TIDMLSEG

RNS Number : 6366D

London Stock Exchange Group PLC

21 October 2022

London Stock Exchange Group plc: Q3 2022 Trading Update

Broad based growth, sustained execution, guidance unchanged

David Schwimmer, CEO said:

"We have delivered another strong quarter, with good growth across all businesses. The consistency of delivery in recent quarters demonstrates the strength of our business model, generating quality recurring revenues from a range of services that are highly valued by our customers.

"Our strategy is working, delivering growth and increasing efficiency. We are investing organically for growth and completed the acquisition of TORA during the quarter to strengthen our offering in Trading & Banking. We are also making good progress on returning surplus capital to shareholders through our share buyback programme.

"With sustained execution, a broad base of businesses and leading market positions, we remain well positioned."

 
 Q3 2022 highlights 
 --    Strong growth continues across all divisions : total income excluding 
        recoveries up 16.2% on a reported basis, to GBP1,905m. Up 5.9% on 
        a constant currency basis, and up 7.0% adjusting for Ukraine and 
        Russia conflict impact(1) 
 --    High-quality recurring revenue : like-for-like ASV growth continues 
        to improve, up 5.8% in Q3 (up 280 basis points since Refinitiv acquisition 
        in Q1 2021); driven by new sales and improved retention 
 --    Continued good progress on integration : revenue and cost synergies 
        in line with targets 
 --    Active capital management : 
       -    TORA acquisition completed, enhancing Trading & Banking Solutions 
             in Data & Analytics; provisional clearance achieved for Quantile 
             acquisition, expected to complete in Q4 
       -    Share buyback: GBP235 million returned in Q3 as part of our active 
             12 month, GBP750 million share buyback programme 
 --    Well-positioned for further growth : strong progress, no change 
        to guidance or targets 
 
   Note: Unless otherwise stated, variances refer to growth rates relative 
   to Q3 2021 on a constant currency basis 
 

This release contains revenues, cost of sales and key performance indicators (KPIs) for the three months ended 30 September 2022 (Q3), certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. Throughout this document, r evenues and cost of sales associated with the BETA divestment, completed on 1 July 2022, and the Borsa Italiana divestment, completed in H1 2021, have been classed as discontinued and are excluded from all periods. To reflect underlying performance, all constant currency variances compare the current and prior period at consistent exchange rates. For more information on accounting treatments and approach to FX please refer to the "Accounting and modelling notes" section below.

(1) Growth rates excluding the Ukraine / Russia conflict impact exclude income in the region and from sanctioned customers and related business from both periods

Q3 2022 summary

The deferred revenue accounting adjustment(1) was immaterial to growth rates in Q3.

 
 
 Continuing operations                    Q3 2022   Q3 2021   Variance    Constant 
                                             GBPm      GBPm          %    Currency 
                                                                          Variance 
                                                                                 % 
                                         --------  -------- 
 
 Trading & Banking Solutions                  417       373      11.8%        1.0% 
 Enterprise Data Solutions                    332       284      16.9%        6.2% 
                                                   -------- 
 Investment Solutions                         344       294      17.0%        4.7% 
                                                   -------- 
 Wealth Solutions                              71        61      16.4%        5.0% 
                                                   -------- 
 Customer & Third-Party Risk Solutions        110        92      19.6%        8.5% 
---------------------------------------  --------  --------  ---------  ---------- 
 Data & Analytics                           1,274     1,104      15.4%        4.1% 
                                                   -------- 
 
 Equities                                      60        60       0.0%        1.2% 
                                                   -------- 
 FX                                            68        56      21.4%        4.3% 
                                                   -------- 
 Fixed Income, Derivatives & Other            241       193      24.9%       12.1% 
---------------------------------------  --------  --------  ---------  ---------- 
 Capital Markets                              369       309      19.4%        8.6% 
                                                   -------- 
 
 OTC Derivatives                              103        86      19.8%       14.5% 
                                                   -------- 
 Securities & Reporting                        55        60     (8.3%)      (7.4%) 
                                                   -------- 
 Non-Cash Collateral                           25        24       4.2%        0.8% 
                                                   -------- 
 Net Treasury Income                           66        47      40.4%       30.7% 
---------------------------------------  --------  --------  ---------  ---------- 
 Post Trade                                   249       217      14.7%       10.4% 
                                                   -------- 
 
