REG - LondonStockExGroup - Trading Statement
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RNS Number : 4734E London Stock Exchange Group PLC 23 October 2025
London Stock Exchange Group plc: Q3 2025 Trading Update
Delivering strong growth, raising margin guidance, increasing share buyback
LSEG Everywhere delivering trusted licensed data to scale AI in financial
services
David Schwimmer, CEO said:
"We continued our strong momentum in Q3, driving growth across all business
lines. We are also improving profitability and are now expecting EBITDA margin
at the top of guidance for 2025. We have significantly accelerated our
strategic progress in the last few months, driving the long-term growth
potential of the business: we have launched a series of innovative new
products for customers positioning LSEG as the partner of choice in AI with
the likes of Microsoft and Databricks.
"In addition, we are deploying capital effectively. Today we are announcing a
significant transaction in our post trade business: a group of leading banks
is acquiring a 20% stake in Post Trade Solutions, and in parallel we have
amended and extended the revenue share arrangements within SwapClear. This
deal strengthens our partnership and strategic alignment with key customers,
while delivering attractive margin and earnings enhancement. In addition,
having returned nearly £1 billion to shareholders through share buybacks in
the last three months, we are committing to a further £1 billion by February
2026."
Q3 2025 highlights
(All growth rates on an organic constant currency basis unless otherwise
stated)
· Strong, broad-based growth: Total income (excl. recoveries) +6.4% (+7.3%
year-to-date). Led by Risk Intelligence +13.9% and FTSE Russell +9.3%; Data
& Analytics +4.9%, Markets +6.3%
· Continued strong subscription growth: combined growth of 6.5% in our
subscription businesses(1). Period-end ASV growth of +5.6% reflects underlying
acceleration excluding the known impact of attractive new multi-year UBS
contract; headline re-acceleration of ASV growth anticipated in Q4
· EBITDA margin guidance raised: expect c.100 bps increase in constant currency
EBITDA margin in FY2025 - top end of previously stated range and excluding a
further c.100 bps benefit from the change to SwapClear revenue share
arrangements; confident in delivering all other financial targets
· Advancing our LSEG Everywhere strategy, high pace of innovation: further
embedding our high-quality, trusted data into industry workflow tools in
partnership with Databricks, Rogo and Snowflake; scaling distribution with MCP
infrastructure
· Deepening our partnership with Microsoft: integrating LSEG data in Microsoft
365 Copilot and agentic AI tools through Copilot Studio; digital market
infrastructure built on Microsoft technology live in Q3; first-of-its-kind
Azure-based trade routing network for 1,600 investment firms and brokers
· Good growth in Markets: all businesses delivering positive growth against
strong prior year comparator
· Investment in Post Trade Solutions ("PTS") and SwapClear amendment: replicates
the successful SwapClear structure through partnership with PTS. Immediately
accretive to Group EBITDA margin and AEPS
· Additional £1 billion share buyback: planning to complete before 2025
preliminary results; total share buybacks of £2.5 billion over the 12-month
period from March 2025 to February 2026
(This release contains revenues, cost of sales and key performance indicators
(KPIs) for the three months ended 30 September 2025 (Q3). Constant currency
variances are calculated on the basis of consistent FX rates applied across
the current and prior year period (GBP:USD 1.278 GBP:EUR 1.181).)(Organic
variance is calculated on a constant currency basis, adjusting the results to
remove disposals from the entirety of the current and prior year periods, and
including acquisitions from the date of acquisition with a comparable
adjustment to the prior year. Certain columns and rows may not add due to the
use of rounded numbers for disclosure purposes.)
(1. Total Income of Data & Analytics, FTSE Russell and Risk Intelligence)
Q3 2025: Strong delivery against key strategic priorities
We have aligned our businesses with strong fundamental growth drivers,
including: the customer need for more seamless end-to-end solutions across
asset classes and along the full length of the investment trade lifecycle;
greater digitisation and data-driven decision-making across financial markets;
and the critical customer requirement for integrated risk and performance
measurement capabilities.
Within these, we expect the rapid rise of AI to simplify workflows and drive
value-added insights to generate significant and sustained growth in demand
for trusted, industry-standard data. With our unmatched data, infrastructure
and partnerships, we are uniquely positioned to partner with customers to
seize these opportunities, significantly enhancing our own products and
opening up powerful new distribution channels for our data and analytics. Our
strategy to deliver on this opportunity centres on three pillars:
1. Trusted data: Delivering our trusted, high-quality data through multiple new
distribution channels to scale AI in financial services through our open,
LLM-agnostic, and infrastructure-oriented partnership approach. The value of
our data lies in our intellectual property, technology and infrastructure.
