LSE Results Presentation Deck
2021 adjusted operating expenses
3,023
2020 (1)
-191
-6.4%
Net FX effects
LSEG
27
0.9%
Growth-related expenses
55
1.9%
Acquisition Technology
Annualisation
32
1.1%
(1) Pro-forma adjusted operating expenses
46
1.6%
117
3.9%
-133
-4.5%
Investment for Tradeweb Ongoing Costs Synergies and
Growth
Cost savings
+4.8%
Constant
Currency Growth
2,977
2021(1)
Growth-related operating expenses:
- Technology: Includes dual-running
costs as infrastructure is modernised
in order to deliver scalable platforms
for the future
- Investment for growth: Business
expenses relating to growth, such as
operating expenses associated with
delivery of our revenue synergies
- Tradeweb: Operating expenses
relating to Tradeweb's strong top-line
growth
Synergies and cost savings:
- In-year benefits associated with
£151m run rate achieved in 2021
- Includes small benefit from
annualisation of Refinitiv's pre-
completion efficiency programme
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