LONDON, March 6, 2026, 08:57 GMT
London Stock Exchange Group just signed on to overhaul ASX 24 for Australian Securities Exchange, putting LSEG’s Markets Technology division squarely in the spotlight as it picks up a major customer. The deal, announced Wednesday, will see LSEG install a faster trading setup aimed at cutting latency on ASX 24, the platform that handles futures and options tied to equities, rates, and commodities. Intense investor scrutiny lingers.
Timing stands out. Barely a week after LSEG unveiled its record £3 billion buyback and new 2026 goals, filings detail the firm scooping up about 1.21 million shares on March 3 and 4. All this while Elliott Management kept up the call for more “value enhancing” moves. LSEG
ASX 24 contracts have started to matter more. For LSEG, that’s a sign of expansion beyond just cash returns—an issue that sits front and center for shareholders. Frederick Kerr-Smiley at Ninety One backed the buyback move, but Blue Whale’s Stephen Yiu didn’t mince words in comments to Reuters: “We want growth,” he said, warning, “the clock is ticking” if LSEG misses the mark. Reuters
LSEG’s Markets arm turned in 8.9% growth for 2025, and now management is guiding for a further 6.5% to 7.5% income jump from the core business into 2026. The company highlighted its exchange-technology footprint, already running venues in Brazil, Qatar, Argentina, and Singapore. ASX, the latest addition, just went live.
Bruce Kellaway, who leads LSEG Markets Technology, described ASX 24 as “a vital part” of global derivatives markets. Farid Sammur, ASX’s head of Markets Technology, called the upgrade a “critical investment” aimed at keeping trading “fast, fair, and reliable” for clients handling risk and price discovery. LSEG
ASX is still working to shore up trust in its platforms after repeated outages and tech hiccups. This week, Reuters pointed out that the exchange is under pressure—legacy infrastructure remains a headache, and there’s a legal battle underway with Australia’s corporate regulator tied to delays in overhauling the CHESS system. That upgrade, central to equity clearing and settlement, continues to draw scrutiny.
LSEG’s exposure is similar. “Confidence won’t be restored by announcements alone,” said Marc Jocum, senior product and investment strategist at Global X ETFs, in comments to Reuters. Eyes will stay on design, testing, and migration checkpoints through 2026 and 2027—well ahead of the planned launch in the first half of 2028. Reuters
LSEG is getting resistance elsewhere, too—this time over fears that AI could eat into its data revenues. CEO David Schwimmer last week dismissed the threat, calling it “verging on impossible” for AI to replicate LSEG’s proprietary datasets. To make its case, the company pointed to active tie-ups with Microsoft, OpenAI and Anthropic, arguing those deals show it’s still positioned for growth. Reuters
Competition is fierce in the market infrastructure tech space, and LSEG isn’t alone. Nasdaq says its marketplace technology drives more than 130 exchanges, clearing houses, and other market operators. Deutsche Börse licenses out its T7 trading platform, which is used by exchanges not just across Europe but in other regions as well. So ASX 24 is wading into a field that’s crowded but highly specialized.
LSEG and ASX are carving out 2026 for the heavy lifting: design, testing, migration, and prepping market participants for the shift. For investors, there’s a fresh set of milestones to track—layered on top of buyback progress and LSEG’s revised growth targets.