 Other                                         13         9      44.4%       23.4% 
---------------------------------------  --------  --------  ---------  ---------- 
 Total Income (excl. recoveries)            1,905     1,639      16.2%        5.9% 
                                                   -------- 
 Recoveries                                    80        90    (11.1%)        4.5% 
---------------------------------------  --------  --------  ---------  ---------- 
 Total Income (incl. recoveries)            1,985     1,729      14.8%        5.9% 
                                                   -------- 
 Cost of sales                              (289)     (227)      27.3%       12.4% 
---------------------------------------  --------  --------  ---------  ---------- 
 Gross Profit                               1,696     1,502      12.9%        4.9% 
---------------------------------------  --------  --------  ---------  ---------- 
 

(1) The deferred revenue adjustment is further explained in the "Accounting and modelling notes" section

Q3 2022 business highlights

Constant currency basis

 
       Data & Analytics : revenues up 4.1%; up 5.4% excluding impact 
  --    of Ukraine / Russia conflict, with good growth across all businesses. 
        In particular: 
       --   Trading & Banking Solutions: up 1.0%; up 3 .5% excluding 
             impact of Ukraine / Russia conflict with an improved product 
             offering reflected in stronger sales and continued good retention. 
             First time contribution from acquisition of TORA. 
       --   Enterprise Data Solutions: up 6.2%; up 7.1% excluding impact 
             of Ukraine / Russia conflict as investment in data content 
             improved retention and sales growth; contribution of MayStreet's 
             low-latency capabilities. 
       --   Investment Solutions: up 4.7%; continued strong growth across 
             Benchmark, Indices and Analytics, up c.8% adjusting for prior 
             year effects; resilient Asset-based revenues with encouraging 
             product inflows. 
 
 
       Capital Markets : revenues up 8.6% with strong demand for our 
  --    services and benefit of volatility at the end of the quarter 
        . In particular: 
       --    Fixed Income, Derivatives & Other: s trong performance at 
              Tradeweb, with double-digit revenue growth across Rates, 
              Credit, Equity and Money Market asset classes. 
 
 
       Post Trade : total income up 10.4% reflecting strong demand 
  --    for clearing services; good performance in OTC markets as we 
        helped customers manage their risk in an uncertain market environment. 
        Higher Net Treasury Income (NTI) reflects increased cash collateral 
        (up 45% yoy to EUR151 billion). 
       Cost of sales : up 12.4% reflecting strong SwapClear performance 
  --    where revenue share arrangements are in place, additional cost 
        of sales from acquisitions, and continued growth in Data & Analytics. 
 
 
 
   Annual Subscription Value (ASV) growth 
 
 
 
 
 Organic, constant currency ASV growth, excluding recoveries. 
 
 

Share buyback programme

In August 2022, we announced a GBP750 million on-market share buyback programme through three tranches over a 12 month period. We made good progress in Q3, repurchasing 3.0 million shares for GBP235 million. The first tranche of GBP250 million (3.1 million shares) completed on 5 October 2022. The next tranche will commence on 1 December 2022.

Board appointment

William Vereker joined the Board as a Non-Executive Director with effect from 3 October 2022 and will also serve on the Risk, Remuneration and Nomination Committees. William brings a strong track record in the global financial services sector. His international experience in developing senior relationships, managing risk and organisational change will benefit the Group as we look to further capitalise on the trends shaping our industry.

Statutory(1) Q3 YTD results

 
 Continuing operations              Q3 9m   Q3 9m 
                                     2022    2021 
                                     GBPm    GBPm 
                                   ------ 
 
 Trading & Banking Solutions        1,186     994 
 Enterprise Data Solutions            953     761 
 Investment Solutions                 980     819 
 Wealth Solutions                     202     163 
 Customer & Third-Party Risk 
  Solutions                           306     239 
---------------------------------  ------  ------ 
 Data & Analytics                   3,627   2,976 
 
 Equities                             190     180 
 FX                                   191     147 
 Fixed Income, Derivatives 
  & Other                             708     521 
---------------------------------  ------  ------ 
 Capital Markets                    1,089     848 
 
 OTC Derivatives                      294     255 
 Securities & Reporting               177     183 
 Non-Cash Collateral                   74      70 
 Net Treasury Income                  187     155 
---------------------------------  ------  ------ 
 Post Trade                           732     663 
 
 Other                                 25      22 
---------------------------------  ------  ------ 
 Total Income (excl. recoveries)    5,474   4,510 
 Recoveries                           246     238 
---------------------------------  ------  ------ 
 Total Income (incl. recoveries)    5,720   4,747 
 
 Cost of sales                      (793)   (619) 
---------------------------------  ------  ------ 
 Gross Profit                       4,927   4,128 
---------------------------------  ------  ------ 
 

(1) Statutory figures for 9 months to 30 Sep 2021 incorporate figures from Refinitiv for February to September 2021.

