{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "lseg": "http://lseg.com/xbrl/2023", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://lseg.com/xbrl/2023/213800QAUUUP6I445N30-2023-12-31.xsd" ] }, "facts": { "fact-1": { "value": "LSEG is a leading global financial markets infrastructure and data provider. We play a vital social and economic role in the world\u2019s financial system. With our trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "8061000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-17": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-18": { "value": "8061000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "7454000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-20": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-21": { "value": "7454000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "289000000", "decimals": -6, "dimensions": { "concept": "lseg:NetTreasuryIncomeFromCCPClearingBusiness", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-23": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:NetTreasuryIncomeFromCCPClearingBusiness", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-24": { "value": "289000000", "decimals": -6, "dimensions": { "concept": "lseg:NetTreasuryIncomeFromCCPClearingBusiness", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "255000000", "decimals": -6, "dimensions": { "concept": "lseg:NetTreasuryIncomeFromCCPClearingBusiness", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-26": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:NetTreasuryIncomeFromCCPClearingBusiness", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-27": { "value": "255000000", "decimals": -6, "dimensions": { "concept": "lseg:NetTreasuryIncomeFromCCPClearingBusiness", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "29000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-29": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-30": { "value": "29000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "34000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-32": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-33": { "value": "34000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "8379000000", "decimals": -6, "dimensions": { "concept": "lseg:TotalIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-35": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TotalIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-36": { "value": "8379000000", "decimals": -6, "dimensions": { "concept": "lseg:TotalIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "7743000000", "decimals": -6, "dimensions": { "concept": "lseg:TotalIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-38": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TotalIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-39": { "value": "7743000000", "decimals": -6, "dimensions": { "concept": "lseg:TotalIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "1143000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-41": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-42": { "value": "1143000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "1064000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-44": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-45": { "value": "1064000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "7236000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-47": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-48": { "value": "7236000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "6679000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-50": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-51": { "value": "6679000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "3474000000", "decimals": -6, "dimensions": { "concept": "lseg:OperatingExpensesBeforeDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-53": { "value": "332000000", "decimals": -6, "dimensions": { "concept": "lseg:OperatingExpensesBeforeDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-54": { "value": "3806000000", "decimals": -6, "dimensions": { "concept": "lseg:OperatingExpensesBeforeDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "3140000000", "decimals": -6, "dimensions": { "concept": "lseg:OperatingExpensesBeforeDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-56": { "value": "389000000", "decimals": -6, "dimensions": { "concept": "lseg:OperatingExpensesBeforeDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-57": { "value": "3529000000", "decimals": -6, "dimensions": { "concept": "lseg:OperatingExpensesBeforeDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-59": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-60": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-62": { "value": "133000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-63": { "value": "133000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:RemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-65": { "value": "69000000", "decimals": -6, "dimensions": { "concept": "lseg:RemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-66": { "value": "69000000", "decimals": -6, "dimensions": { "concept": "lseg:RemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:RemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-68": { "value": "23000000", "decimals": -6, "dimensions": { "concept": "lseg:RemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-69": { "value": "23000000", "decimals": -6, "dimensions": { "concept": "lseg:RemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "lseg:IncomeFromEquityInvestments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-71": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:IncomeFromEquityInvestments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-72": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "lseg:IncomeFromEquityInvestments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "12000000", "decimals": -6, "dimensions": { "concept": "lseg:IncomeFromEquityInvestments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-74": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:IncomeFromEquityInvestments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-75": { "value": "12000000", "decimals": -6, "dimensions": { "concept": "lseg:IncomeFromEquityInvestments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-77": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-78": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-80": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-81": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "3777000000", "decimals": -6, "dimensions": { "concept": "lseg:EarningsBeforeInterestTaxDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-83": { "value": "-263000000", "decimals": -6, "dimensions": { "concept": "lseg:EarningsBeforeInterestTaxDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-84": { "value": "3514000000", "decimals": -6, "dimensions": { "concept": "lseg:EarningsBeforeInterestTaxDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "3550000000", "decimals": -6, "dimensions": { "concept": "lseg:EarningsBeforeInterestTaxDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-86": { "value": "-233000000", "decimals": -6, "dimensions": { "concept": "lseg:EarningsBeforeInterestTaxDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-87": { "value": "3317000000", "decimals": -6, "dimensions": { "concept": "lseg:EarningsBeforeInterestTaxDepreciationAmortisationAndImpairment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "915000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-89": { "value": "1228000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-90": { "value": "2143000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "822000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-92": { "value": "1078000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-93": { "value": "1900000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "2862000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-95": { "value": "-1491000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-96": { "value": "1371000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "2728000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-98": { "value": "-1311000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-99": { "value": "1417000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "159000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-101": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-102": { "value": "159000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "41000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-104": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-105": { "value": "41000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "329000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-107": { "value": "6000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-108": { "value": "335000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "201000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-110": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-111": { "value": "217000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "-170000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-113": { "value": "-6000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-114": { "value": "-176000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "-160000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-116": { "value": "-16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-117": { "value": "-176000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "2692000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-119": { "value": "-1497000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-120": { "value": "1195000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "2568000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-122": { "value": "-1327000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-123": { "value": "1241000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "625000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-125": { "value": "-378000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-126": { "value": "247000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "540000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-128": { "value": "-278000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-129": { "value": "262000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "2067000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-131": { "value": "-1119000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-132": { "value": "948000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "2028000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-134": { "value": "-1049000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-135": { "value": "979000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-137": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-138": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "59000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-140": { "value": "453000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-141": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "2067000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-143": { "value": "-1119000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-144": { "value": "948000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "2087000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "-596000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "1491000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "1775000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-149": { "value": "-1014000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-150": { "value": "761000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-151": { "value": "1770000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "-980000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "790000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "292000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-155": { "value": "-105000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "187000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "258000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "-69000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "189000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "2067000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "-1119000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "948000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-163": { "value": "2028000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-164": { "value": "-1049000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "979000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-166": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-169": { "value": "59000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "453000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-172": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-175": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-178": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-179": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-181": { "value": "59000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "453000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-184": { "value": "2067000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "-1119000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "948000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-187": { "value": "2087000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "-596000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "1491000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-190": { "value": "3.239", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-191": { "value": "1.389", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-192": { "value": "3.178", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-193": { "value": "1.418", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-194": { "value": "3.221", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-195": { "value": "1.381", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-196": { "value": "3.161", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-197": { "value": "1.411", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-198": { "value": "3.239", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-199": { "value": "1.389", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-200": { "value": "3.284", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-201": { "value": "2.338", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-202": { "value": "3.221", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-203": { "value": "1.381", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-204": { "value": "3.266", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "lseg:ConsolidatedIncomeStatementAxis": "lseg:AdjustedMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-205": { "value": "2.325", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-206": { "value": "0.357", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinarySharesPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-207": { "value": "0.317", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinarySharesPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-208": { "value": "0.793", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-209": { "value": "0.753", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-2": { "value": "70000000", "decimals": -6, "dimensions": { "concept": "lseg:InterestCostOnRetirementBenefitObligations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-210": { "value": "948000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-211": { "value": "979000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-212": { "value": "-85000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-213": { "value": "-329000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-214": { "value": "-12000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-215": { "value": "21000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-216": { "value": "34000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-217": { "value": "-83000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-218": { "value": "-131000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-219": { "value": "-225000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-220": { "value": "63000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-221": { "value": "-113000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-222": { "value": "3000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-223": { "value": "3000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-224": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-225": { "value": "-15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-226": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-227": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-228": { "value": "-1446000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-229": { "value": "2653000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-230": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-231": { "value": "-2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-232": { "value": "-1385000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "2525000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "-1516000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "2300000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-236": { "value": "-568000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-237": { "value": "3279000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-238": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-240": { "value": "-568000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "3791000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "value": "-636000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperationsAttributableToOwnersOfParent", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-243": { "value": "2889000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperationsAttributableToOwnersOfParent", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-244": { "value": "68000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-245": { "value": "390000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-246": { "value": "-568000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-247": { "value": "3279000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperationsAttributableToOwnersOfParent", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-249": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperationsAttributableToOwnersOfParent", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-250": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-251": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperationsAttributableToNoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-252": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-253": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-254": { "value": "-568000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-255": { "value": "3791000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-256": { "value": "33147000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-257": { "value": "35066000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-258": { "value": "716000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-259": { "value": "797000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-260": { "value": "28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-261": { "value": "34000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "372000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-263": { "value": "394000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "94000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-265": { "value": "12000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-266": { "value": "178000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-267": { "value": "209000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-268": { "value": "172000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "231000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-270": { "value": "664000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-271": { "value": "622000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-272": { "value": "35371000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "37365000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "2051000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "1364000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "763535000000", "decimals": -6, "dimensions": { "concept": "lseg:ClearingMemberAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "792434000000", "decimals": -6, "dimensions": { "concept": "lseg:ClearingMemberAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DebtInstrumentsHeld", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "226000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DebtInstrumentsHeld", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "11000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "36000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "462000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "522000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "3580000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "3209000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "769639000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "797791000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "805010000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "835156000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "1896000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "2004000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "273000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentContractLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "257000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentContractLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "value": "2166000000", "decimals": -6, "dimensions": { "concept": "lseg:CurrentBorrowingsAndLeaseLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "1434000000", "decimals": -6, "dimensions": { "concept": "lseg:CurrentBorrowingsAndLeaseLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "764041000000", "decimals": -6, "dimensions": { "concept": "lseg:ClearingMemberFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "792594000000", "decimals": -6, "dimensions": { "concept": "lseg:ClearingMemberFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-298": { "value": "60000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-299": { "value": "9000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-300": { "value": "124000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "142000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "18000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "29000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-304": { "value": "768578000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-305": { "value": "796469000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-306": { "value": "7533000000", "decimals": -6, "dimensions": { "concept": "lseg:NonCurrentBorrowingsAndLeaseLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-307": { "value": "7389000000", "decimals": -6, "dimensions": { "concept": "lseg:NonCurrentBorrowingsAndLeaseLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-308": { "value": "601000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-309": { "value": "649000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-310": { "value": "72000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentContractLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-311": { "value": "89000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentContractLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-312": { "value": "22000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "87000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-314": { "value": "79000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-315": { "value": "64000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-316": { "value": "2140000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-317": { "value": "2200000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-318": { "value": "41000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "value": "58000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "10488000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "10536000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-322": { "value": "779066000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "807005000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "25944000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "28151000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "38000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "39000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "978000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "978000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "2917000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "3840000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "19874000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "21139000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "23807000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "25996000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "2137000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "2155000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "25944000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "28151000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "139000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "533000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "The financial statements on pages 171\u2013254 were approved by the Board on 28 February 2024 and signed on its behalf by: David Schwimmer Anna Manz Chief Executive Officer Chief Financial Officer 28 February 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "39000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-341": { "value": "978000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-342": { "value": "3816000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-343": { "value": "18807000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-344": { "value": "23640000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-345": { "value": "1879000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-346": { "value": "25519000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-348": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-349": { "value": "1069000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-350": { "value": "2332000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-351": { "value": "3401000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-352": { "value": "390000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-353": { "value": "3791000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-355": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-356": { "value": "503000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-357": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-358": { "value": "503000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-359": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-360": { "value": "503000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-362": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-363": { "value": "567000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-364": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-365": { "value": "567000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-366": { "value": "80000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-367": { "value": "647000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-368": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-369": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-370": { "value": "99000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-371": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-372": { "value": "99000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-373": { "value": "63000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-374": { "value": "162000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-375": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-376": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-377": { "value": "78000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-378": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-379": { "value": "78000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-380": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-381": { "value": "78000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-382": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-383": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-384": { "value": "-4000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-385": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-386": { "value": "-4000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-387": { "value": "19000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-388": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-390": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-391": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-392": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-393": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-394": { "value": "80000000", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-395": { "value": "80000000", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-397": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-398": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-399": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-400": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-401": { "value": "82000000", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-402": { "value": "82000000", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-403": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-404": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-405": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-406": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-407": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-408": { "value": "100000000", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-409": { "value": "100000000", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-410": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-411": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-412": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-413": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-414": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-415": { "value": "-16000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-416": { "value": "-16000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-417": { "value": "39000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-418": { "value": "978000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-419": { "value": "3840000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-420": { "value": "21139000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-421": { "value": "25996000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-422": { "value": "2155000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-423": { "value": "28151000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-424": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-425": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-426": { "value": "630000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-427": { "value": "-1266000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-428": { "value": "-636000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-429": { "value": "68000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-430": { "value": "-568000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-431": { "value": "1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-432": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-433": { "value": "1007000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-434": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-435": { "value": "1007000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-436": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-437": { "value": "1007000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-438": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-439": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-440": { "value": "611000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-441": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-442": { "value": "611000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-443": { "value": "80000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-444": { "value": "691000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-445": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-446": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-447": { "value": "92000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-448": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-449": { "value": "92000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-450": { "value": "54000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-451": { "value": "146000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-452": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-453": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-454": { "value": "-15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-455": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-456": { "value": "-15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-457": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-458": { "value": "-15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-459": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-460": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-461": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-462": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-463": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-464": { "value": "53000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-465": { "value": "95000000", "decimals": -6, "dimensions": { "concept": "lseg:PurchaseOfNonControllingInterests", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-466": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-467": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-468": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-469": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-470": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-471": { "value": "28000000", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-472": { "value": "28000000", "decimals": -6, "dimensions": { "concept": "lseg:TradewebShareBuyback", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-473": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-474": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-475": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-476": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-477": { "value": "-0", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-478": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-479": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "lseg:SharesWithheldFromEmployeeOptionsExercisedTradeweb", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-480": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-481": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-482": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-483": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-484": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-485": { "value": "62000000", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-486": { "value": "62000000", "decimals": -6, "dimensions": { "concept": "lseg:TaxBenefitOnInvestmentInPartnerships", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-487": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-488": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-489": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-490": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-491": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-492": { "value": "1000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-493": { "value": "1000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsToNonControllingInterest", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-494": { "value": "38000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-495": { "value": "978000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-496": { "value": "2917000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-497": { "value": "19874000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-498": { "value": "23807000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-499": { "value": "2137000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-500": { "value": "25944000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "150000000", "decimals": -6, "dimensions": { "concept": "lseg:AuthorisationOfShareRepurchases", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-501": { "value": "948000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-502": { "value": "979000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-503": { "value": "247000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-504": { "value": "262000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-505": { "value": "-176000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-506": { "value": "-176000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-507": { "value": "1857000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForAmortisationAndImpairmentOfIntangibleAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-508": { "value": "1603000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForAmortisationAndImpairmentOfIntangibleAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-509": { "value": "286000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForDepreciationAndImpairmentOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-510": { "value": "290000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForDepreciationAndImpairmentOfPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-511": { "value": "-0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-512": { "value": "133000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-513": { "value": "69000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForRemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-514": { "value": "23000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForRemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-515": { "value": "143000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-516": { "value": "158000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-517": { "value": "17000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-518": { "value": "38000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-519": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDividendIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-520": { "value": "12000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDividendIncome", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-521": { "value": "-6000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-522": { "value": "55000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-523": { "value": "-706000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-524": { "value": "-407000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-525": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-526": { "value": "-119000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-527": { "value": "5677000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForIncreaseInClearingMemberFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-528": { "value": "709000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForIncreaseInClearingMemberFinancialAssets", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-529": { "value": "-5331000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForIncreaseInClearingMemberFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-530": { "value": "-383000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForIncreaseInClearingMemberFinancialLiabilities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-531": { "value": "3223000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-532": { "value": "3193000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-533": { "value": "148000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-534": { "value": "29000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-535": { "value": "212000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-536": { "value": "171000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-537": { "value": "217000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-538": { "value": "351000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-539": { "value": "2942000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivitiesContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-540": { "value": "2700000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivitiesContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-541": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-542": { "value": "37000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-543": { "value": "2942000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-544": { "value": "2737000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-545": { "value": "962000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-546": { "value": "773000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-547": { "value": "122000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-548": { "value": "193000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-549": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-550": { "value": "153000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-551": { "value": "523000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-552": { "value": "768000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-553": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-554": { "value": "903000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-555": { "value": "-223000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-556": { "value": "227000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-557": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-558": { "value": "12000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-559": { "value": "-1369000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-560": { "value": "-893000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesContinuingOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-561": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-562": { "value": "-16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-563": { "value": "-1369000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-564": { "value": "-909000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-565": { "value": "156000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-566": { "value": "150000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-567": { "value": "2389000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-568": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-569": { "value": "1261000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-570": { "value": "209000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-571": { "value": "611000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-572": { "value": "567000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-573": { "value": "80000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-574": { "value": "82000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-575": { "value": "1207000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-576": { "value": "303000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-577": { "value": "28000000", "decimals": -6, "dimensions": { "concept": "lseg:RepurchaseOfSharesBySubsidiaryTradewebClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-578": { "value": "80000000", "decimals": -6, "dimensions": { "concept": "lseg:RepurchaseOfSharesBySubsidiaryTradewebClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-579": { "value": "95000000", "decimals": -6, "dimensions": { "concept": "lseg:TransactionsWithNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-580": { "value": "0", "decimals": -6, "dimensions": { "concept": "lseg:TransactionsWithNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-581": { "value": "-37000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-582": { "value": "-77000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-583": { "value": "-1086000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-584": { "value": "-1468000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-585": { "value": "487000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-586": { "value": "360000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-587": { "value": "-116000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-588": { "value": "184000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-589": { "value": "3209000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-590": { "value": "2665000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-591": { "value": "3580000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-592": { "value": "3209000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "23000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForRemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-597": { "value": "23000000", "decimals": -6, "dimensions": { "concept": "lseg:AdjustmentsForRemeasurementGain", "entity": "scheme:213800QAUUUP6I445N30", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "-89000000", "decimals": -6, "dimensions": { "concept": "lseg:RoyaltiesPaidClassifiedAsOperatingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "1112000000", "decimals": -6, "dimensions": { "concept": "lseg:NetIncreaseInBorrowingsWithShortTermMaturitiesClassifiedAsFinancingActivities", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-648": { "value": "
Reporting entity
These consolidated financial statements have been prepared for
London Stock Exchange Group plc (the \"Company\") and its subsidiaries
(the \"Group\"). The Group is a diversified global financial markets
infrastructure and data business. The Company is a public company,
incorporated and domiciled in England and Wales. The address of
its registered office is 10 Paternoster Square, London, EC4M 7LS.
During 2023, the Group acquired the businesses listed below.
The results of these businesses have been consolidated from
the date of acquisition (see note 21).
Cash-
generating
Acquired business
Acquisition date Segment
unit (CGU)
AcadiaSoft, Inc. (Acadia)
31 March 2023
Post Trade
Post Trade
Yieldbroker Pty
31 August 2023
Capital
Tradeweb
Limited (Yieldbroker) Markets
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "London Stock Exchange Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "London Stock Exchange Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "value": "London Stock Exchange Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "10 Paternoster Square, London, EC4M 7LS", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "value": "
1. Accounting policies
This section describes our material accounting policy information
and significant accounting judgements and estimates that relate
to the financial statements as a whole. Where an accounting policy
or a significant accounting judgement or estimate is applicable to
a specific note to the financial statements, it is disclosed in that note.
These policies have been consistently applied to all the periods
presented, unless otherwise stated. We have also detailed below
the new accounting pronouncements that we will adopt in future
years and how we have assessed the impact of climate change on
our financial statements.
