Trading Statement

London Stock Exchange Plc
25 March 2004

25 March 2004


                          PRE-CLOSE PERIOD UPDATE
                         London Stock Exchange plc

Unless otherwise stated, the following commentary refers to the 11 months ended
29 February 2004 and, where appropriate, to the corresponding period last year.

London Stock Exchange plc ("the Exchange") today issued a routine update ahead
of the close period relating to the year ending 31 March 2004.

Issuer Services

The total number of companies on the Exchange's markets was 2,673 (2003: 2,804)
at 29 February 2004.  At 197, the number of new issues on the Exchange's markets
during the period was broadly in line with the corresponding period last year
(194).

AIM, the Exchange's international market for smaller, growing companies,
continued to attract an increased number of companies.  At 29 February 2004, 761
companies were traded on AIM (2003: 703).

Broker Services

The total number of equity bargains was 53 million, up six per cent on the same
period last year (2003: 50 million).  The value of equity bargains traded
totalled £3.6 trillion (2003: £4.0 trillion).

The average number of equity bargains per day increased from 213,000 to 230,000
primarily reflecting continued growth in volumes on SETS, the electronic order
book.  Following a significant increase in January and February's trading
volumes, the average number of SETS bargains per day, including SETSmm, the
Exchange's new hybrid trading service, increased 26 per cent to 134,000 (2003:
106,000).  However, the average value of a SETS bargain fell 12 per cent from
£25,000 to £22,000.

The average number of off-book bargains was 57,000 per day (2003: 51,000) whilst
the average number of international bargains was 39,000 per day (2003: 56,000).

Information Services

At 29 February 2004, the total number of terminals receiving Exchange data was
90,000 (31 Dec 2003: 90,000; 28 Feb 2003: 95,000) of which approximately 80,000
terminals were attributable to the professional user base (31 Dec 2003: 81,000;
28 Feb 2003: 88,000).

Proquote continues to grow with over 1,700 installed screens and 160 corporate
customers (Feb 2003: 1,000 screens).

RNS, the Exchange's market leading provider of financial communication tools and
services, has performed well, with 90 companies in the FTSE 100 continuing to
use RNS to release regulatory announcements.

Derivative Services

Following a seasonal pick up in trading volumes in January and February, a total
of 13.1 million contracts were traded during the first eight months of EDX
London's operations.  With the migration of the central counterparty to
LCH.Clearnet now complete, development of over-the-counter equity and index
derivatives services continues.

Commenting on current trading, Clara Furse, Chief Executive, said:

"During the period, growth in SETS volumes offset a decline in professional
terminal numbers, whilst the overall level of new issue activity was unchanged.
Overall, the Exchange's performance has remained resilient."

The London Stock Exchange expects to announce its preliminary results for the
year ending 31 March 2004 on 20 May 2004.

Further information is available from:

London Stock Exchange      John Wallace - Media                    020 7797 1222
                           Paul Froud - Investor Relations         020 7797 3322
                           Ruth Anagnos - Investor Relations       020 7797 3322
Finsbury                   James Murgatroyd                        020 7251 3801
                           Melanie Gerlis                          020 7251 3801



                      This information is provided by RNS
            The company news service from the London Stock Exchange