bond market London Stock Exchange Group 5

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7 Contents Secondary markets and post-trade 70 A short history of trading Since its beginnings more than 300 years ago, equity trading has evolved through technological advances and changes in capital markets 74 Designs on derivatives The derivatives market is changing its current structure and being reshaped to make trading more secure, competitive and efficient 78 Shopping for shares How London Stock Exchange is adopting Italian expertise to increase participation of retail investors in the UK market 82 Turquoise a multilateral trading facility Examining multilateral trading facilities (MTFs) a new breed of trading venue offering an alternative trading mechanism for professional investors 88 Safe and sound Markets are becoming ever faster and more sophisticated, but still need to be robust, fair and orderly, while maintaining stability 92 Beneath the surface The role of trading-support functions has never been more important, and new developments and systems are changing the post-trade landscape Technology and information services 96 Information makes the world go round Today s financial markets rely on fast and accurate information, with the speed and precision of data being crucial to executing trades 100 Coming of age Technology originating from Sri Lanka is at the forefront of innovation, powering London Stock Exchange Group and trading platforms worldwide 104 Taking technology to the world MillenniumIT has become London Stock Exchange Group s technology arm, supporting emerging markets and boosting economies around the world London Stock Exchange Group 7

8

9 Contents Regulation and governance 108 A regulated environment How new legislation and changes in the regulatory environment are expected to impact on market participants and infrastructure 112 Setting standards Essential to the smooth functioning of capital markets, good governance is valued by investors, policymakers and regulators alike Corporate social responsibility 116 An ethical dimension Investors are increasingly seeking higher corporate standards of ethics and social responsibility a trend reflected in changing business attitudes 120 Educating the masses London Stock Exchange Group s initiatives to broaden understanding of financial markets, with the aim of bolstering interest and participation 124 A good foundation Exploring the work and fundraising efforts of London Stock Exchange Group Foundation an integral part of the Group s culture 128 Information and contacts Key statistics and contact information about London Stock Exchange Group and its range of international equity, bond and derivatives markets 130 Index of advertisers London Stock Exchange Group 9

10 Foreword Chris Gibson-Smith Chairman, London Stock Exchange Group Welcome to our first London Stock Exchange Group (LSEG) Yearbook. The past few years have seen a rapid evolution across the Group, and today we are an international, multi-asset, multi-platform, business a long way from our old role as a single-product equities exchange. However, we remain deeply aware of our historic, central role in capitalraising and providing efficient markets that promote economic growth. LSEG has a strong commitment to promoting a better understanding of the markets in which we operate and the impact that these markets have on our society-wide economic prosperity, and this Yearbook represents one such initiative. Through a series of articles, which we hope you will find interesting and informative, the Yearbook traces the origins of London Stock Exchange; from its beginnings in Jonathan s Coffee House in the late 17th century, to its position today as a world-leading, diversified exchange group. Throughout its history, the Group has remained focused on its primary purpose of operating neutral, trusted, well-regulated and systemically important market infrastructure. In today s current economic environment this has perhaps never been more important. Just as in the early days, the Group today continues to offer investors access to an unparalleled pool of international capital; and to corporates, listing venues with visibility alongside global peers and a track record of support that is unsurpassed. As such, the Group welcomes business and investors from around the world to its global markets. As you will see from the breadth of the topics covered in the Yearbook, LSEG is a diversified business. Working in partnership with our customers, we now offer a broad portfolio of markets, products and services spread across asset classes and geographies that extend far beyond our traditional cash equity offering. This breadth and balance across our business gives us a strong position from which to drive the Group forward, capitalising on the opportunities presented by the macro environment, however they present themselves. 10 London Stock Exchange Group

11 Foreword The Company is now made up of four complementary business divisions: Capital Markets, Post-Trade Services, Information Services and Technology Services. Over the past three years, we have been successful in completing and progressing a number of significant deals and partnerships, including FTSE and MillenniumIT, both of which have expanded our product range, our reach amongst international customers and the global footprint of the Group. We continue to operate in an environment where new regulation and regulatory change dominate. While the outcome of all this regulatory change is not clear, the Group is committed to active engagement and discussion with policymakers around the world, promoting safe, efficient, competitive, innovative, successful capital markets those in which all participants can thrive. As an organisation, we are very conscious of the continued role that we play in our society. Recent years have only served to reinforce our long-held belief that we must promote mechanisms that support entrepreneurship, and hence job and wealth creation, through diverse funding channels, moving away from a global over-reliance on bank debt. We are committed to supporting world-class small and medium-sized enterprises (SMEs), through the advocacy of a diverse and balanced funding ecosystem, and the championing of innovation, job creation and growth. Our growth markets in the UK and Italy (AIM and AIM Italia) are highly successful capital-raising mechanisms for both domestic and international companies. The Group supports the long-term health of our economies and the communities and families it supports. We play an important role in the broader societies we work in through the relationships we have with customers and our partners as well as the communities themselves. Our charitable foundation, London Stock Exchange Group Foundation, established in 2010, is the basis for long-term collaboration between the Group, our employees and the community organisations we support. The Foundation has so far raised over 1 million and we are committed to its long-term success. We hope you enjoy reading our inaugural Yearbook. London Stock Exchange Group 11

