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

Borsa Italiana (BIt)

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


Includes asset managers, hedge funds and institutional and retail investors


Compound annual growth rate


Central Counterparty – stands between two 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


LCH’s over-the-counter credit default swap (CDS) clearing service

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


An interest rate derivatives venture between LSEG and a number of major dealer banks together with the 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) - 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 two 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

European Benchmark Regulation (EU BMR)

European regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. It applied from 1 January 2018


Employee Share Option Plan


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


Exchange traded products including Exchange traded funds (ETFs) and commodities (ETCs)


The Group's international programme and platform to help ambitious companies prepare and structure for further growth and investment, while providing these businesses access to an extensive community of advisers, investors and business leaders

ELITE Club Deal

An online private placement platform designed to streamline the capital raising process for companies


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


LCH's over-the-counter foreign exchange clearing service

FTSE Group or FTSE Russell

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


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

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


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

LCH or LCH Group

LCH Group Limited and its subsidiaries, the Group’s 82.6% owned global clearing and risk management business. LCH Limited is based in London and LCH SA is based in Paris

LCH Spider

Portfolio margining tool for cleared OTC products and listed interest rate futures


London Stock Exchange plc


London Stock Exchange Group plc

LSEG Business Services Limited

Our shared services company providing a range of technology and corporate funcations Group-wide

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

Mergent Inc.

LSEG completed the acquisition of Mergent Inc., a provider of business and financial data on public and private companies, in January 2017 and has been integrated within FTSE Russell

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.


The revised MiFID and the accompanying Markets in Financial Instruments Regulation – better known as MiFID II and MiFIR – came into effect across all EU member states from January 2018. MiFID II is intended to build on the achievements of MiFID I, with the aim of making financial markets more open, efficient, resilient and transparent

Millennium Exchange

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

LSEG Technology

LSEG Technology delivers robust, scalable, high-performance technology including broker, exchange, market data, risk management, surveillance, clearing and settlement products to customers around the world

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


Società per il Mercato dei Titoli di Stato S.p.A., the Group’s 60.36% 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

Organic and constant currency basis

Growth rates which exclude acquisitions and disposals and by rebasing 2017 at 2018 exchange rates and selling in financial instruments in accordance with rules, authorised under provisions of MiFID


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

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 (also known as Factor indexes)

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


LCH’s over-the-counter interest rate swap clearing service


LCH’s service designed to simplify the processing, margining and settlement of non-cleared derivatives

TARGET2-Securities (T2S)

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

The Yield Book

The Yield Book provides fixed income analytics that enables market makers and institutional investors to perform portfolio analysis and risk management. LSEG acquired The Yield Book in August 2017 and incorporated it within FTSE Russell


Turquoise Global Holdings Limited, the Group’s 51.36% 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