London Stock Exchange to challenge European rivals

The London Stock Exchange today said it will take on Euronext NYSE Liffe and Deutsche Borse next spring when it launches its own equity derivatives market.

The pan-European market produces 1.2 billion euros (£1.02 billion) of revenues a year.

Chief executive Xavier Rolet said: "There is plenty of room for a third competitor in the European derivatives market.

"We have the technology and will make it straightforward for clients to connect to the market. This will be a major part of leveraging our assets."

Headline operating profits rose 15% to £154 million on revenues down 1% at £298 million in the six months to the end of September.

Rolet refused to provide any update on the suspected sabotage of the Turquoise trading platform early this month, but said he hoped the main electronic share trading system could still move on to new technology early next year.

LSE shares rose 9p to 726p.