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Stock Exchange profits tumble

PROFITS AT the London Stock Exchange tumbled by 15 per cent in the six months to September 1998, reflecting increases in the operating cost base, special provisions for EMU and the year 2000 and a drop in trading income, according to figures released yesterday.

After tax, Exchange profits totalled pounds 15.8m in the first half, compared to pounds 18.3m in the corresponding period in 1997. Trading income fell by 8 per cent, reflecting the decision in October 1997 to cut trading prices by up to 60 per cent. However, overall trading volumes were up, according to an Exchange spokesman, as were sales of information services. .