Pro-forma Q3 YTD results

 
 
 Continuing operations          Q3 9m   Q3 9m   Variance    Constant       Constant 
                                 2022    2021          %    Currency       Currency 
                                 GBPm    GBPm               Variance       Variance 
                                                                   %         (excl. 
                                                                           deferred 
                                                                            revenue 
                                                                        adjustment) 
                                                                              (1) % 
                               ------  ------ 
 
 Trading & Banking Solutions    1,186   1,118       6.1%        0.3%         (0.4%) 
 Enterprise Data Solutions        953     845      12.8%        7.0%           6.2% 
                                       ------ 
 Investment Solutions             980     854      14.8%        7.3%           6.8% 
                                       ------ 
 Wealth Solutions                 202     184       9.8%        3.7%           3.2% 
                                       ------ 
 Customer & Third-Party 
  Risk Solutions                  306     267      14.6%        8.5%           7.6% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 Data & Analytics               3,627   3,268      11.0%        4.7%           4.0% 
                                       ------ 
 
 Equities                         190     180       5.6%        5.6%           5.6% 
                                       ------ 
 FX                               191     166      15.1%        5.7%           5.5% 
                                       ------ 
 Fixed Income, Derivatives 
  & Other                         708     580      22.1%       15.0%          15.0% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 Capital Markets                1,089     926      17.6%       11.5%          11.5% 
                                       ------ 
 
 OTC Derivatives                  294     255      15.3%       12.9%          12.9% 
                                       ------ 
 Securities & Reporting           177     183     (3.3%)      (1.2%)         (1.2%) 
                                       ------ 
 Non-Cash Collateral               74      70       5.7%        4.3%           4.3% 
                                       ------ 
 Net Treasury Income              187     155      20.6%       17.2%          17.2% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 Post Trade                       732     663      10.4%        9.1%           9.1% 
                                       ------ 
 
 Other                             25      24       4.2%        0.3%           0.3% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 Total Income (excl. 
  recoveries)                   5,474   4,881      12.1%        6.6%           6.1% 
                                       ------ 
 Recoveries                       246     268     (8.2%)        3.5%           2.7% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 Total Income (incl. 
  recoveries)                   5,720   5,149      11.1%        6.4%           5.9% 
                                       ------ 
 Cost of sales                  (793)   (679)      16.8%        8.6%           8.6% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 Gross Profit                   4,927   4,470      10.2%        6.1%           5.6% 
-----------------------------  ------  ------  ---------  ----------  ------------- 
 

(1) Excludes the deferred revenue adjustment further explained in the "Accounting and modelling notes" section

Contacts: London Stock Exchange Group plc

 
 
   Investors 
 Peregrine Riviere / Chris Turner - Investor    ir@lseg.com 
  Relations 
 
 Media 
 Lucie Holloway / Rhiannon Davies - Financial   +44 (0) 20 7797 1222 
  Communications                                newsroom@lseg.com 
 

Additional information can be found at www.lseg.com

Q3 investor and analyst conference call:

LSEG will host a conference call for its Q3 Trading Update for analysts and investors today at 09:00am (UK time). On the call will be David Schwimmer (Chief Executive Officer), Anna Manz (Chief Financial Officer) and Peregrine Riviere (Group Head of Investor Relations).

To access the webcast or telephone conference call please register in advance using the following link:

https://www.lsegissuerservices.com/spark/LondonStockExchangeGroup/events/b49ef70b-c219-4ae7-a007-b470b8a5ed8a

 
 --   Questions can be submitted in advance and during the event 
       itself, either by clicking the 'Ask a question' button on 
       the page or by emailing the LSEG Investor Relations team at 
       ir@lseg.com . 
 --   To ask a question live you will need to register for the telephone 
       conference call here: https://cossprereg.btci.com/prereg/key.process?key=PTAJ4VAPV 
 

Accounting and modelling notes

Financial details on completed acquisitions

The acquisition of TORA completed on 9 August 2022, enhancing our multi-asset class order and execution management capability within Trading & Banking Solutions. TORA will provide approximately 5 months of contribution to our P&L in 2022.