2. Transformative products: Reimagining how financial services professionals
work, with AI-enabled products that bring speed, simplicity and conviction to
our customers' workflows and decision-making.
3. Intelligent enterprise: Deploying AI across our own business, so we can
innovate faster and serve our customers better, with the same commitment to
trust and reliability for which our customers rely on us.
We continued to execute against this strategy strongly and at pace in Q3:
· Executing on our LSEG Everywhere strategy: we are the partner of choice for
financial markets data. In August we partnered with Rogo to integrate our
trusted content into its industry-leading AI applications, enabling seamless
interoperability between Workspace and the Rogo platform. In September, we
announced that our AI-ready data is available on Databricks, allowing
customers to rapidly build and deploy AI agents with confidence in the
accuracy and auditability of the data powering these tools. In October we
entered into a similar partnership with Snowflake, enabling customers to embed
LSEG data into AI agents powered by their Cortex AI tools. We also launched
MCP infrastructure, giving customers enhanced connectivity and a unified data
and AI ecosystem.
· Deepening our partnership with Microsoft: Continuing our close partnership, we
are embedding our data in Microsoft 365 Copilot, a powerful integration
allowing financial professionals to generate insights, streamline
decision-making, and improve productivity with our trusted, authoritative
data. Integration with Copilot Studio further allows users to build agentic
workflow based on our data, leveraging MCP.
· Accelerating product innovation in Workspace: We continue to advance our
innovative solutions, investing in new, powerful capabilities for our users
across asset classes and communities. We have been engaging key customers in
the FX and Commodity trading communities as part of the staged customer roll
out of Open Directory from Q4, and we are introducing new Workspace AI tools
including natural language capabilities to all users in H1 2026. We look
forward to demonstrating all of these features at our Innovation Forum on 10
November 2025.
Further disclosure on Workflows and Data & Feeds revenue
In the webcast this morning, we will present an analysis of revenue by user
type for Workflows and by data type for Data & Feeds, to further aid
understanding of our business and to demonstrate how our end-to-end workflows
and trusted data are essential to our customers. These disclosures are
summarised below.
Workflows: Traders, accounting for c.50% of Workflows revenue, are benefiting
from the deep integration of exclusive, LSEG-enriched and industry-standard
content into their pre-trade, at-trade and post-trade tools, networks
including Messenger and Advanced Dealing, and access to proprietary analytics
and trading venues. A further c.20% of Workflows revenue comes from Trading
functionality, including trade routing and order and execution management
services.
Investment Banking represents c.15% of Workflows revenue, where practitioners
benefit from proprietary, enriched and industry-standard data across deals,
corporate actions and research.
Investment Management and Wealth users account for c.15% of Workflows revenue.
For these customers, our data leadership including Reuters and Dow Jones news,
research and IBES consensus estimates, as well as tools like FTSE benchmark
creation and portfolio analytics, are key differentiating features.
For all Workspace customers, the integration of AI over the coming months, and
the launch of Open Directory, will further enhance collaboration, surface
powerful insights from trusted data and streamline workflows.
Data & Feeds: Our accurate, auditable and trusted data is either
infrastructure-based, proprietary, exclusive, enhanced or, in the case of
public data, benefiting from our extensive processes to validate, normalise
and structure it into consistent and easy-to-use datasets. Around 90% of our
Data & Feeds revenue comes from activities where we have built a deep
intellectual property, technology or infrastructure advantage.
Around 45% of our Data & Feeds revenue comes from real-time data
distributed via our proprietary physical network. Another c.25% of revenue
comes from specialised data sources (proprietary, contributed or exclusive)
like fixed income evaluated pricing, deals league tables and publications,
which we have further enriched with our own analysis. 10% comes from other
specialised data from exclusive and aggregated non-public sources like Reuters
news and contributed fund data. A further 10% comes from public data that we
enrich with our own analysis - like IBES earnings estimates or SentiMine
analysis.
The remaining 10% of Data & Feeds revenue is from purely public sources,
but that data too goes through our extensive data transformation and
standardisation processes, and is rarely sold in isolation.
