The London Stock Exchange Group (LSEG) saw revenues across its Italian post-trade businesses increase by 3% during the first half of the year, largely boosted by increased clearing revenues.
As of June 30, revenues for its clearing unit (CC&G) and settlement unit (Monte Titoli) reached a combined £46.8 million. This was due to clearing revenues increasing 8% at a constant currency basis, following a 10% increase in clearing volumes.
Settlement revenue rose 1%, however custody revenues decline 1% as assets under custody dropped 2% to €3.32 trillion.
For LCH.Clearnet, the group’s global clearing business, revenue for the half year declined 11% on a constant currency basis to £149.1 million, as a result of a decline in market-wide activity and the adjusted loss of clearing for the London Metal Exchange.
During the half, the LSEG outlined a cost saving plan for LCH.Clearnet, in which it aims to reduce a further €40 million, in addition to the €60 million it has already achieved over the past two years.
It also stated it sees incremental revenue opportunities of €175-250 million by the end of 2018 across LCH.Clearnet and the Group’s settlement and custody operations, globeSettle and Monte Titoli.