…LSE has previously sought to bulk up by merging with Deutsche Boerse, a deal that would’ve vaulted the combined firm into the ranks of the biggest global exchange firms, along with CME Group Inc. and Intercontinental Exchange Inc. But that combination was blocked by regulatory hurdles, and Schwimmer ruled out big exchange mergers after taking the job.

“The LSE is clearly pursuing deals that are more vertical than horizontal, presumably after seeing competition difficulties issues arise when some deals with other exchanges are mooted,” said Niki Beattie, founder of consultancy Market Structure Partners in London.

In recent months, LSE has benefited from a program to link up with Chinese markets and a move by European regulators in February to allow euro clearing on both sides of the English Channel under any Brexit scenario.
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