London bourse net falls 40%

THE London Stock Exchange Plc posted a 40 percent drop in first-half earnings yesterday on the back of lower trading and warned that market conditions remain uncertain.

The bourse reported net profit of 49.3 million pounds (US$82.4 million) for the six months ended September 30, down from 81.7 million pounds a year ago.

Revenue fell 9 percent to 310.9 million pounds, from 342.5 million pounds, as the exchange was also hit by increased competition.

"Underlying market conditions remain uncertain, at least in the near term, and competition in cash equities trading is expected to remain intense," the stock exchange said in a statement.

The LSE has been losing market share to multilateral trading facilities such as Chi-X and BATS since pan-European regulation opened the market to competition in 2007.

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