The financial performance of TORA in 2021 is shown below, consistent with LSEG's accounting treatment. TORA's costs are in addition to our existing organic constant currency cost guidance.

 
 GBPm                  2021 
 Total Income           29 
                      ----- 
 Cost of Sales         (2) 
                      ----- 
 Gross Profit           27 
                      ----- 
 Operating Expenses    (24) 
                      ----- 
 EBITDA                 4 
                      ----- 
 Depreciation           0 
                      ----- 
 Operating profit       3 
                      ----- 
 

Divestment of BETA

On 1st July, LSEG completed the divestment of BETA, previously contained within the Wealth Solutions business. Consistent with the treatment at Q1 and H1 2022, the financial contribution of BETA is excluded from our 2021 and 2022 continuing operations.

Organic growth

Organic growth is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the prior year.

Deferred revenue accounting adjustment

Consistent with purchase price accounting rules, Refinitiv's deferred revenue balances were subject to a one-time haircut at the time of acquisition. This adjustment impacted 2021 revenues, with no material impact in 2022. In order to provide insight into the underlying business performance, variance figures are presented that exclude the deferred revenue adjustment where appropriate.

FX conversion

The majority of LSEG revenues and expenses are in USD, followed by GBP, EUR and other currencies. The rates for the largest two currency pairs are shown in the table below.

 
              Average rate   Closing rate   Average rate   Closing rate 
                9 months          at          9 months          at 
                  ended        30-Sep-22        ended        30-Sep-21 
                30-Sep-22                     30-Sep-21 
 GBP : USD        1.26           1.10           1.39           1.34 
             -------------  -------------  -------------  ------------- 
 GBP : EUR        1.18           1.13           1.16           1.16 
             -------------  -------------  -------------  ------------- 
 

For definitions of technical terms - refer to the Glossary contained in the 2021 Annual Report, page 207.

Divisional revenues, gross profit and non-financial KPIs

   1.   Data & Analytics 

The deferred revenue accounting adjustment(1) was immaterial to growth rates in Q3.

 
                                            Q3 2022   Q3 2021   Variance    Constant 
                                               GBPm      GBPm          %    Currency 
                                                                            Variance 
                                                                                   % 
                                           --------  -------- 
 
 Trading & Banking Solutions                    417       373      11.8%        1.0% 
    Trading                                     330       296      11.5%        0.9% 
                                                     -------- 
    Banking                                      87        77      13.0%        1.4% 
                                                     -------- 
 Enterprise Data Solutions                      332       284      16.9%        6.2% 
                                                     -------- 
    Real-Time Data                              212       182      16.5%        5.8% 
                                                     -------- 
    PRS                                         120       102      17.6%        7.0% 
                                                     -------- 
 Investment Solutions                           344       294      17.0%        4.7% 
                                                     -------- 
    Benchmark Rates, Indices & Analytics        157       136      15.4%        4.9% 
                                                     -------- 
    Index - Asset-Based                          73        62      17.7%        1.9% 
                                                     -------- 
    Data & Workflow                             113        96      17.7%        6.1% 
                                                     -------- 
 Wealth Solutions                                71        61      16.4%        5.0% 
                                                     -------- 
 Customer & Third-Party Risk Solutions          110        92      19.6%        8.5% 
-----------------------------------------  --------  --------  ---------  ---------- 
 Total Revenue (excl. recoveries)             1,274     1,104      15.4%        4.1% 
                                                     -------- 
 Recoveries                                      80        90    (11.1%)        4.5% 
-----------------------------------------  --------  --------  --------- 
 Total Revenue (incl. recoveries)             1,354     1,194      13.4%        4.2% 
                                                     -------- 
 Cost of sales                                (240)     (191)      25.7%        9.3% 
                                                               --------- 
 Gross Profit                                 1,114     1,003      11.1%        3.2% 
                                                     --------  --------- 
 

Non-financial KPIs

 
                                      Q3 2022   Q3 2021   Variance 
                                                                 % 
                                     --------  -------- 
 
