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London stock trading down as LSEG bets on data business

London stock data
Image credit: Pavel Rumme / Shutterstock

Trading volume at the London Stock Exchange is more than a third down this year as the group that owns it looks to focus more on its data business.

New data has revealed that average trades per day so far this year were 566,193, a 38% drop from the 912,080 average daily trades over the same period last year.

The average traded value per day was down almost a quarter (23%) from £4.8bn to £3.71bn.

Data from last month revealed that cash raised from IPOs in the London markets was down 36% in the last quarter compared with the same period in 2022.

The muted performance of the exchange comes as David Schwimmer, CEO of the London Stock Exchange Group (LSEG), said the company was more than assets traded on the exchange.

Schwimmer highlighted the success of the group’s Refinitiv data business, which has led to the company planning a £1bn share buyback, and putting data at the heart of future plans.

“In less than three years we have transformed our business, trebling the growth rate of the Refinitiv data and analytics businesses we acquired and beating our growth targets line by line,” said Schwimmer.

“We will provide our customers with new AI-driven insights based on our trusted and validated data, combined with straight-through execution, risk management and capital efficiency across their businesses.”

LSEG acquired Refinitv in 2021 for $27bn and has credited it to a recent profit surge.