How London Stock Exchange Group Makes Money

LSEG operates an elite, highly recurring subscription and transaction business model organized across three core operational divisions: (1) Data & Analytics (generating over 70% of revenue): delivers financial market data, desktop workflows (LSEG Workspace), real-time pricing feeds, enterprise data management, and benchmark indices (FTSE Russell); (2) Post Trade & Clearing: operates LCH, the world's leading clearing house, earning recurring multi-currency clearing and compression fees by clearing over 90% of global over-the-counter interest rate derivatives; and (3) Capital Markets: operates the London Stock Exchange, Tradeweb (leading electronic fixed-income and derivatives trading venue), and global foreign exchange platforms (FXall), monetizing trading transaction volume and primary corporate IPO listings.

LSEG's corporate growth strategy is driven by three expansion engines: (1) Scaling the 10-year enterprise cloud and AI partnership with Microsoft, integrating LSEG Workspace financial data, real-time analytics, and automated financial modeling directly into Microsoft 365, Teams, and Azure OpenAI; (2) Expanding fixed income and derivatives trading through Tradeweb, monetizing the global migration from voice trading to automated electronic execution; and (3) Scaling FTSE Russell benchmark indices and sustainable ESG data products across private markets, multi-asset portfolios, and emerging market fixed income.