 Annual Subscription Value growth 
  (%) (1)                                4.4%      4.0%          - 
 Annual Subscription Value growth 
  excl. U/R impact (%) (1, 2)            5.8%      4.0%          - 
 Subscription revenue growth (%)         4.5%         -          - 
  (1, 3) 
 Subscription revenue growth excl.       5.3%         -          - 
  U/R impact (%) (1, 2, 3) 
 Index - ETF AUM ($bn)                    896     1,036      (14%) 
 Index - ESG Passive AUM ($bn) (4)        261       132        98% 
-----------------------------------  --------  --------  --------- 
 

(1) The deferred revenue adjustment is further explained in the "Accounting and modelling notes" section

(2.) Organic, constant currency variance

(3.) Growth rates excluding the Ukraine / Russia conflict impact exclude income in the region and from sanctioned customers and related business from both periods

(4.) 12-month rolling constant currency variance excluding the impact of the deferred revenue accounting adjustment. Due to a change in methodology, prior year comparator is unavailable

(5.) ESG Passive AUM is at 31 December 2021 and prior period comparator is at 31 December 2020. The metric is updated bi-annually

   2.   Capital Markets 

The deferred revenue accounting adjustment(1) was immaterial to growth rates in Q3.

 
                                      Q3 2022   Q3 2021   Variance    Constant 
                                         GBPm      GBPm          %    Currency 
                                                                      Variance 
                                                                             % 
                                     --------  -------- 
 
 Equities                                  60        60       0.0%        1.2% 
 FX                                        68        56      21.4%        4.3% 
                                               -------- 
 Fixed Income, Derivatives & Other        241       193      24.9%       12.1% 
-----------------------------------  --------  --------  --------- 
 Total Revenue                            369       309      19.4%        8.6% 
                                               -------- 
 Cost of sales                            (9)       (7)      28.6%       12.4% 
-----------------------------------  --------  --------  --------- 
 Gross Profit                             361       302      19.5%        8.5% 
-----------------------------------  --------  --------  --------- 
 

(1) The deferred revenue adjustment is further explained in the "Accounting and modelling notes" section

Non-financial KPIs

 
                                 Q3 2022   Q3 2021   Variance 
                                                            % 
                                --------  -------- 
 Equities 
 Primary Markets 
 New issues                           18        45      (60%) 
 Total money raised (GBPbn)          2.5       6.9      (64%) 
 
 Secondary Markets - Equities 
 UK Value Traded (GBPbn) 
  - Average Daily Value              4.1       4.1         0% 
 SETS Yield (bps)                   0.67      0.75      (11%) 
 
 FX 
 Average daily total volume 
  ($bn)                              442       426         4% 
 
 Fixed income, Derivatives 
  and Other 
 Tradeweb Average Daily 
  ($m) 
 Rates - Cash                    324,153   337,167       (4%) 
 Rates - Derivatives             328,636   246,981        33% 
 
 Credit - Cash                     9,275     8,440        10% 
 Credit - Derivatives             20,020    13,796        45% 
------------------------------  --------  --------  --------- 
 
   3.   Post Trade 
 
                           Q3 2022   Q3 2021   Variance    Constant 
                              GBPm      GBPm          %    Currency 
                                                           Variance 
                                                                  % 
                          --------  -------- 
 
 OTC Derivatives               103        86      19.8%       14.5% 
 Securities & Reporting         55        60     (8.3%)      (7.4%) 
                                    -------- 
 Non-Cash Collateral            25        24       4.2%        0.8% 
------------------------  --------  --------  --------- 
 Total Revenue                 183       170       7.6%        4.7% 
                                    -------- 
 Net Treasury Income            66        47      40.4%       30.7% 
------------------------  --------  --------  --------- 
 Total Income                  249       217      14.7%       10.4% 
                                    -------- 
 Cost of sales                (40)      (29)      37.9%       33.3% 
------------------------  --------  --------  --------- 
 Gross Profit                  209       188      11.2%        6.7% 
------------------------  --------  --------  --------- 
 

Non-financial KPIs

 
                                                       Q3 2022       Q3   Variance 
                                                                   2021          % 
                                                     ---------  ------- 
 OTC 
 SwapClear 
 IRS notional cleared ($trn)                               249      202        23% 
 SwapClear members                                         123      122         1% 
 Client trades ('000)                                      696      516        35% 
 Client average 10-year notional equivalent ($trn)         3.5      3.8       (8%) 
 