12 Guiding you on to the Main Market and AIM Jones Day encompasses more than 2400 lawyers in 37 major locations across the globe and ranks among the world s largest and most geographically diverse law firms. Our broad based international Capital Markets Practice advises on all aspects of international securities laws representing issuers and underwriters in worldwide financial centres. In the United Kingdom, our work extends to helping companies list on the Main Market and AIM. We have compiled a one stop guide that explains the listing requirements of the Main Market and AIM in addition to the continuing obligations once listed. To obtain a copy, please contact: Giles Elliott Vica Irani Sebastian Orton lawyers throughout the world.

13 Foreword Xavier Rolet Chief Executive, London Stock Exchange Group Since 2009, the Group has made great strides forward in its ambition to become one of the world s leading, diversified exchange groups. Our scope, scale and reach is being transformed by strong organic growth, new products, partnerships and significant transactions. The first edition of our Yearbook highlights some of the successes in our diversification strategy, as well as exploring the many facets of our business, and the key dynamics of our fascinating industry. What is key for us as an organisation, as it has been over hundreds of years, is the role that we play as a neutral and trusted market infrastructure company, working in partnership with our customers around the world. This extends not only to the role for which we are most widely known the raising of capital for businesses and the trading of a wide range of securities but also to risk-management services, technology sales, and intellectual property. Whether it is helping growth companies to fulfil their role as the lifeblood of the global economy or helping young economies establish their own trusted and efficient market infrastructure, such as we are doing in Mongolia, the Group knows that its role extends far beyond financial performance, critical as that is. London Stock Exchange Group remains the home of the world s most international capital markets, powered by sophisticated technology yet at the core of what we do is our relationship with our customers and the people who work for us around the world. I am particularly proud of our talented staff and I hope that many of you reading this Yearbook, if you haven t done so already, get the opportunity to meet members of our expanding global team sometime soon, perhaps collaborating on the development of an idea or a new initiative. Finally, a thank you to all of our customers, associates, advisors and suppliers. We are delighted to partner with you in all that we do. London Stock Exchange Group 13

14 Strength Agility Focus Charles Stanley Securities is an integrated, equity capital markets business focused on providing high-quality Advisory, Broking and Research services to clients in the small to midcap sector. For more information, please contact Mark Taylor or Marc Downes Charles Stanley Securities is a division of Charles Stanley & Co. Limited, which is authorised and regulated by the Financial Services Authority. Registered office: 25 Luke Street, EC2A 4AR. Registered in England No

15 Foreword David Richards The Chairman and CEO of Sheffield/Silicon Valley-based technology company WANdisco explains why he chose equity funding to help expand his company, and describes its admission to AIM in June 2012 WANdisco is just seven years old, but from the start we wanted to build the company up into a sustainable, long-term business. In that respect, the funding proposition was immensely important, and we first began to think about external financing two or three years ago. At that time, the group was at an early stage in its development and capital was a key requirement to help fulfil its potential. We were keen to expand our sales team, we wanted to move into complementary areas of the technology space and we did not want to be left behind by other, better-funded peers. Venture capital would almost certainly have disrupted the company, so we figured that the public market was the way to go and we began to look at London Stock Exchange s AIM market. To some of our US colleagues, the choice seemed somewhat strange. WANdisco is headquartered in Sheffield, and that is where our software engineers are based. But the company was founded in Silicon Valley, and I spend most of my time in the US because it is still the centre of the technology industry. Yet there is no junior public market in the US. The investment banking community does not really want to look at any company with a turnover of less than 50 million, so smaller businesses tend to turn automatically to venture capital and private equity. We decided to be different. As a small company, it is important to have advisors that understand you and the sector in which you operate. So when we started the IPO (initial public offering) process, we met several investment-banking firms. We selected Panmure Gordon because their technology analysts were extremely high-quality and we needed a firm that understood us. Some people say that London is not the right place for technology companies to raise equity capital. I think that is completely untrue. When a fast-growing technology business with a good story comes to market, fund managers really want to be part of it. We started pre-marketing three months before our IPO. We saw about six investment houses, and five of them invested in us. Ultimately, our flotation was incredibly oversubscribed. We were going to raise 10 million; we raised 15 million, but we could easily have raised 40 million. I am sure that a lot more technology companies would come to AIM if they really understood what it offers. I have been incredibly impressed with the investment community here, and our shareholder register includes names such as Fidelity and BlackRock. In other words, the same institutions participate in AIM flotations as in any other IPO. When we first started looking at AIM, there was a lot of naysaying from people who did not understand it. But listing has already had a significant impact on the business. We have been able to hire people that we would not have been able to hire before, and customers have responded really positively to our flotation. And, of course, we now have the capital to continue pursuing our ambitions. It was a fantastic decision. London Stock Exchange Group 15

