Unless otherwise stated, the following commentary refers to the 11 months ended 28 February 2005 and, where appropriate, to the corresponding period last year.

London Stock Exchange plc (“the Exchange”) today issued a routine update ahead of the close period relating to the year ending 31 March 2005.

Issuer Services

Issuer Services enjoyed a period of strong growth, helped by a good start to the 2005 calendar year on both the main market and on AIM. In total there were 436 new issues in the 11 months to 28 February 2005, more than double the level of activity seen in the corresponding period last year (197). This increase in part reflects a good pick up in main market new issues, rising to 73 from 38, including 12 international new issues, twice the level of the previous period.

AIM - the Exchange’s international market for smaller, growing companies - also saw a significant uplift in companies joining the market, with 363 new issues (2004: 159). At 28 February 2005, the total number of companies on the Exchange’s markets increased to 2,865 (2004: 2,673) of which 1,065 companies were traded on AIM (2004: 761).

Broker Services

The value of equity bargains traded during the first 11 months of the financial year increased 19 per cent, totalling £4.3 trillion (2004: £3.6 trillion). Trading volumes also continued to show good growth, rising 15 per cent on the same period last year, with a total number of 61 million equity bargains (2004: 53 million).

The average number of equity bargains per day increased to 266,000 (2004: 230,000) and in February average daily trades reached more 300,000 for the first time. The increase was mainly attributable to continued growth in volumes on SETS, the electronic order book. The average number of SETS bargains per day, including SETSmm, the Exchange’s hybrid trading service, increased 25 per cent to 167,000 (2004: 134,000), following record average daily trading volumes in January and again in February (197,000 bargains/day). The average value of a SETS bargain fell 5 per cent to £21,000 from £22,000.

The average number of off-book bargains was 48,000 per day (2004: 57,000) and the average number of international bargains was 51,000 per day (2004: 39,000).

Derivatives Services

Following a pick up in trading volumes in February, a total of 17.1 million contracts were traded on EDX during the first 11 months of the year (8 months from acquisition to 29 February 2004: 11.7 million), although trading in Q4 so far is not as strong as the busy corresponding period last year.

Information Services

At 28 February 2005, the total number of terminals receiving Exchange data was 94,000, a 4,000 increase over the same point last year (29 Feb 2004: 90,000). Of the total, approximately 83,000 terminals were attributable to the professional user base, an increase of 1,000 on the number at the end of 2004 when professional terminal numbers rose for the first time in over three years (31 Dec 2004: 82,000; 29 Feb 2004: 80,000).

Proquote continues to grow with over 2,600 screens and 175 corporate customers (29 Feb 2004: 1,700 screens).

SEDOL MASTERFILE, the Exchange’s securities numbering service, which provides unique identification for securities on a global basis, continues to make good progress, with approximately 990 company contracts for SEDOL licences signed to date.

RNS, the Exchange's provider of financial communication tools and services, maintained a leading market share, with over 90 companies in the FTSE 100 using RNS to release regulatory announcements.

Commenting on current trading, Clara Furse, Chief Executive, said:

“We are encouraged by the positive market trends we have seen, particularly with the uplift in the latter part of the financial year.

“The marked increase in new issues on both the main market and AIM, the strong growth in trading volumes and the pick up in professional terminals demonstrate good momentum in our core business areas. This, together with close cost management, leads us to expect a good outcome for the full year.”

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