Creating shareholder value through active capital allocation
Our long-term approach to capital allocation is to prioritise the organic
investment needs of the group, to pursue 'bolt-on' inorganic growth subject to
stringent financial and strategic criteria, and to return surplus capital to
shareholders subject to leverage and other considerations. Overall, we expect
to deploy approximately £3.5 billion to M&A and shareholder returns in
2025, as follows:
Ordinary dividend - £0.72 billion
We have paid £0.72 billion in ordinary dividends, comprising the 2024 final
dividend and the 2025 interim dividend.
Post Trade Solutions and SwapClear - £0.75 billion net
In a separate release today, we have announced that 11 leading global banks
have agreed to invest in Post Trade Solutions ("PTS"), acquiring a 20% stake
for an aggregate cash consideration of £170 million, and valuing the whole of
PTS at £850 million. As a result of this transaction, PTS will benefit from
the partnership with a number of major customers, and these banks will benefit
from strategic input into PTS and its future growth.
In addition, LSEG will acquire an increased proportion of the revenue surplus
in the SwapClear business, for a total cash consideration of £1.15 billion,
of which £0.9 billion is payable in 2025 and £0.25 billion in 2026. This
transaction is effective retroactively from the start of 2025. It will also
extend the remaining revenue share arrangements out to 2045, extending the
very successful partnership on which SwapClear has continued to grow.
This transaction improves the EBITDA margin of the Markets division by c.250
bps and the EBITDA margin of the Group by c.100 bps from 2025, and is 2-3%
accretive to Adjusted EPS in the current year.
Share buybacks - £2.0 billion
We completed a £500 million share buyback in H1. In recent weeks we have
accelerated the pace of the £1 billion share buyback announced on 31 July
2025. As at 22 October 2025, we have completed £938 million of this buyback,
repurchasing 10.5 million shares at an average price of £88.95.
This opportunity for significant shareholder value creation has persisted.
Consistent with our capital allocation framework we intend to deploy a further
£1 billion in share buybacks by the time of the Group's 2025 full year
results on 26 February 2026, of which we expect to complete around half during
2025. Taking into account the expected run rate of this new buyback and the
Post Trade transactions, we expect Group leverage to be around 1.9x net debt
to EBITDA at the end of 2025, below the middle of our target range of
1.5-2.5x.
Raising margin guidance; reconfirming all other financial targets
Excluding the impact of the Post Trade transaction announced today, we now
expect constant currency EBITDA margins to increase by c.100 bps in FY2025, at
the top of our guidance range, reflecting strong execution and realisation of
operating leverage. In addition, the changes to the revenue share agreement in
SwapClear have a retroactive effect across 2025, further enhancing Group
EBITDA margins by c.100 bps.
Our other guidance for FY2025 remains as follows:
· Organic constant currency growth in Total Income (excl. recoveries) of
6.5-7.5%, including an acceleration in Data & Analytics organic growth and
more normalised growth at Tradeweb
· Capex intensity of c. 10% of Total Income (excl. recoveries)
· Equity free cash flow of at least £2.4 billion, based on foreign exchange
rates of £1 = $1.28 and €1.18
· Underlying effective tax rate of 24-25%
Guidance on EBITDA margin, capex and free cash flow is inclusive of all
investments in our AI initiatives.
Q3 2025 summary
(Commentary on performance is on an organic constant currency basis, unless
otherwise stated)
Q3 2025 Q3 2024 Variance( Constant currency variance( Organic constant currency
£m
£m ) % ) %
variance
%
Workflows 476 469 1.5% 3.0% 3.0%
Data & Feeds 449 430 4.4% 6.6% 6.6%
Analytics 57 55 3.6% 7.7% 7.7%
Data & Analytics 982 954 2.9% 4.9% 4.9%
Subscription 157 153 2.6% 5.1% 5.1%
Asset-based 84 72 16.7% 18.2% 18.2%
FTSE Russell 241 225 7.1% 9.3% 9.3%
Risk Intelligence 144 131 9.9% 14.0% 13.9%
Equities 102 100 2.0% 2.6% 2.6%
Fixed Income, Derivatives & Other 375 341 10.0% 11.9% 9.9%
FX 67 67 0.0% 3.1% 3.1%
OTC Derivatives 160 148 8.1% 9.2% 9.2%
Securities & Reporting 55 55 0.0% 1.8% 1.8%
Non-Cash Collateral 30 28 7.1% 6.0% 6.0%
Net Treasury Income 61 66 (7.6%) (7.1%) (7.1%)
Markets 850 805 5.6% 7.1% 6.3%
Other 2 2 0.0% (0.3%) (0.3%)
Total Income (excl. recoveries) 2,219 2,117 4.8% 6.7% 6.4%
Recoveries 89 89 0.0% 1.9% 1.9%
Total Income (incl. recoveries) 2,308 2,206 4.6% 6.5% 6.2%
Cost of sales (292) (283) 3.2% 4.5% 4.5%
Gross Profit 2,016 1,923 4.8% 6.9% 6.5%
Total Income (excluding recoveries) was up 6.7% including M&A, and 6.4% on
an organic basis.
