The London Stock Exchange (LSE) shook off the effects of Brexit trading movement this morning, backing the City as one of the world’s leading financial capitals.
Chief executive David Schwimmer reaffirmed LSE’s confidence in being headquartered in London, despite the Brexit-driven movement of trading in EU securities to Amsterdam.
“The movement of trading due to Brexit is something we anticipated for years. It had no impact on our business,” he said.
“This was well telegraphed and not surprising, and was a result of the share trading obligation under EU regulation.”
LSE to strike balance between home and office working
London Stock Exchange also vowed to strike a balance between home and office working as the UK tiptoes out of the pandemic.
Speaking in a media conference, Schwimmer said he believes a lot can be done through flexible working but maintained that LSE will keep its strong presence in the City.
“At the appropriate time, we hope to return our employees to the office,” Schwimmer said.
“Having said that, we will have more flexibility going forward.”
The comments come as LSE announced that profit had risen five percent in 2020 despite the “unprecedented challenges” of Covid-19.
LSE said that adjusted operating profit climbed from £1.06bn to £1.1bn last year, while total revenue grew three per cent to £2.1bn.
On the back of the results, the firm has proposed a 51.7p per share dividend, pushing the full year pay-out up seven per cent to 75p per share.