16 SETTING SAIL TO N W HORIZONS MIRABAUD SECURITIES IS A GLOBAL INSTITUTIONAL BROKING BUSINESS PROVIDING SALES & EXECUTION; RESEARCH & STRATEGY; AND CORPORATE FINANCE & EQUITY CAPITAL MARKETS ACROSS 40 MARKETS WORLDWIDE. TO COMMIT DIFFERENTLY TO GO FARTHER RORY SCOTT ON +44 (0) MIRABAUD SECURITIES LLP 33 GROSVENOR PLACE, LONDON SW1X 7HY

17 Foreword Brunello Cucinelli Luxury cashmere designer Brunello Cucinelli founded his namesake company in 1978, and remains its Chairman and CEO. In April 2012, he listed the business on Borsa Italiana, where the flotation was a tremendous success My dream is for cashmere company Brunello Cucinelli to survive for 100 years, and I knew a stock exchange listing would help that to happen. We originally began thinking about an IPO in 2007, but when the financial crisis exploded in 2008 we let the listing drop and instead put our focus on building the business. Then, in late 2010, we again decided to go to the market, making our debut in spring Other Italian fashion companies have listed abroad, but for me it was a given that we would list in Milan. In the run-up to our flotation, we tried to manage the company as if we were already listed. This was an important step for the company, and especially for me. It was intensely hard work our business was put under the microscope for the first time by investment banks, lawyers and auditors. Despite the tough workload, it was also a great experience because we were given external confirmation that we were doing well. Our principal reason for listing was to become a more international brand. We wanted to hear the opinions of investors from all over the world, as this would help us see the business in a new way. We also wanted to help guarantee the longest possible life for the company, and economists say listed companies survive for much longer than their non-listed counterparts. Without any significant debt and well supported by a loyal group of banks before coming to market, our decision to list was not linked to a lack of access to credit. Nonetheless, a listing makes us more financially solid and puts us in a position to be able to react quickly when the right opportunity presents itself. The listing process went very smoothly, in part because we had been acting for 18 months as if we were already listed. We did two other things that I think made it an easy transition. First, I asked Mediobanca and Merrill Lynch, the two banks working for us, if we could do a sort of preroadshow. Five or six months before the listing, we invited investors to come and get to know the company and meet the staff. We did this because in a roadshow you have just 30 minutes to pitch your company, and that was not enough time to tell our story. I need time to persuade you to buy my company. Although very unusual, the banks said this worked well. I also insisted that we have a very narrow price range for the initial public offering (IPO). This showed investors that the business had been studied intensely by the banks and that they had a good understanding of what they were selling. We picked a very fair price, and in fact the shares rose 50 per cent on the first day (and they are now 80 per cent above the IPO price). With 40 per cent of our investors based in the UK and 40 per cent in the US, we showed that Italy is credible, and we have taken an important step towards realising my dream of making sure the company is around long after I m gone. London Stock Exchange Group 17

18 Overview 18 London Stock Exchange Group

19 Overview The long view London Stock Exchange Group (LSEG) can trace its roots back to the 17th century. There have been many highs and lows over the past 300 years, but LSEG has thrived by adapting constantly to new environments and technologies, as Helen Power reports Lodged deep within the headquarters of London Stock Exchange Group (LSEG) is an old prospectus, describing its issuer as a company for carrying out an undertaking of great advantage, but nobody [is] to know what it is. This extraordinary document dates from 1720, when the forerunner of today s LSEG was in the grip of the South Sea Bubble, an investment fever that saw hundreds of copycat South Sea companies scrabbling to list pipe-dream businesses making square cannonballs, draining the bogs of Ireland or, in this case, making investors millions of pounds from a non-existent secret plan. The South Sea bubble was the first financial bubble witnessed by London s markets, but since then London Stock Exchange has ridden the market through hundreds of years of ups and downs, and the risible prospectus could equally have dated from the canal bubble of the 1810s or the railroad bubble in the 1840s. LSEG s origins date back to 1698 when John Castaing, owner of Jonathan s Coffeehouse, printed the first regular list of stock and commodity prices. At that time proto-stockbrokers traded stocks and commodities in various London coffee houses, because they were considered too ill-mannered for admission to the city commercial centre, the Royal Exchange. However, it took more than one hundred years before London Stock Exchange opened, in 1801, as a formal venue for trading securities. In this sense, London Stock Exchange was a latecomer to global markets Florence had been trading securities privately since the late Middle Ages and Amsterdam opened a stock exchange in But the rise of London Stock Exchange coincided with both the Industrial Revolution and the British Empire, giving it a preeminent place in the history of global bourses and the development of capitalism. As LSEG s current Chairman, Dr Chris Gibson-Smith, explains, the impact of London Stock Exchange on the economy of Britain and the world cannot be underestimated: The formation of London Stock Exchange represented a phenomenal financial innovation that helped to generate massive wealth for society. Having experienced a halcyon era in the 19th century, London Stock Exchange faced some serious setbacks in the years that followed. During the First World War, it was closed for six months to prevent panic selling and, as Britain faced its own challenges, London Stock Exchange s global profile began to decline. War was swiftly followed by the Wall Street Crash, then the Great Depression. London Stock Exchange grew more inward-looking, and raising capital for the British Government became an increasingly important part of its business. This intensified during the Second World War, and its fortunes were not helped when its headquarters were hit by a German V2 rocket and trading had to be temporarily moved to the basement. Gibson-Smith asserts, however, that the biggest jolt London Stock Exchange ever received did not come from a Nazi bomb but from the Big Bang, when the City of London was deregulated. During the 1980s, the Conservative government embarked on a radical privatisation programme, in the midst of which politicians argued that the City was falling behind international London Stock Exchange Group 19