1.1 Compliance with International Financial Reporting
Standards (IFRS)
The Group\u2019s consolidated financial statements are prepared in
accordance with UK-adopted international accounting standards
which are endorsed by the UK Endorsement Board.
1.2 Basis of preparation
The financial statements are prepared under the historical cost basis
except for derivative financial instruments, debt and equity financial
assets and contingent consideration which are measured at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
The Group\u2019s business activities (together with the factors likely to affect
its future development, performance and position), its objectives,
policies in managing risk and its capital are set out in the Strategic
Report on pages 2 to 89. In addition:
\u2014 the Group\u2019s borrowing facilities and respective repayment dates,
and the net debt position of the Group, are included in note 16; and
\u2014 the financial risk management objectives and policies of the Group,
together with its exposure to capital, credit and concentration,
country, liquidity, settlement, custodial and market risk are discussed
in note 17.5.
Business planning process
The Group\u2019s forecasting and planning process includes the Group\u2019s
three-year business plan. The business plan makes certain assumptions
about the performance of the core revenue streams and segments,
the use of existing product lines and the take up of new product lines.
It also makes assumptions on appropriate levels of investment to
support expected performance, known inorganic activity, the ability to
refinance debt as required and expected returns to shareholders.
Performance management
The Group\u2019s performance is analysed monthly by management.
Monthly results are reviewed and compared against the business plan,
and previous and updated full year forecasts are also assessed. Key
variances and associated drivers are reviewed and reported upon.
Cash flows and liquidity headroom
When performing our going concern assessment, the main factors
considered are forecasts of the Group\u2019s cash flow and liquidity
headroom (defined as undrawn committed facilities less issued
commercial paper plus available cash), both of which are outputs of
the business plan. The business plan is stress tested using severe but
plausible downside scenarios as determined by the Financial Risk
Committee over the full three-year plan period. The impact of these
stress tests on the performance of core revenue streams and segments
is modelled, with appropriate mitigating factors also considered. The
outputs of this stress-testing on the Group\u2019s cash flow and liquidity
are then evaluated against thresholds set by the Group\u2019s risk appetite.
These thresholds include liquidity headroom and leverage ratio
(operating net debt to adjusted earnings before interest, tax,
depreciation, amortisation and impairment (EBITDA) and before
foreign exchange gains or losses).
The scenarios modelled are included in the viability statement on
page 89.
No scenario over the three-year period leads to a breach in the Group\u2019s
risk appetite thresholds or would mean the Group is unable to meet its
obligations as a result of insufficient liquidity.
A reverse stress test has also been completed, to evaluate the
financial impacts that would breach the Group\u2019s risk appetite thresholds.
We concluded that the scenarios required to breach the thresholds
are all deemed improbable.
Conclusion
The Directors, therefore, consider there to be no material uncertainties
that may cast significant doubt on the Group's ability to continue to
operate as a going concern. The Directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for 12 months from the date when these financial
statements are authorised for issue. Accordingly, the going concern
basis has been adopted in the preparation of these financial statements.
Presentation of income statement
The Group uses a columnar format for the presentation of its
consolidated income statement to separately identify results before
non-underlying items (\u201cadjusted\u201d). This is consistent with the way that
financial performance is measured by management and reported to
the Executive Committee and Board (see note 2).
Current and non-current classification
The Group presents assets and liabilities in the balance sheet based
on current and non-current classification. An asset is current when it is:
\u2014 Held primarily for trading purposes;
\u2014 Expected to be realised within one year from the reporting date;
\u2014 Expected to be realised or intended to be sold or consumed in
the course of the Group\u2019s operating cycle; or
\u2014 Cash or cash equivalents.
All other assets are classified as non-current.
A liability is current when it is:
\u2014 Held primarily for trading purposes;
\u2014 Expected to be settled in the course of the Group\u2019s operating
cycle; or
\u2014 Due to be settled within one year from the reporting date.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets
and liabilities.
1.3 Basis of consolidation
The consolidated financial statements comprise the financial statements
of the Company and its subsidiaries. Subsidiaries are consolidated
from the date on which control is obtained by the Group. They are
deconsolidated from the date on which control ceases. Control is
achieved when the Group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those
returns through its power over the investee. The results of subsidiaries
are consolidated for the period to 31 December, even if the subsidiary\u2019s
financial year-end is different.
The principal operating subsidiaries of the Group are given below
and a full list of subsidiaries is given in note 10.1 of the Company
financial statements.
Country of Group
incorporation ultimate
and principal economic
Name
Principal activity
operations interest %
Banque Centrale de CCP clearing
France
82.61
Compensation SA (LCH SA) services
Financial & Risk
IP owner
England &
100.00
Organisation Limited Wales
Frank Russell Company
Market indices
USA
100.00
provider
FTSE International Limited
Market indices
England & 100.00
provider Wales
LCH Limited
CCP clearing
England & 82.61
services Wales
London Stock Recognised England & 100.00
Exchange plc investment Wales
exchange
Refinitiv Asia Pte Ltd
Market and financial
Singapore
100.00
data provider
Refinitiv France SAS
Market and financial
France
100.00
data provider
Refinitiv Germany GmbH
Market and financial
Germany
100.00
data provider
Refinitiv Hong Kong Market and financial Jersey 100.00
Limited data provider
Refinitiv Japan KK
Market and financial
Japan
100.00
data provider
Refinitiv Limited
Market and financial
England & 100.00
data provider Wales
Refinitiv US LLC
Market and financial
USA
100.00
data provider
Tradeweb Markets LLC
Multilateral trading
USA
51.01
facility
1
1 Operates in Hong Kong.
The acquisition method of accounting is used by the Group to account
for business combinations (see note 21). Non-controlling interests
in the results and equity of subsidiaries are shown separately in the
consolidated income statement, statement of comprehensive income,
balance sheet and statement of changes in equity (see note 19).
Intercompany transactions and balances between group companies
are eliminated on consolidation. Where necessary, adjustments are
made to the results of subsidiaries and associates to bring their
accounting policies in line with those of the Group.
1.4 Foreign currencies
Functional and presentation currency
The consolidated financial statements are presented in sterling,
which is also the functional currency of London Stock Exchange Group
plc, the Company. The Group determines the functional currency
for each of its subsidiary entities and items included in the financial
statements of each entity are measured using that functional currency.
Transactions and balances in foreign currencies
Transactions in foreign currencies are initially recorded and translated
into the functional currency of the relevant Group entity at the exchange
rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated into the respective
functional currency of the entity at the exchange rate prevailing at the
reporting date.
Foreign exchange gains and losses resulting from the settlement of
such foreign currency transactions or from the translation of monetary
assets and liabilities denominated in foreign currencies are recognised
in the income statement, either within operating expenses or finance
income or costs, depending on the nature of the item or transaction.
Non-monetary items measured at historical cost are not retranslated.
Non-monetary items measured at fair value that are denominated in
foreign currencies are retranslated at the exchange rate at the date
when the fair value was determined. The foreign exchange gain or loss
on assets and liabilities carried at fair value are reported as part of the
fair value gain or loss. This means:
\u2014 foreign exchange gains and losses on non-monetary assets and
liabilities held at fair value through profit or loss are recognised
in the income statement (within operating expenses); and
\u2014 foreign exchange gains and losses on non-monetary assets classified
as at fair value through other comprehensive income are recognised
in other comprehensive income.
Translation of non-sterling entities on consolidation
The results and financial position of all Group entities that have
a non-sterling functional currency are translated into sterling on
consolidation into the Group\u2019s results as follows:
\u2014 assets and liabilities (including goodwill, purchased intangible
assets and fair value adjustments
1
) are translated at the reporting
date exchange rates;
\u2014 income and expenses and other comprehensive income are
translated at the average exchange rate for each month. Where this
average is not a reasonable approximation of the rate prevailing on
the date of a material transaction, these items are translated at the
rate on the date of the transaction; and
\u2014 all resulting exchange differences are recognised in other
comprehensive income.
On consolidation, exchange differences arising from the translation of
net investments in foreign operations, borrowings and other currency
instruments designated as hedging instruments (see note 17.4) are
recognised in other comprehensive income. On disposal of a foreign
currency operation, the cumulative exchange differences previously
recognised in other comprehensive income relating to that operation
are reclassified to the income statement as part of the profit or loss
on disposal.
1 Any goodwill and any fair value adjustments to the carrying amounts of assets and liabilities
on the acquisition of a foreign operation are treated as assets and liabilities of the foreign
operation and translated at the reporting date exchange rate.
1.5 New and amended standards and interpretations Standards, interpretations and amendments to published standards effective for the year ended 31 December 2023 During the year, the following amendments to standards became effective. These have not had a material impact on the Group\u2019s financial statements: \u2014 IFRS 17 Insurance Contracts, including amendments to IFRS 17 (and initial application of IFRS 17 and IFRS 9 Financial Instruments \u2013 comparative information); \u2014 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of accounting policies; \u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of accounting estimates; \u2014 Amendments to IAS 12 Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction; and \u2014 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules. The Amendments introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the Pillar Two Model Rules. The Group has applied this mandatory temporary exception (see note 6). Standards, interpretations and amendments to published standards which are not yet effective New and amended standards that have been issued, but are not yet effective, up to the date of the Group\u2019s financial statements are disclosed below. We intend to adopt these, if applicable, when they become effective. These amendments are not expected to have a material impact on the Group\u2019s financial statements.
