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LSE will continue to be independent

The London Stock Exchange has announced a doubling of pre-tax profits from £24m to £48.5m last year.

The numbers were released as LSE chief executive Gavin Casey says the exchange will continue to exist as a subsidiary of the merged London and Frankfurt listings, iX.

The news may appease those wary that the much publicised merger saw London "selling out" to Frankfurt. It has been speculated that British companies would end up being quoted in Euros and regulated by German authorities.

Casey says: "To start with at least, both the London Stock Exchange and Deutsche Borse will continue to exist as separate regulated entities. It is a fact of life that the relevance of national stock markets is diminishing. We are dealing with worldwide investors."

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