David Lester is to be retained as head of information services at the London Stock Exchange when it completes its merger with Borsa Italiana in January, it has been confirmed.
With the relaunch of the enlarged LSE next year, the key business heads have been split equally between Borsa Italiana and the LSE, but Lester has held on.
The LSE confirmed back in June that it had agreed terms for its £1.1bn takeover of the Borsa Italiana exchange to create a combined group built on high-speed electronic trading.
The London exchange only went live in the summer with its new TradElect electronic trading platform – the last act of a four-year IT overhaul at the LSE – and has claimed the enlarged group will have the "most advanced trading platform of any exchange".
The new-look LSE will comprise a single parent company under which Borsa Italiana and the London Stock Exchange will trade as operating companies in their respective markets.
The parent company is slated to have full accountability for the activities performed by both companies, providing “global leadership, directing strategic development and assuming P&L responsibility for the business activities across the whole group.”
The LSE said its plans for the new parent company had been “structured along business lines which integrate the two businesses, improving efficiency, sharing best practice, capturing growth opportunities and retaining and developing the best talents of the group.”
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