- Good Q1 performance against unprecedented market backdrop
- Q1 total income up 13% year-on-year to £615 million, driven by increased equity trading in Capital Markets and higher clearing activity across listed and OTC products leading to higher NTI in Post Trade
- Resources focused on ensuring strong operational resilience across the Group’s systemically important market infrastructure platforms and services; Group employees working almost entirely on a remote basis across all locations
- Integration planning for Refinitiv transaction progressing well: CFIUS approval received and anti-trust filings prepared in multiple jurisdictions; remain committed to achieving completion in H2 2020
Q1 summary:
- Information Services: revenues up 7% to £215 million – with 8% growth at FTSE Russell. Good growth in both subscription and asset-based revenues, the latter reflecting growth in ETF AUM in prior quarter; ETF AUM fell sharply at the end of Q1, reflecting market turbulence in March
- Post Trade: income up 17% to £271 million, with 11% growth in LCH revenue, with strong listed and OTC clearing activity, including record volumes in SwapClear. Good clearing volumes at CC&G drove a 15% revenue increase. Increased clearing activity drove higher cash margin, with consequent stronger NTI, up 39% in LCH and 10% in CC&G
- Capital Markets: revenues up 15% to £112 million, principally reflecting higher equity secondary markets activity in London and Milan
- Technology Services: revenues unchanged at £14 million
Update on the Refinitiv transaction
The Group continues to make good progress on planning for the integration of Refinitiv. A number of workstreams on business structure and opportunities, including synergy realisation, are well developed, and the Integration Management Office has been expanded to bring additional resource to the Group.
