New LSE chief vows to keep market share

THE London Stock Exchange&rsquo;s (LSE) new chief executive, Xavier Rolet, yesterday vowed to fight newcomers hoping to take market share from the 200-year old institution.<br /><br />Taking the reigns from Dame Clara Furse &ndash; who stepped down after eight years &ndash; Rolet said he would not rule out consolidation with other companies nor the launch of new technological platforms, saying there &ldquo;was everything to play for&rdquo;.<br /><br />&ldquo;As far as consolidation is concerned, all I can say is that I am open minded,&rdquo; Rolet told CityA.M.. &ldquo;If we saw an interesting opportunity, we would certainly look at it.&rdquo;<br /><br />Rolet&rsquo;s stance contrasts with that of Furse, who notoriously defended the group against a string of hostile bids, most notably from US exchange NASDAQ.<br /><br />Referring to the threat from new platforms such as Chi-X and Turquoise, Rolet said the LSE would compete.&ldquo;I don&rsquo;t intend to see our competition grabbing a bigger share of the market,&rdquo; he said.<br /><br />Rolet hinted at new technological offerings in the pipeline, and said he plans to focus on growing the group&rsquo;s international distribution.<br /><br />In its annual results for the year to the end of March, the exchange revealed yesterday &nbsp;that it had suffered a pre-tax loss of &pound;251m following a writ-down of &pound;484m against its acquisition of Borsa Italiana.