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London Stock Exchange still the number one choice with customers undeterred by Brexit


London Stock Exchange still the number one choice with customers undeterred by Brexit

City & Finance Reporter for the Daily Mail

There has been no change at the LSE’s major businesses ahead of our departure from the EU, according to boss David Schwimmer

There has been no change at the LSE’s major businesses ahead of our departure from the EU, according to boss David Schwimmer

There has been no change at the LSE’s major businesses ahead of our departure from the EU, according to boss David Schwimmer

Customers are sticking with the London Stock Exchange and have not been put off because of Brexit, its boss has said.

There has been no change at the LSE’s major businesses ahead of Britain’s departure from the European Union this month, according to chief executive David Schwimmer.

He dismissed claims Brexit would force companies to take their business elsewhere.

LSE – which unveiled profits of £685million for 2018, up 21 per cent on the year before – acts as a clearing house for trillions of pounds of trades a year, a vital role in financial markets meaning it guarantees that the sellers will get money they are owed, even if a buyer collapses before it is able to pay up.

There had been fears that the LSE, whose revenues grew 8 per cent to £1.9billion, would lose its right to clear euros after Brexit.

But Schwimmer – who stressed that the LSE was prepared for Brexit even if the country left without a deal – said that EU watchdogs believed this would cause turmoil on international financial markets.

 



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