The Group’s Italian agricultural commodities derivatives segment of IDEM


The Group’s market for smaller and growing companies established in London and now extended to AIM Italia – MAC

Borsa Italiana (BIt)

Borsa Italiana S.p.A., the Group’s Italian exchange business


Compound annual growth rate


Central Counterparty – stands between 2 parties to a trade to eliminate counterparty risk by ensuring that settlement takes place


Cassa di Compensazione e Garanzia S.p.A., the Group’s Italian subsidiary which manages the Italian CCP for equity, derivative, commodity and fixed income trades

Central Securities Depository (CSD)

An entity that enables securities to be processed, settled and held in custody

Central Securities Depositories Regulation (CSDR)

EU regulations framework to harmonise CSD operations

Company or LSEG, London Stock Exchange Group

London Stock Exchange Group plc and its subsidiaries


Commissione Nazionale per le Società e la Borsa, Italy’s official body for regulating and supervising companies and trading infrastructure providers


Consumer Price Index which measures changes in the price of consumer goods and services purchased by households


An interest rate derivatives venture between LSEG and a number of major dealer banks together with the Chicago Board Options Exchange (CBOE)

Dark Pool

Electronic trading networks developed by regulated venues such as Regulated Markets, MTFs and by OTC broker dealers to enable the matching of orders between buyers and sellers without pre-trade transparency until the trade is complete

Depositary Receipts/Global Depositary Receipts (GDR)

Tradable certificates representing ownership of a number of underlying shares, mainly for companies in developing or emerging markets


Tradable financial instruments whose value is determined by the value of underlying instruments; this could be equity, an index, a commodity or any other tradable instrument

  • Exchange traded derivatives (ETD) are listed derivatives traded on an electronic trading venue such as an exchange and cleared through a clearing house
  • Over the counter (OTC) derivatives are negotiated privately between 2 parties and may be cleared through a clearing house


Earnings before interest, tax, depreciation and amortisation

European Market Infrastructure Regulation (EMIR)

European legislation on regulation of clearing of derivatives, and the operation and governance of CCPs and trade repositories


Employee Share Option Plan


Exchange Traded Commodity – securities that provide exposure to a range of commodities and commodity indices


Exchange Traded Fund – low cost and flexible investments that track indices and sectors


Exchange traded products including ETFs and ETCs


A programme in Italy and the UK and now extended to Europe which is aimed at providing support to fast growing SMEs, allowing them to boost their appeal and visibility to potential investors

ELITE Connect

An open access technology platform allowing public companies, Investor Relations professionals, institutional investors and brokers, amongst others, to efficiently engage in Investor Relations activity, manage local and worldwide IR relationships and discover global business opportunities


The Group’s 70% subsidiary which owns and operates a European MTF for the trading of fixed income securities in retail-size and investment products distributed to retail clients


The Group’s subsidiary focused on functional and non-functional testing of securities data distribution, trading systems, risk management, market surveillance and post trade infrastructures


Financial Conduct Authority, the current regulator of conduct of providers of financial services in the UK and of UK trading venues such as Recognised Investment Exchanges (RIEs) and MTFs

FTSE Group or FTSE

FTSE International Limited and its subsidiaries, the Group subsidiary that is a leading global provider of index and analytics solutions

FTSE 100 Index

The index developed by FTSE and London Stock Exchange of leading UK quoted companies


The index developed by FTSE of leading Italian quoted companies

Frank Russell Company

Acquired December 2014, comprises of 2 primary businesses: Russell Indexes and Russell Investment Management


The Group’s subsidiary provides advanced trading and connectivity solutions for global financial markets


The Group’s Central Securities Depository in Luxembourg


The Company and its Goup undertakings

Group undertakings

Group undertakings shall be construed in accordance with s1161 of the Companies Act 2006 and, in relation to the Company, includes London Stock Exchange plc, Borsa Italiana S.p.A. and FTSE International Limited, together with respective direct and indirect subsidiaries

International Central Securities Depository (ICSD)

An entity that enables international securities to be processed, settled and held in custody