 ForexClear 
 Notional cleared ($bn)                                  6,243    5,528        13% 
 ForexClear members                                         36       35         3% 
 
 CDSClear 
 Notional cleared (EURbn)                                  881      467        89% 
 CDSClear members                                           25       25         0% 
 
 Securities & Reporting 
 EquityClear trades (m)                                    486      493       (1%) 
 Listed derivatives contracts (m)                         57.0     66.3      (14%) 
 RepoClear - nominal value (EURtrn)                       75.8     62.0        22% 
 
 Non-Cash Collateral 
 Average non-cash collateral (EURbn)                     165.5    167.2       (1%) 
 
 Net Treasury Income 
 Average cash collateral (EURbn)                         151.0    103.9        45% 
---------------------------------------------------  ---------  -------  --------- 
 

Appendix - Total income constant currency growth rates: Q3 2022

 
  Continuing operations          Constant     Constant 
                                 Currency     Currency 
                                 Variance     Variance 
                                             (organic) 
                                        %            % 
                               ----------  ----------- 
 Trading & Banking Solutions         1.0%       (0.3%) 
 Enterprise Data Solutions           6.2%         5.3% 
 Investment Solutions                4.7%         4.7% 
 Wealth Solutions                    5.0%         5.0% 
 Customer & Third-Party 
  Risk Solutions                     8.5%         8.8% 
-----------------------------  ----------  ----------- 
 Data & Analytics                    4.1%         3.5% 
 Capital Markets                     8.6%         8.6% 
 Post Trade                         10.4%        10.4% 
 Total Income (excl. 
  recoveries)                        5.9%         5.5% 
 
 

Appendix - Total income and gross profit by quarter

 
                                                            2021                            2022 
 GBPm                                       Q1(1)    Q2      Q3      Q4     2021     Q1      Q2      Q3 
                                           ------  ------  ------  ------  ------  ------  ------  ------ 
 
 Trading & Banking Solutions                  372     373     373     375   1,493     378     391     417 
    Trading                                   297     297     296     296   1,186     298     308     330 
    Banking                                    75      76      77      79     307      80      83      87 
 Enterprise Data Solutions                    279     282     284     296   1,141     304     317     332 
    Real-Time Data                            178     182     182     188     730     195     202     212 
    PRS                                       101     100     102     108     411     109     115     120 
 Investment Solutions                         274     286     294     302   1,156     308     328     344 
    Benchmark Rates, Indices & Analytics      122     126     136     134     518     137     148     157 
    Index - Asset-Based                        58      64      62      69     253      70      71      73 
   Data & Workflow                             94      96      96      99     385     101     109     113 
 Wealth Solutions                              61      62      61      65     249      63      68      71 
 Customer & Third-Party Risk Solutions         85      90      92      92     359      94     102     110 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 Data & Analytics                           1,071   1,093   1,104   1,130   4,398   1,147   1,207   1,274 
 
 Equities                                      61      59      60      61     241      67      62      60 
 FX                                            57      53      56      57     223      60      63      68 
 Fixed Income, Derivatives & Other            200     187     193     205     785     232     235     241 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 Capital Markets                              318     299     309     323   1,249     359     361     369 
 
 OTC Derivatives                               87      82      86     103     358      93      98     103 
 Securities & Reporting                        63      60      60      63     246      64      58      55 
 Non-Cash Collateral                           22      24      24      25      95      24      25      25 
 Net Treasury Income                           55      53      47      52     207      57      64      66 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 Post Trade                                   227     219     217     243     906     238     245     249 
 
 Other                                          5      10       9      10      34       7       5      13 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 Total Income (excl. recoveries)            1,621   1,621   1,639   1,706   6,587   1,751   1,818   1,905 
 Recoveries                                    88      90      90      86     354      80      86      80 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 Total Income (incl. recoveries)            1,709   1,711   1,729   1,792   6,941   1,831   1,904   1,985 
 Cost of sales                              (230)   (222)   (227)   (241)   (920)   (240)   (264)   (289) 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 Gross Profit                               1,479   1,489   1,502   1,551   6,021   1,591   1,640   1,696 
-----------------------------------------  ------  ------  ------  ------  ------  ------  ------  ------ 
 

(1) Q1 2021 is pro-forma and assumes that the acquisition of Refinitiv took place on 1 January 2021

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