Current trading and outlook

The Group is well positioned and continues to make progress in executing its stated strategy to ‘get in shape, leverage assets, and seek opportunities’.  The Board expects continuing good overall Group performance during the final quarter of the financial year, reflecting the resilience of the business and strength of the portfolio’s offering. 

However, the Group is not immune to the current weak market conditions. The fourth quarter has started with subdued secondary market trading, with average daily value traded in UK cash equities down 3 per cent on Q3 although volume traded in Italian cash equities is up 4 per cent on Q3. MTS fixed income trading and IDEM derivative volumes are down on average daily levels in the prior quarter.  Information Services, Technology Services and Post Trade Services are all performing well, with net treasury income unaffected by slowing trading levels so far in January. 

The Board remains committed to delivering growth through leveraging the many assets within the business, whilst maintaining focus on improving  competitiveness, cost management and efficiency.