The Group’s Italian Derivatives Market, trading contracts based on equities and related indices


The Group’s Italian energy derivatives segment, trading contracts based on commodities and related indices


International Order Book – the Group’s electronic trading service for international securities

International Organisation of Securities Commission (IOSCO)

IOSCO sets out recommendations ‘Principles for Financial Benchmarks’, with the objective to address conflicts of interest in the benchmark-setting process, enhance the reliability of benchmark determinations, and promote transparency and openness 


Initial Public Offering – the process whereby companies join our markets and raise capital for the first time


A measure of time delay experienced in a system, measured in milliseconds (1/1,000th of a second) or microseconds (1/1,000,000th of a second)

LCH or LCH Group

LCH Group Limited and its subsidiaries, the Group’s 57.8% owned global clearing and risk management business


London Stock Exchange Group Plc

Main Market

The market for companies which have been admitted to trading on the London Stock Exchange’s principal market; and in Italy, the market for companies listed on Borsa Italiana’s principal MTA market

MiFID or Markets in Financial Instruments Directive

EU Directive introduced in November 2007 to harmonise cross-border trading of equities, providing greater choice of trading venues. A revised MiFID and MiFIR (a directive and regulation) are now in the rule making stage with the EU Commission and ESMA

Millennium Exchange

MillenniumIT’s multi-asset trading platform, deployed for the UK, Italian and Turquoise equities markets


Millennium Information Technologies Limited, the Group’s subsidiary that is the developer of flexible, low cost, high performance trading platforms and financial markets software serving both the Group’s own businesses and third parties

Monte Titoli

Monte Titoli S.p.A., the Group’s Italian Central Securities Depository and settlement provider


Mercato Obbligazionario Telematico is the Group’s Italian retail bond trading platform


Mercato Telematico Azionario is the Group’s Italian electronic market on which shares, convertible bonds, warrants and option rights are traded


Società per il Mercato dei Titoli di Stato S.p.A., the Group’s 60% subsidiary which owns and operates an electronic trading platform for European and US fixed income securities

Multilateral Trading Facility (MTF)

Alternative electronic trading systems as categorised under MiFID


The Group’s UK Order Book for Retail Bonds


Over-the-counter trades in financial instruments executed outside a Regulated Market or MTF – see also Derivatives

Primary market

The listing of securities for the first time via an IPO or introduction of existing securities

Regulated Market

A multilateral system which brings together multiple third party buying and selling in financial instruments in accordance with rules, authorised under provisions of MiFID


Repurchase Agreement – the process of borrowing money by combining the sale and subsequent repurchase of an asset, traded through MTS and cleared through CC&G or LCH


Regulatory News Service, the Group’s Primary Information Provider, for dissemination of regulatory and non-regulatory news to the market


The Retail Price Index which measures inflation in the UK economy

Secondary Market

The public market on which securities once issued are traded


The Group’s securities identification service


The electronic order book operated by the London Stock Exchange for the trading of the most liquid securities

Smart Beta

An alternative index based methodology that seeks to enhance portfolio returns or reduce portfolio risk, or both. Smart beta indices have rules-based strategies designed to provide focused exposure to specific factors, market segments or investment strategies. These may include volatility indices, defensive and high dividend yield indexes, or a combination of fundamentals

Specialist Fund Market (SFM)

The Group’s regulated market for highly specialised investment entities that wish to target institutional, professional and highly knowledgeable investors


LCH’s OTC interest rate swap clearing service

TARGET2-Securities (T2S)

Initiative led by the European Central Bank to provide a platform for settlement of bonds and equities traded in the Eurozone

Transaction Reporting Service (TRS)

Approved Reporting Mechanism, part of the UnaVista range of services


Turquoise Global Holdings Limited, the Group’s 51% owned pan-European MTF equity trading subsidiary, a venture between the Group and 12 global investment bank clients


The Group’s web-based matching, reconciliation and data integration engine that provides matching of post trade data in a simple, automated process and the Trade Repository approved by ESMA under EMIR


The Group’s post trade router, to manage the trade flows between two competing CCPs and onward to settlement