The LSE can rise above Brexit gloom

of business units is proving disruptive. Anecdotally, it seems folks are finding that, in combining these people businesses, one plus one doesn’t always equal two.

Also, while he understandably wants to bring in cash, some question the fire-sale wisdom of some of his 36 disposals so far. One, a software business called Globant, has seen its share price jump 32% since he sold WPP’s stake. Meanwhile, profit margins are down in all areas, from advertising to marketing data.

Rivals Omnicom and IPG seem to be doing better. Perhaps that’s GOOD on David Schwimmer for being upbeat about the post-Brexit future of the London Stock

Exchange. We need some cheer.

Like Mark Read at WPP, he is rightly distancing his stance from that of a towering-ego predecessor. Xavier Rolet was always gloomy about leaving the EU and declared the LSE needed a deal with Deutsche Börse.

Schwimmer has to prove both Rolet’s theories wrong.

On the former, he’s close to insulating the exchange from the Brexit hit. A Dutch arm for its Turquoise share trading platform to do EU work is nigh, while eurodenominated stocks look set to be traded in London even with Brexit.

On the latter, he’s clearly in no rush to do any mega mergers, preferring to invest in the existing business. But in a world of consolidating exchanges, the LSE does look worryingly small. Don’t be complacent, David.