There is no doubt that the London Stock Exchange (LSE) is an august and liquid market, and a business that some potential buyers may have undervalued. Sadly, there is also little doubt that the LSE is allowing its advantages to be chipped away by more aggressive and adventurous competitors (see cash & securities services, page 48).
More than a year ago, The Banker suggested that, rather than spend its time dressing up for, or rebuffing, suitors, the LSE should demonstrate that it has a strategic vision; a vision that goes beyond boosting its share price (or making it a more attractive target) and enables it to compete against other exchanges with more diversified offerings and revenue streams.
