July 17--The London Stock Exchange is riding high after a bonanza of stock market flotations.
Revenue jumped 16pc to pounds sterling 323.9m in the three months to the end of June as income grew across almost all divisions.
The capital markets division – which makes money from fees from companies listing on its markets and trading in stocks and bonds – enjoyed a 16pc increase in revenue as the number of listings more than doubled.
Chief executive Xavier Rolet said: 'We have been pleased by the continued resurgence in the IPO market,' with an increase in companies joining and money raised.
There were 89 IPOs between January 1 and July 11 – more than double in the same period last year - raising pounds sterling 13.94bn. Big names to list on the stock market in the three months to the end of June include Lloyds spin-off TSB, over-50s group Saga and the AA.
Meanwhile Icap, the world's largest interdealer broker, said revenues fell 19pc between April 1 and July 15.
The firm (down 0.3p to 356.2p), fined pounds sterling 55m last year for rigging Libor, continues to struggle with low interest rates which is creating low volatility and reducing trading by banks – its biggest clients.
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