· Data & Analytics was up 4.9%. Growth was broadly consistent with H1 with
the benefit of net sales largely offsetting the impact of known headwinds
including the new multi-year UBS contract and the isolated mandate losses
highlighted at H1.
o Workflows was up 3.0% with continued strength in FX, commodities and banking
users. The sustained growth follows the successful sunsetting of Eikon in June
and reflects the continuous enhancement of our Workspace offering, driving new
sales and displacements.
o Data & Feeds was up 6.6% with consistent and broad-based growth.
Continuing innovation and expansion of our offering drove demand for our real
time services, with sales of machine-readable news for AI use cases and the
benefit of AI partnerships further contributing to growth. Demand for pricing
and reference services also remained strong supported by ongoing enhancements
to content and distribution capabilities.
o Analytics was up 7.7%, with strong in-year sales of the Analytics API a key
driver of the acceleration to high single-digit growth. The launch of services
on Databricks added an additional distribution conduit for our analytics
content, further reinforcing momentum across key use cases.
· FTSE Russell was up 9.3%. As highlighted at H1, no significant multi-year
customer mandates were due for renewal in the quarter leading to more modest
growth in subscription revenues in Q3. A more typical mandate renewal cycle is
anticipated for FY2026. Growth in asset-based revenues was strong, up 18.2%,
reflecting product inflows and market strength.
· Risk Intelligence was up 13.9% driven by strong business momentum and customer
demand for our screening and identity verification services. We continue to
enhance and innovate our offering introducing two new services in Q3,
World-Check On Demand and World-Check Verify, delivering precise, continuously
updated real-time intelligence on sanctions, politically exposed persons
(PEPs), adverse media, and enforcement actions to our customers.
· Annual Subscription Value (ASV): Period-end organic ASV growth was +5.6%, a
little ahead of guidance. The sequential decline was primarily driven by the
final crystallisation of Credit Suisse revenues following the new multi-year
UBS contract in the period. Excluding this known impact, underlying ASV growth
accelerated slightly. We expect headline ASV growth to further accelerate into
the end of the year.
· Markets was up 6.3%. Amidst continuing macroeconomic uncertainty, we continue
to support customers with new trading functionality and tools, driving
positive growth across all venues despite a strong prior year comparator.
o Equities was up 2.6% with growth in equity transaction volumes and data
revenues. We continue to expand the funding continuum launching a new Private
Securities Market in Q3 and conducting the first private funds transaction on
our Digital Markets Infrastructure (DMI).
o Fixed Income, Derivatives & Other was up 9.9%. The business achieved new
record high trading volumes in the third quarter, with $173tn of average daily
volume across its platforms, supported by Tradeweb's innovative trading
protocols and an uncertain macroeconomic outlook. In the rates business,
activity was particularly strong in mortgages, European government bonds and
swaps. Tradeweb continued to see good customer engagement and adoption of
their RFQ and AllTrade trading tools in credit, as well as their AiEX
automated trading solutions. Activity in equity and money market instruments
continues to be strong with both asset classes delivering double-digit growth.
o FX was up 3.1%. Activity across our interbank and dealer-to-client platforms
remained strong, delivering positive growth against a demanding prior year
volume comparison.
o OTC Derivatives was up 9.2%. Clearing and compression activity grew strongly
across all asset classes in Q3 despite a strong prior year comparator. This
was aided by new forward clearing capabilities in ForexClear and the
international expansion of CDSClear. Our service for uncleared instruments,
Post Trade Solutions, continues to build momentum, with 73% growth in activity
through our SwapAgent platform in Q3 and 4,800 new counterparty relationships
this year in our Acadia business.
o Securities & Reporting was up 1.8%, with new regulatory reporting tools
and strong volume growth in fixed income clearing more than offsetting the
annualisation of Euronext-related revenues lost last year.
o Non-Cash Collateral was up 6.0%, in part reflecting a customer preference to
hold a greater proportion of their collateral in non-cash instruments rather
than cash.
o Net Treasury Income was down (7.1%) reflecting lower overall collateral
balances, including the reduction in cash balances following last year's loss
of business from Euronext, and the mix effect noted above favouring non-cash
collateral.