International accounting standards and interpretations
Effective date
Amendments to IFRS 16 Leases: Lease liability in a sale 1 January 2024
and leaseback
Amendments to IAS 1: 1 January 2024
\u2014 Classification of liabilities as current or non-current; and
\u2014 Non-current liabilities and covenants
Amendments to IAS 7 Statement of Cash Flows 1 January 2024
and IFRS 7 Financial Instruments Disclosures:
Supplier finance arrangements
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of exchangeability
1 January 2025
1 1 Not yet endorsed by UK Endorsement Board
1.6 Significant accounting estimates, assumptions and judgements
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures. Estimates, assumptions and judgements
are regularly reviewed based on historical experience, current
circumstances and expectations of future events. As the use of
estimates is inherent in financial reporting, actual results could differ
from these estimates.
Significant accounting estimates and assumptions are those that have
a risk of resulting in a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
Significant judgements are those made by management in applying
the Group\u2019s significant accounting policies that have a material impact
on the amounts presented in the financial statements. Significant
judgement may be exercised in management\u2019s accounting estimates
and assumptions.
Estimates, assumptions and judgements are described in the
relevant notes to the financial statements (identified by the
following symbol )
Significant
estimates
and Significant
Note assumptions judgement
2.3
Non-underlying items
\u25cf
6.3
Uncertain tax positions
\u25cf
\u25cf
9
Intangible assets
\u25cf
12
Pension and other retirement
\u25cf
\u25cf
benefit schemes
Management has discussed significant accounting estimates,
assumptions and judgements with the Audit Committee.
1.7 Climate change
We have considered the impact of climate change on the Group\u2019s
operations as outlined in the risks disclosed on pages 63 to 68 of the
Strategic Report as well as in the Sustainability Report. We have also
reviewed the potential impact of climate change on the Group\u2019s financial
results and position. The areas that are deemed to be most relevant to
climate change are set out below. Based on an assessment in each
area, we have concluded that climate change is not currently expected
to have a material impact on the Group\u2019s financial position, estimates
or judgements. The directors monitor this on an ongoing basis.
\u2014 Going concern and viability \u2013 The Group has committed to
a long-term ambition to achieve net zero by 2040 and has set targets
to reduce selected carbon emissions by 50% by 2030. There is no
other direct impact on the viability of the Group. There is no climate-
related scenario that is deemed to have a probable likelihood of
occurring which could impact the Group\u2019s going concern assessment.
\u2014 Impairment of goodwill and intangible assets \u2013 Forecasted cash
flows are not expected to be impacted materially by climate change
over the period for which forecasts have been prepared, due to the
nature of the Group\u2019s revenue streams. The impact on costs mainly
relates to reducing our carbon footprint by encouraging responsible
employee travel and purchasing carbon credits.
\u2014 Useful lives of assets \u2013 The Group\u2019s assets consist mainly of
property and IT equipment. Given the type of IT equipment owned
by the Group, there is no expected impact of climate change on the
future useful lives of these assets. The useful lives of our property
could be impacted by climate change in the form of physical
obsolescence of assets or because of a natural disaster (such as
flooding), however any such impact on the carrying value of related
assets is not deemed material.
\u2014 Deferred tax assets \u2013 Deferred tax asset recoverability can be
affected by climate if there is an expectation that it will impact on the
future taxable profits that are expected to be generated. The revenue
of the Group is of such a nature that it is not expected to be impacted
materially by climate change over the period for which forecasts are
prepared. There is a potential reduction in costs as we reduce our
carbon footprint and encourage responsible employee travel.
\u2014 Valuation of pension scheme assets and defined benefit liabilities
\u2013 Changes in interest rates, as a result of climate change, could
impact the future valuation of pension scheme assets and defined
benefit liabilities. While these are considered in the valuation,
there was no discernible impact from climate change on the
current year\u2019s valuation.
\u2014 Trade and other receivables \u2013 The Group has a diverse client base
that operates in various industries. The Group\u2019s expected credit loss
provision considers the credit risk of its client base, which could be
impacted by the assessment of climate change in a particular market
or industry. Given that receivables are mainly due within one year, the
impact of climate change in the short term is unlikely to be material.
\u2014 Revenue \u2013 We provide a range of climate-related products and
services such as admission on the voluntary carbon market and
the sustainable bond market. Revenue earned from these are not
deemed material revenue streams, but support the Group in
enabling others to purchase carbon credits to aid in the fight
against climate change.
\u2014 Expenses \u2013 To support our long-term ambition to achieve net zero,
the Group purchases carbon credits to offset the impact of the
Group\u2019s carbon emissions. The cost of purchasing these has been
minimal during the current year, as credits purchased during prior
years were sufficient to cover emissions during the current financial
year. Any additional credits required will be purchased once the
Group\u2019s emissions for the year have been calculated.
Accounting policy
IFRS 8 Operating Segments requires operating segments to be
identified on the same basis as is reported internally for the review
of performance and allocation of resources by the \u201cchief operating
decision maker\u201d. For the Group, this is the Executive Committee.
The Executive Committee uses \u201cadjusted\u201d measures including
adjusted EBITDA to assess the profitability and performance of
the operating segments.
The \u201cadjusted\u201d measures reported by the Group are:
\u2014 Adjusted operating expenses before depreciation, amortisation
and impairment
\u2014 Adjusted EBITDA
\u2014 Adjusted depreciation, amortisation and impairment
\u2014 Adjusted operating profit
\u2014 Adjusted net finance costs
\u2014 Adjusted profit before tax
\u2014 Adjusted profit for the year
1
\u2014 Adjusted earnings per share (EPS)
1
These measures are not measures of performance under IFRS and should be considered in addition to, and not as a substitute for, IFRS measures of financial performance and liquidity. Adjusted performance measures provide supplemental data relevant to an understanding of the Group\u2019s financial performance and exclude non-underlying items of income and expense that are material by their size and/or nature (see note 2.3). 1 Adjusted profit for the year is used to calculate adjusted EPS and is reconciled to profit before taxation in the EPS note and on the face of the income statement Accounting policy Revenue The main source of revenue for the Group is fees for services provided. Revenue is measured based on the consideration specified in a contract with a customer. The following are excluded from revenue: \u2014 value added tax and other sales related taxes; \u2014 certain revenue share arrangements (whereby as part of an agreement amounts are due back to the customer); and \u2014 certain pass-through costs where the Group acts as an agent and has arrangements to recover specific costs from its customers with no mark-up. The Group recognises revenue as services are performed and as it satisfies its obligations to provide a product or service to a customer. The Group\u2019s revenue accounting policies are set out below:
Data &
Analytics
The Data & Analytics division generates revenue by providing information and data products including indexes, benchmarks, real-time pricing
data and trade reporting and reconciliation services.
Data subscription and index licence fees are recognised over the licence or usage period in line with the Group\u2019s obligation to deliver data
consistently throughout the licence period. Services are billed on a monthly, quarterly or annual basis.
Other information services include licences to the regulatory news service and reference data businesses. Revenue from licences that grant
the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance
obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is
granted or service is delivered.
Various brokerage processing, risk solutions and professional services, which are generally billed in arrears, are recognised as revenue at the
point in time when the Group meets its obligation to complete the transaction or service.
Recoveries consist of fees for third-party content, such as exchange data that is distributed directly to customers, and communications fees.
Recoveries are generally recognised over the contract term.
Capital
Markets
Revenue in the Capital Markets division is generated from: Primary and Secondary market services; contracts to develop capital market
technology solutions; software licences; network connections; and hosting services.
We have assessed that primary market initial admission and the ongoing listing services represent one performance obligation. The Group
therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services.
All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced.
The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing
durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation
to the length of a customer listing, which is subject to factors outside the Group\u2019s control. It also includes a forward-looking element in respect
of the expected listing period based on market movements. We reassess the estimated service periods at each reporting date. The current
estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on
similar performance obligations. We estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in
revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year.
Primary market annual fees, secondary market membership and subscription fees are generally paid in advance on the first day of
membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates,
as this reflects the extent of the Group\u2019s progress towards completion of the performance obligation under the contract.
Revenue from secondary market trading and associated capital market services is recognised on a per transaction basis at the point that
the service is provided.
Capital markets software licence contracts contain multiple deliverables including: providing licences; installing software; and ongoing
maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone
selling price. Revenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be
provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total
expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as
the Group incurs costs on the contract.
Transaction and commission fees are earned from transactions that are executed on the Group's electronic marketplaces. Revenue is
recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees
and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or executed when an
individual transaction occurs. Revenue is only recognised to the extent that it is highly probable that a significant reversal of the revenue will
not occur (\u2018minimum expected revenue\u2019).
Network connection, subscription and hosting services revenues are recognised on a straight-line basis over the period to which the fee
relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the
performance obligation.
Post
Trade
Revenue in the Post Trade division is generated from clearing, settlement and other post trade services.
Over-the-counter (OTC) derivatives, and securities clearing and reporting generate fees from: individual transactions or contracts cleared and
settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point
in time when the Group meets its obligations to complete the transaction or service. Revenue is recognised and billed monthly in arrears.
Certain customers have a fixed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as
the Group fulfils its obligations to maintain the availability of the clearing system to that customer.
Non-cash collateral fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis
over the service period, representing the continuous transfer of services during that time.
Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction.
Those customer contracts across the Group that contain a single
performance obligation at a fixed price do not require variable
consideration to be calculated. However, some businesses in the
Group provide services to customers under a tiered or tariff pricing
structure that generates a degree of variability in the revenue
streams from the contract as a result of additional charges or
discounts given. Where the future revenue from a contract varies
due to factors that are outside the Group\u2019s control, the Group limits
the total transaction price at contract inception and recognises the
minimum expected revenue guaranteed by the terms of the contract
over the contract period. Any variable element is subsequently
recognised in the period in which the variable condition is satisfied
and there is no significant risk of reversal of that revenue.
Rebates given to customers as part of an operating agreement are
calculated on a pro-rata basis on revenue earned and recognised
as they fall due.
The Group does not have any contracts where the period between
the transfer of services to a customer and when the customer is
expected to pay for that service is longer than one year. As a result,
no adjustments are made to revenue for any financing component.
