London Stock Exchange Group plc (LSEG) posted strong first-quarter results for 2025, highlighting double-digit revenue growth in its Foreign Exchange (FX) segment. The group’s Markets division delivered broad-based gains, benefiting from ongoing global market volatility and heightened client activity.
London Stock Exchange Group Reports Double-Digit FX Revenue Growth in Q1 2025
LSEG reported FX revenues of £69 million for the quarter ended March 31, up 12.3% on an organic constant currency basis compared to the same period last year (£61 million). This surge was attributed primarily to increased dealer-to-client activity on the FXall platform, coupled with healthy growth in interbank volumes supported by the Matching platform.
Segment | Q1 2025 (£m) | Q1 2024 (£m) | Reported % Change | Organic Constant Currency % Change |
Markets Total | 834 | 736 | +13.3% | +10.7% |
Equities | 62 | 60 | +3.3% | +3.1% |
Fixed Income, Derivatives & Other | 394 | 318 | +23.9% | +17.3% |
FX (Foreign Exchange) | 69 | 61 | +13.1% | +12.3% |
OTC Derivatives | 161 | 138 | +16.7% | +16.8% |
Securities & Reporting | 56 | 62 | –9.7% | –9.8% |
Non-Cash Collateral | 27 | 28 | –3.6% | –0.4% |
Net Treasury Income | 65 | 69 | –5.8% | –6.3% |
The Markets division as a whole saw revenues rise 13.5% on a constant currency basis-including the recent ICD acquisition-reaching £834 million, or 10.7% on an organic basis. Double-digit advances were also noted in related segments, such as Over-the-Counter (OTC) Derivatives, up 16.8%, and Fixed Income, Derivatives & Other, up 17.3% organically.
“Our Markets division demonstrated strong growth, particularly in FX, OTC Derivatives, and Tradeweb platforms, as clients responded to elevated volatility ,” David Schwimmer, LSEG’s Chief Executive Officer, commented. “This momentum has extended into April, reflecting the broader uncertainty in global markets.”
LSEG Outpaces Forecasts
Group-wide, total income excluding recoveries grew by 8.7% including mergers and acquisitions, or 7.8% on an organic basis, surpassing the prior year quarter. Revenue contributions from Data & Analytics accelerated as well, rising 5.1%, while FTSE Russell and Risk Intelligence each climbed by nearly 10%.
Despite increased costs of sales, which rose 7.2%, LSEG maintained healthy profitability. Gross profit for the quarter stood at £2.05 billion, up 7.5% year-on-year. The group also continued to return capital to shareholders, with £245 million of a planned £500 million share buyback completed by the end of April.
LSEG’s management reaffirmed full-year guidance, anticipating organic total income growth (excluding recoveries) of 6.5% to 7.5% for 2025 and further improvements to EBITDA margins.
Executive Appointments
LSEG recently announced several executive moves aimed at advancing its data and foreign exchange businesses. Gianluca Biagini and Ron Lefferts have been appointed as Co-Heads of LSEG’s Data & Analytics division, overseeing data operations that serve more than 44,000 clients globally.
Biagini, who is set to join LSEG from S&P Global, brings over 25 years of industry experience, including leadership roles in data, valuations, and risk analytics across multiple asset classes. Lefferts, already a part of the LSEG executive team, has a background that spans senior positions at IBM and Protiviti, along with his current role directing LSEG’s global sales efforts.
In a separate move, LSEG named Gavin Wells as Chief Operating Officer for its foreign exchange division. Wells, who returns to LSEG, is recognized for his extensive expertise in FX markets. His appointment comes as LSEG continues to strengthen its position in global currency trading and expand its FX platforms.
