The London Stock Exchange said yesterday it planned to float in July, positioning Europe's largest bourse for tie-ups in an increasingly global market, but failed - yet again - to spell out its growth strategy in detail.

The flotation of the London Stock Exchange will for the first time provide an open market for the LSE shares held by Irish stockbrokers. When the LSE demutualised in March last year, all member firms of the LSE, including most of the Irish firms, received 100,000 shares which were then worth around £1 million sterling (€1.65 million).

Two Irish stockbrokers, Mr Alec Morrogh and Mr Stephen Pearson, sold their LSE shares to make up some of the losses at Cork broker W&R Morrogh after client funds went missing.

But those brokers who held on to their LSE shares have done well as they are trading at around £29.45 sterling, valuing that initial share allocation at almost £3 million sterling.