Net treasury income
Net treasury income is generated from two sources. Firstly, the CCP
businesses securely invest the cash collateral lodged with them
and earn treasury income from various investments (including
government debt and reverse repos) and cash deposits with central
banks. At the same time, the CCPs pay interest at an overnight
benchmark rate to their members on the collateral placed with the
business, whilst charging a spread on that rate as a fee. This spread
provides the second source of income. The resulting net treasury
income is recognised within total income and disclosed separately
from revenue.
Other income
Other income typically relates to operating lease income and fees
from service agreements. Such fees are generated from the
provision of events and media services, which are typically
recognised at the point the service is rendered.
Cost of sales
Cost of sales comprises:
\u2014 Data and licence fees;
\u2014 Data feed costs;
\u2014 Royalties;
\u2014 Expenses incurred in respect of profit share arrangements;
\u2014 Costs directly attributable to the construction and delivery of
goods or services; and
\u2014 Any other costs linked and directly incurred to generate revenues
and provide services to customers.
Profit share expenses recognised as cost of sales relate to
a small number of arrangements with certain customers where
the payment to the customer is linked to the total profit of the
particular business concerned.
Accounting policy In some instances, we receive consideration, or an amount of consideration is due, in relation to our obligation to transfer goods or services to a customer in the future. Revenue relating to these future periods is classified as a contract liability on the balance sheet. Contract liabilities are amortised and recognised as revenue over the period the services are rendered. Accounting policy Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts from suppliers. Other discounts are spread over the contract term. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. Accounting policy Income tax comprises current and deferred tax. Current and deferred tax charges and benefits are recognised in the income statement except to the extent that they relate to items recognised directly in equity or other comprehensive income. Current income tax is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. Deferred tax is the tax expected to be payable or recoverable in the future on differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amounts used for tax purposes. Deferred tax is accounted for using the liability method and calculated using tax rates that are substantively enacted and expected to apply in the period when the asset is realised or the liability settled. Deferred tax is not recognised for: \u2014 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither the accounting profit nor taxable profit; and \u2014 Temporary differences arising on the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences associated with interests in subsidiaries and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such interests are recognised only to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis.
On 23 May 2023, the International Accounting Standards Board
(IASB) issued International Tax Reform \u2013 Pillar Two Model Rules
\u2013 Amendments to IAS 12, which the Group has adopted. The
Amendments provide a temporary mandatory exception from
deferred tax accounting for the global minimum top-up tax,
which is effective immediately, and require new disclosures about
the Group\u2019s exposure to Pillar Two income taxes (see note 6.1).
The mandatory exception applies retrospectively to the Group
from 1 January 2023, however the retrospective application has
no impact on the Group's consolidated financial statements.
Accounting policy
Basic earnings per share is in respect of all activities. Diluted earnings per share takes into account the dilutive effect that would arise on
conversion or vesting of all outstanding share options and share awards under the Group\u2019s share option and award schemes. Adjusted basic
earnings per share and adjusted diluted earnings per share exclude non-underlying items from earnings.
Accounting policy
Dividend distributions to the Company\u2019s equity holders are
recognised as a liability in the Group financial statements
in the period in which the dividends are approved by the
Company\u2019s shareholders.
Accounting policy Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate of the consideration transferred and the amount recognised for any non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. Purchased intangible assets Purchased intangible assets are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period excess earnings method (MEEM) or relief from royalty. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. These assets are amortised as follows: Assets Amortisation method Amortisation period or useful economic life Customer and supplier relationships Straight-line basis 5 to 25 years Brands Straight-line basis 4 to 25 years Databases and content Straight-line basis 5 to 12 years Software Straight-line basis or reducing balance basis 10 to 15 years Licences and intellectual property Straight-line basis 3 to 25 years
The useful economic life and amortisation method are reviewed
at each balance sheet date. If there has been a change in the
expected useful economic life or the expected pattern of
consumption of future economic benefits embodied by an
asset, then the useful economic life or amortisation method is
changed accordingly.
The Group considers the following indicators, as a minimum,
that may show that the useful economic life or amortisation
method of an asset may require a change:
\u2014 whether there have been any changes to legal, regulatory or
contractual provisions;
\u2014 whether there has been any experience in renewing or
extending related licensing agreements;
\u2014 whether the effects of obsolescence, demand, competition or
maintenance may impact the life of the asset;
\u2014 the expected future performance of the business related to
the asset; and
\u2014 for customer and supplier relationship assets, the attrition
rate of customers versus initial expected attrition rates set
out at acquisition.
Software and other
Internally developed software
Expenditure on internal product development, including
expenditure related to cloud computing arrangements,
is capitalised if:
\u2014 the costs can be reliably measured;
\u2014 the product or process is technically and commercially feasible;
\u2014 future economic benefits are probable; and
\u2014 the Group has sufficient resources to complete the
development and to use or sell the asset.
The assets are initially recorded at cost, which includes labour,
directly attributable costs and any third-party expenses. They are
then amortised over their useful economic lives of 3 to 12 years.
The majority of material assets are amortised over a life not
exceeding 5 years.
Third-party software costs for the development and
implementation of systems which enhance the services provided
by the Group are capitalised and amortised over their estimated
useful economic lives of 3 to 5 years.
Contract costs
Incremental costs of obtaining a customer contract, such as sales
commissions paid to employees, are recognised as an intangible
asset if the benefit of such costs is expected to be longer than
one year. The asset is initially recognised at cost and is amortised
over the period that a customer benefits from the associated
software technology supporting the underlying product or
service. The Group has determined this to be between
3 and 5 years.
The Group recognises the incremental cost of obtaining
a contract as an expense when incurred, if the amortisation
period is less than one year.
Impairment of intangible assets, including goodwill Goodwill is tested for impairment annually. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets are assessed for any indicators of impairment at each balance sheet date. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. Accounting policy Property, plant and equipment Property, plant and equipment assets are recorded at cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. Freehold buildings, plant and equipment are depreciated to a residual value on a straight-line basis over their estimated useful economic lives as follows: \u2014 Freehold buildings \u2013 30 to 50 years \u2014 Plant and equipment \u2013 3 to 20 years Leasehold improvements are recorded at cost and depreciated to a residual value over the shorter of the period of the lease and the useful economic life of the asset. At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal, and its value-in-use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis
Right-of-use assets (leases)
The Group recognises a right-of-use asset where it has control of an
asset for a period of more than 12 months. Assets are recorded initially
at cost and depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful economic life. Cost is defined as
the net present value of the initial lease liability plus any initial costs
and dilapidation provisions less any lease incentives received.
The lease term is the non-cancellable term plus any periods for which
the Group is reasonably certain to exercise any extension options.
Where a property is no longer used by the business or there is
surplus space, an impairment in the value of the right-of-use asset
is recognised and the asset is recognised at its estimated
recoverable value.
Where a lease is terminated early, this is recognised as a disposal and
any difference in value between the asset (being the carrying value of
the right-of-use asset) and the liability (being the net present value of
future lease obligation) is recognised as a profit or loss on disposal.
Any penalty fees payable for early termination are recognised
directly in the income statement as an operating expense.
Accounting policy
These financial assets are all recognised at fair value through
other comprehensive income (FVOCI). See note 17 for the
relevant accounting policy, specifically in relation to:
\u2014 equity instruments
\u2014 debt instruments
Investments in equity instruments and convertible instruments
(excluding listed instruments) are classified as Level 3 (of the fair
value hierarchy described in the accounting policy of note 17).
Listed instruments are classified as Level 1.
Accounting policy
For defined contribution schemes, the operating charge
represents the contributions payable in the year and is
recognised in the income statement as incurred.
For the defined benefit schemes the income statement expense
is allocated between service cost and net finance expense.
The service charge represents benefits accruing to employees
and is included as an operating expense.
Costs of future employee benefits are accrued over the period
in which employees earn the benefits. Scheme obligations and
costs are determined on a regular basis by an independent
qualified actuary, in line with IAS 19 Employee Benefits, using the
projected unit credit method. The obligations are measured by
discounting the best estimate of future cash flows to be paid out
of the scheme and are reflected in the Group balance sheet.
Net interest is recognised within net finance costs, calculated
by applying a discount rate to the net defined benefit asset or
liability at the start of each annual reporting period. The discount
rate used is based on market interest rates of high-quality,
fixed-rate debt securities adjusted to reflect the duration of
expected future cash outflows for pension benefit payments.
The net asset or liability recognised on the balance sheet
comprises the difference between the present value of pension
obligations and the fair value of scheme assets.
Actuarial gains and losses are recognised at each reporting date,
net of tax, in the statement of comprehensive income. These
gains and losses arise from experience adjustments, changes
in actuarial assumptions or differences between actual and
expected returns on assets.
Accounting policy
Trade receivables are initially recognised at the amount of the
consideration that is unconditionally due to the Group. They are
subsequently measured at amortised cost, less any expected
credit loss (ECL). Our approach to calculating ECL provisions is
described in note 17. The creation and release of such provisions
are recognised in operating expenses in the income statement.
Fees receivable are recognised when the Group has an
unconditional right to consideration in exchange for goods
or services transferred, but no fee invoice has been issued.
Amounts are transferred to trade receivables when an invoice
has been issued.
Other receivables are initially recognised at fair value and
subsequently at amortised cost, less any loss allowance as
described in note 17.
When a receivable is no longer expected to be recovered, the full
amount is written off. We will continue to seek recovery and any
subsequent amounts recovered against amounts previously
written off are recognised in the income statement.
See note 16.2 for the net investment in leases accounting
policy, when the Group sub-lets property right-of-use assets
to a third-party.
The Group has a tax indemnity agreement with Thomson Reuters
for any tax liabilities incurred and tax receivables due before
Refinitiv (previously the Thomson Reuters Financial & Risk
Business) separated from Thomson Reuters on 1 October 2018.
The tax indemnity receivable is recognised for and measured
on the same basis as the corresponding indemnified tax liabilities.
The indemnified tax liabilities are recognised within current tax
payable in the balance sheet. When there is a change in
the indemnified tax liabilities, which is recognised within tax
(as non-underlying) in the income statement, there is an
offsetting change in the tax indemnity receivable. This change is
recognised within operating expenses in the income statement
and classified as non-underlying. (The tax indemnity payable is
described in note 15.)
Contract assets are recognised when the Group has a
conditional right to consideration from a customer in exchange
for goods or services transferred. Contract assets are transferred
to trade receivables when the entitlement to payment becomes
unconditional and only the passage of time is required before
payment is due.
Accounting policy
Trade payables are initially recognised at fair value, which is
usually the amount invoiced. They are subsequently measured
at amortised cost.
Accrued expenses are recognised for goods and services
received before the end of the year for which no invoice has
been received. They are measured at amortised cost.
Contingent consideration, resulting from business combinations
sometimes arises when additional consideration to the sellers will
need to be paid if certain performance targets for the business
are achieved. Contingent consideration is valued at fair value at
the acquisition date as part of the business combination. When
the contingent consideration meets the definition of a financial
liability, it is subsequently remeasured to fair value through the
income statement at each reporting date. The fair value gain
or loss is classified as a non-underlying transaction cost in the
income statement (see note 2.3). The fair value is calculated
based on discounted cash flows. The key assumptions in
calculating the fair value include the probability of meeting
each performance target and the discount factor.
Trade and other payables include the Tradeweb tax receivable
agreement liability. In connection with Tradeweb's initial public
offering (IPO), Tradeweb entered into a tax receivable agreement
with the owners of Tradeweb Markets LLC (the \u201cLLC Owners\u201d)
immediately prior to Tradeweb\u2019s IPO. Under the agreement,
Tradeweb is required to make cash payments to the LLC Owners
equal to 50% of the amount of any tax savings that Tradeweb
realises as a result of certain future tax benefits to which it is
entitled. The Tradeweb tax receivable agreement liability is
measured at amortised cost.
As described in note 13, the Group has a tax indemnity agreement
with Thomson Reuters. The Group has a tax indemnity payable
to Thomson Reuters against a matching tax receivable which is
recognised within current tax receivable in the balance sheet.
The tax indemnity payable is measured on the same basis as
the indemnified tax receivable. When there is a change in the
indemnified tax receivable, which is recognised within tax
(as non-underlying) in the income statement, there is an offsetting
change in the tax indemnity payable. This change is recognised
within operating expenses in the income statement and classified
as non-underlying.
Accounting policy
Borrowings are initially recorded at the fair value of amounts
received, net of capitalised direct issue costs and arrangement
fees (including upfront facility fees).
Subsequently, these liabilities are carried at amortised cost.
Interest payable on borrowings, direct issue costs and
arrangement fees (including upfront facility fees) are recognised
in the income statement over the period of the borrowings
using the effective interest method.
Where borrowings are identified as a hedged item in
a designated fair value hedge relationship, fair value adjustments
are recognised in accordance with our policy (see note 17).
Accounting policy Group as lessee When the Group leases an asset, at the lease commencement date a right-of-use asset is recognised for the leased item (see note 10) and a lease liability is recognised for any lease payments to be paid over the lease term. Lease liabilities Lease liabilities are recognised at the net present value of the remaining future payments to be made over the lease term. The net present value is determined using a discount rate equivalent to the incremental borrowing rate of the leasing entity unless there is a rate implicit within the lease agreement. Subsequently, the value of the discount is recognised over the life of the lease on a reducing balance basis as lease interest in finance cost. The Group leases many properties around the world and lease terms vary from monthly up to 15 years. Many of these leases contain option clauses to extend the lease or break clauses to terminate the lease. The lease term recognised is the non- cancellable period of the lease plus any periods for which the Group is reasonably certain of exercising any extension options. The Group values its right-of-use assets and lease liabilities based on its intentions at the balance sheet date. Any change in these intentions is accounted for as a lease modification and the assets and liabilities are amended accordingly. Any resulting effect on the net assets of the Group would not be significant. Variable lease payments based on an index are estimated at the commencement date and revalued on an annual basis. Lease payments due within 12 months are classified as current liabilities. Payments due after 12 months are classified as non-current liabilities. Short-term leases and leases of low value assets Rental costs for leased assets that are for less than 12 months or are for assets with an individual value of less than \u00a35,000 are recognised directly in the income statement on a straight-line basis over the life of the lease. Group as lessor Finance leases Where the Group sub-lets a property right-of-use asset for substantially all the useful life of that asset, this is recognised as a finance lease. On commencement of a finance sub-lease, the property right-of-use asset is treated as disposed of and a net investment in lease, equivalent to the net present value of the future rent receipts is recognised as a receivable on the balance sheet (see note 13). The value of the discount is recognised over the life of the sub-lease on a reducing balance basis as interest income in finance income. Where the value of the receipts from the sub-lease is lower than the amount payable on the head-lease, we recognise a loss on disposal of the right-of-use asset in the income statement. Operating leases A right-of-use asset that is sub-let for less than its expected useful life is recognised as an operating lease and rental income is recognised as received in other income. We continue to recognise the property right-of-use asset on the consolidated balance sheet.
Accounting policy
Recognition and measurement
Financial assets and financial liabilities are initially recognised
at fair value. The Group classifies its financial instruments at:
amortised cost; fair value through other comprehensive income
(FVOCI); or fair value through profit or loss (FVPL). The
classification depends on the Group\u2019s business model for
managing its financial instruments and whether or not the cash
flows generated are \u201csolely payments of principal and interest\u201d.
Financial assets
\u2014 Financial assets at amortised cost are financial assets that
are held in order to collect the contractual cash flows and the
contractual terms give rise to cash flows that are solely
payments of principal and interest. These include: cash and
cash equivalents; trade and other receivables; clearing
member trading balances relating to certain collateralised
transactions; and other receivables from clearing members
of the CCP businesses.
\u2014 Financial assets at FVOCI \u2013 debt instruments are assets
where the objective is achieved by both collecting the
contractual cash flows and selling the asset. The contractual
cash flows received are solely payments of principal and
interest. They include quoted debt instruments (predominantly
government bonds) held by the CCP businesses, which are
used under the business model to both collect the contractual
cash flows and, on occasion, to profit from their sale.
Interest received from these assets is recognised in the income
statement as finance income. Where negative interest rates
apply, the interest is recognised in finance expense. Any
accumulated profit or loss previously recognised in other
comprehensive income is recycled to the income statement
on derecognition of the asset.
\u2014 Financial assets at FVOCI \u2013 equity instruments are strategic
equity investments which are held for the long-term but do not
give the Group control or significant influence. The Group has
irrevocably elected to classify these investments as FVOCI.
Dividends received from these investments are recognised in
the income statement within other income when the right of
receipt has been established. Accumulated gains or losses on
equity instruments remain in equity on derecognition and are
not recycled through the income statement.
\u2014 Financial assets at FVPL include all other financial assets not
classified as amortised cost or FVOCI. They include CCP
businesses\u2019 clearing member trading balances comprising
derivatives, as well as equity and debt instruments that are
marked to market on a daily basis.
Financial liabilities
\u2014 Financial liabilities at FVPL include the CCP businesses\u2019
clearing member trading balances, comprising derivatives,
as well as equity and debt instruments that are marked to
market on a daily basis.
\u2014 Financial liabilities at amortised cost are all financial liabilities
that are not classified as financial liabilities at FVPL. They
include trade and other payables, borrowings and other
payables to clearing members.
Impairment
The Group adopts a forward-looking approach to estimating
impairment losses on financial assets. An expected credit loss
(ECL) arises if the expected cash flows are lower than the
contractual cash flows due. The difference is discounted at the
asset\u2019s original effective interest rate and recognised as an
impairment of the original value of the asset.
\u2014 Financial assets at amortised cost \u2013 the ECL for trade
receivables (including fees receivable), contract assets, and
lease receivables is derived using the simplified approach
in IFRS 9 Financial Instruments to calculate a lifetime ECL.
The allowance is based on historical experience of collection
rates, adjusted for forward-looking factors specific to each
counterparty and the economic environment at large,
to create an expected loss matrix.
The ECL on other financial assets held at amortised cost is
measured using the general approach. An allowance is
calculated based on the 12-month ECL at each reporting
date unless there is a significant increase in the financial
instrument\u2019s credit risk, in which case a loss allowance based
on the lifetime ECL is calculated.
\u2014 Financial assets at FVOCI \u2013 debt instruments held at FVOCI
comprise high-quality government bonds that have a low credit
risk. The Group\u2019s policy is to calculate a 12-month ECL on
these assets. If there is a significant increase in credit risk,
then a lifetime ECL will be recognised. A significant increase in
credit risk is considered to have occurred when contractual
payments are more than 30 days past due.
\u2014 Financial assets at FVOCI \u2013 equity instruments are revalued
to fair value on a regular basis.
\u2014 Financial assets at FVPL \u2013 no ECL is calculated for assets held
at FVPL as any expected loss is already recognised in the
recorded fair value of the asset.
Offsetting
Financial assets and financial liabilities are offset and the net
amount reported in the balance sheet when there is a legally
enforceable right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the asset and
settle the liability simultaneously.
Fair value hierarchy
The Group uses the following valuation hierarchy for determining
and disclosing the fair value of financial instruments:
\u2014 Level 1: quoted (unadjusted) prices in active markets for
identical assets or liabilities;
\u2014 Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly; and
\u2014 Level 3: techniques which use inputs, which have a significant
effect on the recorded fair value, that are not based on
observable market data.
For Level 1, the fair value is based on market price quotations at
the reporting date.
For assets and liabilities classified as Level 2, the fair value is
calculated using one or more valuation techniques (e.g. the
market approach or the income approach) with market
observable inputs. The selection of the appropriate valuation
techniques may be affected by the availability and reliability of
the relevant inputs. The inputs may include currency rates,
interest rates, forward rate curves, and net asset values.
When observable market data is not available, the Group uses
one or more valuation techniques for which sufficient and reliable
data is available. The inputs used in estimating the fair value of
Level 3 financial instruments typically include expected timing and
amount of future cash flows, timing of settlement, discount rates
and the net asset values of certain investments.
The Group determines whether a transfer between levels has
occurred by reviewing the categorisation of assets and liabilities
at the end of each reporting period, based on the lowest level
input that is significant to the valuation.
Derivative financial instruments and hedging activities
Derivatives are initially recognised at fair value on the date
a derivative contract is entered into and are subsequently
remeasured to their fair value at regular intervals. The method
of recognising any resulting measurement gain or loss depends
on whether or not the derivative is designated as a hedging
instrument and the nature of the item being hedged.
The Group uses foreign exchange forward contracts to manage
its foreign exchange risk. It enters into a series of exchange
contracts to purchase or sell certain currencies against sterling
and US dollars in the future at fixed amounts. The Group has
embedded foreign currency derivatives, primarily in revenue
contracts where the currency of the contract is different from the
functional or local currencies of the parties involved. The Group
records these derivative instruments at fair value in the balance
sheet as either assets or liabilities. Changes in fair value are
recognised in the income statement.
The Group hedges a proportion of its net investment in foreign
subsidiaries by designating some euro and US dollar borrowings
and derivative instruments as net investment hedges. Any gain or
loss on the hedging instrument relating to the effective portion of
the hedge is recognised in other comprehensive income and
remains in the hedging reserve until the underlying asset or
liability is derecognised.
As part of the Group\u2019s interest rate management policy
(see note 17.5), the Group enters into derivative instruments to
convert a portion of its fixed rate debt into floating rate debt.
These derivative instruments have been designated as fair value
hedges. The carrying value of the hedged item is adjusted for
fair value changes attributable to the risk being hedged, with the
corresponding entry recorded in the income statement. Changes
in fair value of the derivative instruments are also recognised in
the income statement.
In order to qualify for hedge accounting, a transaction must meet
strict criteria regarding documentation, effectiveness, probability
of occurrence and reliability of measurement. We document the
relationship between hedging instruments and hedged items at
the inception of the transaction, as well as documenting the risk
management objectives and strategy for undertaking various
hedging transactions. The effectiveness of the hedge is tested at
each reporting date and at the commencement and conclusion
of any hedge in order to verify that it continues to satisfy all
the criteria for hedge accounting. Any ineffective portion is
recognised in the income statement as finance income
or expense.
Amounts that have accumulated through other comprehensive
income in the hedging reserve are recognised in the income
statement in the period when the hedged item affects profit or
loss (for example, when the forecast transaction that is hedged
takes place). When a hedging instrument expires or is sold, or
when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss remains in the hedging reserve:
it is only recognised in the income statement when the
forecast transaction itself is ultimately recognised in the income
statement. When a forecast transaction is no longer expected
to occur, the cumulative gain or loss that was reported through
other comprehensive income is immediately recognised in the
income statement.
The profit or loss on a derivative which is not designated
as a hedging instrument is recognised directly in the
income statement.
Accounting policy
The Group reports financial assets and financial liabilities
on a net basis on the balance sheet where there is a legally
enforceable right to offset the recognised amounts and there
is an intention to settle on a net basis, or to realise the asset and
settle the liabilities simultaneously .
The Group applies the rules of legal right of set off and intent to
net settle within its clearing member balances. The carrying values
of the balances are offset at an appropriate level to arrive at the
net balances reported in the balance sheet. The approach adopted
is reviewed on a regular basis to ensure it remains the most
appropriate. Any change in approach would not materially affect
the net assets of the Group.
Accounting policy The share capital of the Company is the number of shares in issue at their par value. It consists of balances relating to the Company\u2019s ordinary equity shares, own shares held by the Employee Benefit Trust (EBT) and any treasury shares held by the Company. Shares acquired by the Company from the open market as part of share buyback programmes are referred to as treasury shares and are held by the Company. The consideration payable is deducted from retained earnings. The par value of purchased treasury shares is recorded as a transfer from the Company\u2019s ordinary equity shares to treasury shares within share capital. No gain or loss is recognised by the Company in the income statement on the purchase, sale, issue or cancellation of the Company\u2019s treasury shares or of own shares held by the EBT
When the Company issues new shares to the EBT at par, the share
capital of the Company is increased by the par value of these own
shares, and a corresponding deduction or debit is recorded in the
share-based payment reserve.
The Company may also issue new shares to the EBT to satisfy
vesting of specific employee share schemes. These shares may be
issued at a subscription price above par value, reflecting the option
cost payable by the participant in the employee share scheme. In
such instances, the share capital of the Company is increased by
the par value of these own shares and the difference between the
subscription price and the par value is recorded in share premium.
A corresponding deduction or debit is recognised in the share-based
payment reserve.
Accounting policy Non-controlling interests The Group recognises non-controlling interests in a business either at fair value or at the non-controlling interest's proportionate share of the net assets. This treatment is determined on an acquisition-by-acquisition basis. After initial recognition, the carrying value of the non-controlling interest is adjusted for any changes in equity and the total comprehensive income attributable to the non-controlling interest holders, less dividends paid. Change in the ownership interest of a subsidiary company, without loss of control For acquisitions or disposals of non-controlling interests where control of the subsidiary remains with the Group, the difference between any consideration paid or received, and the relevant share of net assets acquired or sold, is recognised in equity
Accounting policy
The Group issues equity-settled share-based awards to certain
employees. The share-based payment expense recognised in
the income statement is determined by the fair value (using
a stochastic valuation model) of the options granted or shares
awarded at the date of grant. The calculated expenses are
recognised over the relevant vesting periods.
The fair value of the awards granted:
\u2014 includes any market performance conditions (for example,
Total Shareholder Return (TSR)); and
\u2014 excludes the impact of any service and non-market
performance vesting conditions (for example, the need
to remain an employee for a specified period of time).
In the very few countries where the Group cannot issue
equity-settled awards due to local restrictions, cash-settled
share-based awards are issued instead.
Accounting policy
Business combinations are accounted for using the
acquisition method:
\u2014 The cost of an acquisition is measured as the aggregate of the
consideration transferred and any contingent consideration,
which are measured at fair value, and the value of any
non-controlling interests in the acquiree.
\u2014 On an acquisition-by-acquisition basis, the Group elects
whether to measure the non-controlling interests in the
acquiree, if any, at fair value or at the proportionate share
of the acquiree\u2019s identifiable net assets (see note 19).
\u2014 Identifiable assets, liabilities and contingent liabilities
acquired are measured at fair value at acquisition date.
\u2014 Goodwill is initially measured at the amount by which the
aggregate of the consideration transferred and the amount
recognised for non-controlling interests (plus any previous
interest held), exceeds the net identifiable assets acquired
and liabilities assumed.
We evaluate the nature of any compensation for the selling
shareholders' continuing employment to determine if any
contingent payments are for post-combination employee
services. These are excluded from consideration and together
with other acquisition-related costs are classified as
non-underlying transaction costs in the income statement
(see note 2.3).
Accounting policy An operation is regarded as a discontinued operation if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "value": "1.1 Compliance with International Financial Reporting Standards (IFRS) The Group\u2019s consolidated financial statements are prepared in accordance with UK-adopted international accounting standards which are endorsed by the UK Endorsement Board. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "1.2 Basis of preparation The financial statements are prepared under the historical cost basis except for derivative financial instruments, debt and equity financial assets and contingent consideration which are measured at fair value. Going concern The financial statements have been prepared on a going concern basis. The Group\u2019s business activities (together with the factors likely to affect its future development, performance and position), its objectives, policies in managing risk and its capital are set out in the Strategic Report on pages 2 to 89. In addition: \u2014 the Group\u2019s borrowing facilities and respective repayment dates, and the net debt position of the Group, are included in note 16; and \u2014 the financial risk management objectives and policies of the Group, together with its exposure to capital, credit and concentration, country, liquidity, settlement, custodial and market risk are discussed in note 17.5. Business planning process The Group\u2019s forecasting and planning process includes the Group\u2019s three-year business plan. The business plan makes certain assumptions about the performance of the core revenue streams and segments, the use of existing product lines and the take up of new product lines. It also makes assumptions on appropriate levels of investment to support expected performance, known inorganic activity, the ability to refinance debt as required and expected returns to shareholders. Performance management The Group\u2019s performance is analysed monthly by management. Monthly results are reviewed and compared against the business plan, and previous and updated full year forecasts are also assessed. Key variances and associated drivers are reviewed and reported upon. Cash flows and liquidity headroom When performing our going concern assessment, the main factors considered are forecasts of the Group\u2019s cash flow and liquidity headroom (defined as undrawn committed facilities less issued commercial paper plus available cash), both of which are outputs of the business plan. The business plan is stress tested using severe but plausible downside scenarios as determined by the Financial Risk Committee over the full three-year plan period. The impact of these stress tests on the performance of core revenue streams and segments is modelled, with appropriate mitigating factors also considered. The outputs of this stress-testing on the Group\u2019s cash flow and liquidity are then evaluated against thresholds set by the Group\u2019s risk appetite. These thresholds include liquidity headroom and leverage ratio (operating net debt to adjusted earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) and before foreign exchange gains or losses). The scenarios modelled are included in the viability statement on page 89. No scenario over the three-year period leads to a breach in the Group\u2019s risk appetite thresholds or would mean the Group is unable to meet its obligations as a result of insufficient liquidity. A reverse stress test has also been completed, to evaluate the financial impacts that would breach the Group\u2019s risk appetite thresholds. We concluded that the scenarios required to breach the thresholds are all deemed improbable. Conclusion The Directors, therefore, consider there to be no material uncertainties that may cast significant doubt on the Group's ability to continue to operate as a going concern. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the date when these financial statements are authorised for issue. Accordingly, the going concern basis has been adopted in the preparation of these financial statements. Presentation of income statement The Group uses a columnar format for the presentation of its consolidated income statement to separately identify results before non-underlying items (\u201cadjusted\u201d). This is consistent with the way that financial performance is measured by management and reported to the Executive Committee and Board (see note 2). Current and non-current classification The Group presents assets and liabilities in the balance sheet based on current and non-current classification. An asset is current when it is: \u2014 Held primarily for trading purposes; \u2014 Expected to be realised within one year from the reporting date; \u2014 Expected to be realised or intended to be sold or consumed in the course of the Group\u2019s operating cycle; or \u2014 Cash or cash equivalents. All other assets are classified as non-current. A liability is current when it is: \u2014 Held primarily for trading purposes; \u2014 Expected to be settled in the course of the Group\u2019s operating cycle; or \u2014 Due to be settled within one year from the reporting date. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "Going concern The financial statements have been prepared on a going concern basis. The Group\u2019s business activities (together with the factors likely to affect its future development, performance and position), its objectives, policies in managing risk and its capital are set out in the Strategic Report on pages 2 to 89. In addition: \u2014 the Group\u2019s borrowing facilities and respective repayment dates, and the net debt position of the Group, are included in note 16; and \u2014 the financial risk management objectives and policies of the Group, together with its exposure to capital, credit and concentration, country, liquidity, settlement, custodial and market risk are discussed in note 17.5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "1.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated from the date on which control is obtained by the Group. They are deconsolidated from the date on which control ceases. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of subsidiaries are consolidated for the period to 31 December, even if the subsidiary\u2019s financial year-end is different. The principal operating subsidiaries of the Group are given below and a full list of subsidiaries is given in note 10.1 of the Company financial statements.
Country of Group
incorporation ultimate
and principal economic
Name
Principal activity
operations interest %
Banque Centrale de CCP clearing
France
82.61
Compensation SA (LCH SA) services
Financial & Risk
IP owner
England &
100.00
Organisation Limited Wales
Frank Russell Company
Market indices
USA
100.00
provider
FTSE International Limited
Market indices
England & 100.00
provider Wales
LCH Limited
CCP clearing
England & 82.61
services Wales
London Stock Recognised England & 100.00
Exchange plc investment Wales
exchange
Refinitiv Asia Pte Ltd
Market and financial
Singapore
100.00
data provider
Refinitiv France SAS
Market and financial
France
100.00
data provider
Refinitiv Germany GmbH
Market and financial
Germany
100.00
data provider
Refinitiv Hong Kong Market and financial Jersey 100.00
Limited data provider
Refinitiv Japan KK
Market and financial
Japan
100.00
data provider
Refinitiv Limited
Market and financial
England & 100.00
data provider Wales
Refinitiv US LLC
Market and financial
USA
100.00
data provider
Tradeweb Markets LLC
Multilateral trading
USA
51.01
facility
1 1 Operates in Hong Kong. The acquisition method of accounting is used by the Group to account for business combinations (see note 21). Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, balance sheet and statement of changes in equity (see note 19). Intercompany transactions and balances between group companies are eliminated on consolidation. Where necessary, adjustments are made to the results of subsidiaries and associates to bring their accounting policies in line with those of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "1.4 Foreign currencies Functional and presentation currency The consolidated financial statements are presented in sterling, which is also the functional currency of London Stock Exchange Group plc, the Company. The Group determines the functional currency for each of its subsidiary entities and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances in foreign currencies Transactions in foreign currencies are initially recorded and translated into the functional currency of the relevant Group entity at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency of the entity at the exchange rate prevailing at the reporting date. Foreign exchange gains and losses resulting from the settlement of such foreign currency transactions or from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, either within operating expenses or finance income or costs, depending on the nature of the item or transaction. Non-monetary items measured at historical cost are not retranslated. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the exchange rate at the date when the fair value was determined. The foreign exchange gain or loss on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. This means: \u2014 foreign exchange gains and losses on non-monetary assets and liabilities held at fair value through profit or loss are recognised in the income statement (within operating expenses); and \u2014 foreign exchange gains and losses on non-monetary assets classified as at fair value through other comprehensive income are recognised in other comprehensive income. Translation of non-sterling entities on consolidation The results and financial position of all Group entities that have a non-sterling functional currency are translated into sterling on consolidation into the Group\u2019s results as follows: \u2014 assets and liabilities (including goodwill, purchased intangible assets and fair value adjustments 1 ) are translated at the reporting date exchange rates; \u2014 income and expenses and other comprehensive income are translated at the average exchange rate for each month. Where this average is not a reasonable approximation of the rate prevailing on the date of a material transaction, these items are translated at the rate on the date of the transaction; and \u2014 all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of net investments in foreign operations, borrowings and other currency instruments designated as hedging instruments (see note 17.4) are recognised in other comprehensive income. On disposal of a foreign currency operation, the cumulative exchange differences previously recognised in other comprehensive income relating to that operation are reclassified to the income statement as part of the profit or loss on disposal. 1 Any goodwill and any fair value adjustments to the carrying amounts of assets and liabilities on the acquisition of a foreign operation are treated as assets and liabilitie", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "value": "Functional and presentation currency The consolidated financial statements are presented in sterling, which is also the functional currency of London Stock Exchange Group plc, the Company. The Group determines the functional currency for each of its subsidiary entities and items included in the financial statements of each entity are measured using that functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "
1.5 New and amended standards and interpretations
Standards, interpretations and amendments to published
standards effective for the year ended 31 December 2023
During the year, the following amendments to standards became
effective. These have not had a material impact on the Group\u2019s
financial statements:
\u2014 IFRS 17 Insurance Contracts, including amendments to IFRS 17
(and initial application of IFRS 17 and IFRS 9 Financial Instruments \u2013
comparative information);
\u2014 Amendments to IAS 1 Presentation of Financial Statements and
IFRS Practice Statement 2: Disclosure of accounting policies;
\u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors: Definition of accounting estimates;
\u2014 Amendments to IAS 12 Income Taxes: Deferred tax related to
assets and liabilities arising from a single transaction; and
\u2014 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013
Pillar Two Model Rules. The Amendments introduce a mandatory
temporary exception from the recognition and disclosure of deferred
taxes arising from implementation of the Pillar Two Model Rules. The
Group has applied this mandatory temporary exception (see note 6).
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "1.5 New and amended standards and interpretations Standards, interpretations and amendments to published standards effective for the year ended 31 December 2023 During the year, the following amendments to standards became effective. These have not had a material impact on the Group\u2019s financial statements: \u2014 IFRS 17 Insurance Contracts, including amendments to IFRS 17 (and initial application of IFRS 17 and IFRS 9 Financial Instruments \u2013 comparative information); \u2014 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of accounting policies; \u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of accounting estimates; \u2014 Amendments to IAS 12 Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction; and \u2014 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules. The Amendments introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the Pillar Two Model Rules. The Group has applied this mandatory temporary exception (see note 6). Standards, interpretations and amendments to published standards which are not yet effective New and amended standards that have been issued, but are not yet effective, up to the date of the Group\u2019s financial statements are disclosed below. We intend to adopt these, if applicable, when they become effective. These amendments are not expected to have a material impact on the Group\u2019s financial statements.
International accounting standards and interpretations
Effective date
Amendments to IFRS 16 Leases: Lease liability in a sale 1 January 2024
and leaseback
Amendments to IAS 1: 1 January 2024
\u2014 Classification of liabilities as current or non-current; and
\u2014 Non-current liabilities and covenants
Amendments to IAS 7 Statement of Cash Flows 1 January 2024
and IFRS 7 Financial Instruments Disclosures:
Supplier finance arrangements
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of exchangeability
1 January 2025
1 1 Not yet endorsed by UK Endorsement Board .", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "value": "1.6 Significant accounting estimates, assumptions and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Estimates, assumptions and judgements are regularly reviewed based on historical experience, current circumstances and expectations of future events. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates. Significant accounting estimates and assumptions are those that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Significant judgements are those made by management in applying the Group\u2019s significant accounting policies that have a material impact on the amounts presented in the financial statements. Significant judgement may be exercised in management\u2019s accounting estimates and assumptions. Estimates, assumptions and judgements are described in the relevant notes to the financial statements (identified by the following symbol )
Significant
estimates
and Significant
Note assumptions judgement
2.3
Non-underlying items
\u25cf
6.3
Uncertain tax positions
\u25cf
\u25cf
9
Intangible assets
\u25cf
12
Pension and other retirement
\u25cf
\u25cf
benefit schemes
Management has discussed significant accounting estimates, assumptions and judgements with the Audit Committee. Significant accounting judgements The Group uses its judgement to classify items as non-underlying. Income or expenses are recognised and classified as non-underlying when the following criteria are met: \u2014 The item does not arise in the normal course of business; and \u2014 The items are material by amount or nature. Non-underlying items include: \u2014 Amortisation and impairment of goodwill and purchased intangible assets. Purchased intangible assets include customer relationships, trade names, and databases and content, all of which are as a result of acquisitions; \u2014 Incremental amortisation and impairment of any fair value adjustments of intangible assets recognised as a result of acquisitions; \u2014 Other income or expenses not considered to drive the operating results of the Group including transaction, integration and separation costs related to acquisitions and disposals of businesses as well as significant restructuring costs; and \u2014 Tax on non-underlying items and non-underlying tax items. When items meet the criteria, they are recognised and classified as non-underlying and this is applied consistently from year to year. