BlackRock Reports Total Position of 7.56% in London Stock Exchange Group
Key Facts
BlackRock disclosed a total position of 7.56% in London Stock Exchange Group, comprising 4.95% of voting rights attached to shares and 2.61% through financial instruments, according to a filing submitted by the group on 27 October. This represents an increase from 7.51% in the previous filing, but did not result from an increase in the proportion of voting rights attached to shares. That proportion fell to 4.95% from 5.00%, while the share held through financial instruments rose to 2.61% from 2.51%. The filing presents a combination of voting rights and financial instruments, and therefore does not by itself establish an increase in BlackRock’s direct ownership of the group’s shares. The filing recorded 36,396,750 voting rights in the resulting position.
The filing identified 26 October as the date on which the reported level was reached or exceeded, and LSEG was notified the following day. The form described the event as an acquisition or disposal of voting rights, without identifying any specific threshold as having been crossed in the information provided. The disclosure comes as LSEG announced its third-quarter trading update, outlining the performance of its businesses and its outlook for the year. The company said total income, excluding recoveries, rose 8.8% on an organic, constant-currency basis during the quarter, compared with growth of 8.6% year to date through the end of September. Income growth in the first half was 8.4% on the same basis, putting the third-quarter reading above the first-half pace.
Growth in the third quarter was spread across LSEG’s businesses, led by Markets, up 12.5%, followed by FTSE Russell, which grew 10.2%, Risk Intelligence at 9.8%, and Data & Analytics at 5.2%. Markets had recorded growth of 11.9% in the first half, while FTSE Russell grew 9.1%, Risk Intelligence 9.7%, and Data & Analytics 5.1%. The company also said subscription businesses grew 6.6% in the third quarter and that 95% of its top 200 customers use its artificial intelligence products. Chief Executive David Schwimmer said, "LSEG’s record performance continued in the third quarter, with growth accelerating across subscription businesses and continued strong performance in Markets." The segment figures reflect the breadth of growth sources cited by the company in its update.
LSEG raised its forecast for growth in total income, excluding recoveries, to at least 8% in 2026 on an organic, constant-currency basis. Initial guidance had been between 6.5% and 7.5%, before it was revised in the first-half review to a range of 7.0% to 7.5%. The company also raised its forecast for EBITDA margin improvement to between 100 and 120 basis points for the year, compared with initial guidance of between 80 and 100 basis points and then a forecast of about 100 basis points after the first-half review. It raised its estimate for free cash flow to equity to at least £2.8 billion, from previous guidance of £2.7 billion. These revisions form part of the outlook update the company announced alongside its third-quarter figures.
On capital returns, LSEG said it bought back £500 million of shares in the third quarter, bringing the value of repurchases since the start of the year to £2.6 billion. It expects to buy back a further £800 million of shares during the fourth quarter and the first quarter of 2027, with the programme due to end by February 2027. Schwimmer said capital returns through buybacks and dividends would equal 10% of the company’s market capitalization between January 2026 and February 2027, with capacity to carry out additional buybacks worth between £1.0 billion and £1.5 billion in 2027. On expansion, LSEG announced on 22 October an agreement to acquire Octus for $3.535 billion in cash. It said the deal is expected to close in the first half of 2027, subject to regulatory approvals, and would add about 7% to the group’s organic subscription revenue growth guidance for 2027.
In the market, LSEGY closed at $31.56 on 29 October, while BlackRock closed at $1,176.24. LSEGY closed at $32.16 on 23 October, $31.12 on 26 October, $30.61 on 27 October and $30.65 on 28 October, before rising to its 29 October close. The available data do not include a price for that day’s intraday low. LSEG had listed its third-quarter trading update in its financial calendar for 22 October, while 31 December is the end of its financial year. Its total income excluding recoveries was £9.0 billion in 2025, up 7.1% from 2024 on an organic, constant-currency basis.