20 Overview In 1986, the instant liberalisation of financial markets left London Stock Exchange with two choices: adapt or die A market open ceremony at London Stock Exchange in 2011, which was attended by Chancellor of the Exchequer George Osborne rivals such as New York because it was hamstrung by an inefficient and outdated Old Boys Network. In 1986, then UK Prime Minister Margaret Thatcher introduced a wholesale programme of deregulation of the financial markets, which abolished barriers to entry and modernised the open outcry trading floor at London Stock Exchange, creating the world s first electronic screen-based exchange. The instant liberalisation of the financial markets left London Stock Exchange with two choices: adapt or die. When that rapid change came with the Big Bang in 1986, it began a process of transformation that nobody envisaged, few wanted and none could stop. The only certainty for London Stock Exchange as it approached its third century was that it only had a future if it changed, but then it had done precisely that over the past two centuries, says Ranald Michie, author of The London Stock Exchange: a History. Following the move to electronic trading and increased international competition, the demutualisation of the company was inevitable. At an Extraordinary General Meeting in March 2000, the 298 London Stock Exchange member firms voted to end the organisation s 199 years of mutual ownership and, in July 2001, London Stock Exchange Group floated on its own Main Market. With the introduction of competition into its core home market of UK cash equities, LSEG needed to expand into new products and geographies. But, from 2000, it faced a decade of near-constant takeover bids from international rivals, such as Deutsche Borse and Nasdaq, just as it was trying to formulate its own strategy for global expansion. Some difficult times ensued but, in recent years, LSEG has moved onto the front foot. It merged with Borsa Italiana in 2007 and several other acquisitions followed all part of a deliberate strategy of diversification into new areas, such as derivatives trading and clearing. It has long been our strategy to get away from being a single-product business trading cash equities. Singleproduct was no longer the right route for our shareholders, who want to see us generate growing profits. If you want to generate profit, you have to expand into profitable markets, says Gibson-Smith. In 2009, therefore, LSEG bought Millennium IT, a Sri Lankan technology company that develops and builds low-cost, but high-performance, trading and market surveillance platforms, and in 2010 it acquired Turquoise, a pan-european equities and derivatives trading platform. Most recently, LSEG bought the leading international global-index business FTSE and announced its intention to acquire 60 per cent of pan- European clearer LCH.Clearnet. Under the terms of the LCH. Clearnet deal, users of the clearing house will retain the remaining 40 per cent, a joint ownership model that differentiates LSEG from rivals such as Deutsche Borse, which has a vertical silo of trading and clearing. LSEG believes its model offers greater choice to investors and other stakeholders and provides competition for a healthy market. The transaction with LCH.Clearnet should gain final approvals in late It is in the nature of public markets such as ours that there is an enormous push to have transparency, neutrality and open access, to create value for shareholders and for society in general. Silos offend that, says Gibson-Smith. Looking to the future, he believes it is only a matter of time before the creation of a global exchange: The exact formation is not yet clear, but one way or another we are likely to see that. It is the obvious way forward. In some respects, this may be a case of back to the future. Back when London was viewed by many as the centre of the world, London Stock Exchange traded a huge proportion of all issued global securities. More than two centuries later, Gibson- Smith would like to see a return to that model. I ve always had a dream of returning LSEG to the heart of the global markets it serves, he says. Helen Power is a freelance financial columnist and former mergers and acquisitions editor of The Times 20 London Stock Exchange Group

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