· Group cost of sales was up 4.5%, below the growth rate in revenue reflecting
business mix and the partially fixed nature of the costs.
· Gross profit was up 6.5%, very slightly ahead of growth in Total Income (excl.
recoveries) as a result of the lower growth in cost of sales.
Q3 investor and analyst conference call:
LSEG will host a conference call for its Q3 Trading Update for analysts and
investors today at 10:00am (UK time). On the call will be David Schwimmer
(Chief Executive Officer), Michel-Alain Proch (Chief Financial Officer) and
Daniel Maguire (Head of Markets).
To access the webcast or telephone conference call please register in advance
using the following link:
https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/84cecf1e-6de9-46b6-8467-f6cfa478757e/lseg-s-q3-2025-trading-update
(https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/84cecf1e-6de9-46b6-8467-f6cfa478757e/lseg-s-q3-2025-trading-update)
To ask a question live you will need to register for the telephone conference
call here:
https://registrations.events/direct/LON40340394
(https://registrations.events/direct/LON40340394)
Innovation Forum - 10 November 2025
LSEG will be hosting an Innovation Forum, with a number of presentations as
well as in-depth demonstrations of new products across the Group, on 10
November 2025 at our offices in Paternoster Square in London. Please register
your interest at ir@lseg.com (mailto:ir@lseg.com) .
Contacts: London Stock Exchange Group plc
Investors
Peregrine Riviere / Chris Turner ir@lseg.com (mailto:ir@lseg.com)
Madeleine Yoxall / Sharon Muzikarova
Media
Lucie Holloway / Rhiannon Davies +44 (0) 20 7797 1222
newsroom@lseg.com (mailto:newsroom@lseg.com)
Additional information can be found at www.lseg.com (http://www.lseg.com) .
Divisional non-financial KPIs
Subscriptions(1)
Q3 2025 Q3 2024
Annual subscription value growth (%) (2) 5.6% 6.0%
Subscription revenue growth (%) (2,3) 6.1% 6.1%
Revenue from subscription businesses (%) (4) 6.5% 6.0%
( 1 Organic, constant currency variance)
(2 Subscription revenues primarily across Data & Analytics, FTSE Russell
and Risk Intelligence, but also including some data solutions with Markets)
(3 12-month rolling)
(4 Total revenues of Data & Analytics, FTSE Russell and Risk Intelligence,
including revenue items not included in ASV and subscription growth)
FTSE Russell
Q3 2025 Q3 2024 Variance
%
Index - ETF AUM ($bn):
- Period end 1,732 1,433 20.9%
- Average 1,662 1,358 22.4%
Markets
Q3 2025 Q3 2024 Variance
%
Equities
UK Value Traded (£bn) - average daily value 4.3 4.1 4.9%
Fixed income, Derivatives and Other
Tradeweb average daily volume ($m)
Rates - Cash 534,513 496,603 7.6%
Rates - Derivatives 921,043 801,512 14.9%
Credit - Cash 16,161 15,251 6.0%
Credit - Derivatives 25,863 27,338 (5.4%)
FX
Average daily total volume ($bn) 530 495 7.1%
OTC Derivatives
SwapClear - IRS notional cleared ($trn) 502 418 20.1%
SwapClear - Client trades ('000) 1,334 1,091 22.3%
ForexClear - Notional cleared ($bn) 12,573 9,755 28.9%
ForexClear - Members 40.0 39.0 2.6%
Securities & Reporting
EquityClear trades (m) 243 249 (2.3%)
RepoClear - nominal value (€trn) 83.3 79.9 4.3%
Collateral
Average non-cash collateral (€bn) 206.7 204.4 1.1%
Average cash collateral (€bn) 96.3 108.0 (10.8%)
Foreign Exchange
The majority of LSEG revenues are in US dollars followed by sterling, euro and
other currencies.
USD GBP EUR Other
Total income by division(1,2) 58% 16% 17% 9%
Data & Analytics(1) 63% 6% 15% 15%
FTSE Russell 71% 21% 3% 5%
Risk Intelligence 63% 9% 15% 13%
Markets 48% 28% 22% 2%
(1 Total income includes recoveries)
(2 Percentage splits based on Q3 YTD 2025)
(Due to rounding, income percentages may not add to 100%.)
