Exactly how the LSE do make their money.
They’ve cornered the data licensing market.
Regulation keeps increasing the data burden and the LSE swoops on a provider in that space.
£$32 Billion (or something) for Refinitiv for example
MiFID II costs and charges disclosure forced every asset manager to get intraday tick data fir every stock they traded. On an old project I worked on at an asset manager we had to pay over £30k per month to get intraday bid/offer historic ticks from the LSE. That’s one asset manager, 1 month. Extrapolate that!
The data vendor model is broken
My attempt to make at least a tiny change was to make FinKi
Publication fees for live prices is another example. LSE charges mostly on a ‘per user’ basis. Live quotes are something like £10 per month per user per stock. That’s not entirely accurate - but it’s in that ballpark. They charge multiple times to feed the data to the same organisation … but because the ‘viewer’ is different… that’s another fee…