London Stock Exchange to float by July

The London Stock Exchange has confirmed it will become a fully listed company by the end of July.

The London Stock Exchange has confirmed it will become a fully listed company by the end of July.

LSE chairman Mr Don Cruickshank said the exchange has "reached the point now where we are ready to move to a full listing".

The move has been announced with the exchange's full-year results to March 31st, which reveal a pre-tax profit of £30.4 million sterling, down from £48.5 million, with turnover up 18 per cent to £193.4 million.

It's thought a listing of the 220-year-old exchange on its own market would give it a value of over £1 billion.

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Last year, the LSE held merger talks with German exchange Deutsche Borse only for them to fall through at the 11th hour. It went on to fend off a hostile bid from Sweden's OM Group.

The LSE says the introduction to the market will not raise finance but will give it greater flexibility to follow its expansion strategy.

LSE chief executive Ms Clara Furse said: "During the year, we have worked with our customers to develop and deliver a wide range of initiatives. Over the coming year, this will gather pace.

"As a business we must seek to position ourselves as Europe's leading capital market exchange organisation and exchange service provider, rather than purely as a stock exchange."

PA