( )
Spot / Average Rates
Average rate Closing rate at Average rate Closing rate at
3 months ended
30 September 2025
3 months ended
30 September 2024
30 September 2025
30 September 2024
GBP : USD 1.349 1.342 1.300 1.341
GBP : EUR 1.154 1.144 1.183 1.199
For definitions of technical terms - refer to the Glossary contained in the
2024 Annual Report, page 252.
Total income and gross profit by quarter
2025
2024
£m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
Workflows 476 477 469 477 1,899 491 477 476 1,444
Data & Feeds 432 436 430 442 1,740 454 453 449 1,356
Analytics 55 55 55 55 220 59 57 57 173
Data & Analytics 963 968 954 974 3,859 1,004 987 982 2,973
Subscription 142 152 153 156 603 155 159 157 471
Asset-based 74 81 72 81 308 83 75 84 242
FTSE Russell 216 233 225 237 911 238 234 241 713
Risk Intelligence 131 132 131 137 531 143 144 144 431
Equities 97 99 100 96 392 102 103 102 307
Fixed Income, Derivatives & Other 318 317 341 358 1,334 394 383 375 1,152
FX 62 64 67 67 260 69 70 67 206
OTC Derivatives 138 141 148 155 582 161 153 160 474
Securities & Reporting 62 65 55 53 235 56 59 55 170
Non-cash collateral 28 28 28 27 111 27 30 30 87
Net treasury income 69 65 66 66 266 65 63 61 189
Markets 774 779 805 822 3,180 874 861 850 2,585
Other 5 3 2 3 13 2 2 2 6
Total income (excl. recoveries) 2,089 2,115 2,117 2,173 8,494 2,261 2,228 2,219 6,708
Recoveries 93 92 89 90 364 93 90 89 272
Total income (incl. recoveries) 2,182 2,207 2,206 2,263 8,858 2,354 2,318 2,308 6,980
Cost of sales (289) (299) (283) (302) (1,173) (308) (294) (292) (894)
Gross profit 1,893 1,908 1,923 1,961 7,685 2,046 2,024 2,016 6,086
Organic, constant-currency revenue growth by quarter
2024 2025
% Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
Workflows 1.8% 3.0% 3.1% 3.3% 2.8% 3.5% 3.1% 3.0% 3.2%
Data & Feeds 7.3% 5.4% 6.5% 6.7% 6.5% 6.2% 6.9% 6.6% 6.6%
Analytics 6.5% 3.8% 5.2% 4.2% 4.9% 7.6% 9.2% 7.7% 8.1%
Data & Analytics 4.4% 4.1% 4.7% 4.9% 4.6% 5.0% 5.1% 4.9% 5.0%
Subscription 6.2% 13.1% 13.1% 8.9% 10.3% 8.4% 9.3% 5.1% 7.5%
Asset-Based 16.4% 14.3% 1.8% 16.0% 11.9% 12.5% (1.4%) 18.2% 9.4%
FTSE Russell 9.5% 13.5% 9.2% 11.2% 10.8% 9.8% 5.5% 9.3% 8.2%
Risk Intelligence 12.5% 10.4% 10.4% 12.0% 11.3% 10.7% 13.7% 13.9% 12.8%
Equities 1.7% 6.9% 5.8% 2.9% 4.3% 5.1% 3.7% 2.6% 3.8%
Fixed Income, Derivatives & Other 21.3% 27.9% 27.3% 17.2% 23.1% 17.3% 18.5% 9.9% 15.1%
FX (2.2%) 3.9% 12.8% 10.1% 6.1% 12.3% 13.9% 3.1% 9.6%
OTC Derivatives 0.1% 6.6% 18.4% 19.0% 10.8% 16.8% 12.1% 9.2% 12.6%
Securities & Reporting (0.5%) 2.5% (11.1%) (15.9%) (6.3%) (9.8%) (9.9%) 1.8% (6.3%)
Non-Cash Collateral 6.5% 5.4% 5.3% 2.5% 4.9% (0.4%) 5.9% 6.0% 3.9%
Net Treasury Income (2.6%) (14.7%) (5.5%) (1.5%) (6.3%) (6.3%) 0.1% (7.1%) (4.5%)
Markets 7.8% 11.2% 14.3% 10.2% 10.9% 10.5% 10.9% 6.3% 9.2%
Other (43.9%) (48.6%) (75.1%) (52.6%) (54.5%) (52.1%) (32.3%) (0.3%) (36.1%)
Total Income (excl. recoveries) 6.4% 7.8% 8.7% 7.7% 7.7% 7.8% 7.8% 6.4% 7.3%
( )
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