Business Services Industry
Surprising Probe into London Stock Exchange Charges Is Revealed.
Knight Ridder/Tribune Business News, November, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 7--The London Stock Exchange sprang a shock by revealing that the Office of Fair Trading is probing the 30 percent increase in annual fees for listed companies pushed through in the face of a full-scale bear market last year. The rise boosted the Exchange's revenue by around UKpound 10 million.
LSE shares fell 31 1/4 pence to 337 1/4 pence as analysts pointed out that the OFT move steps up the regulatory risk faced by the Exchange and questions its pricing power.
"It could ultimately lead to a review of pricing by the Competition Commission," warned Merrill Lynch analyst Manus Costello, declaring that the highly-rated shares "are not offering great value."
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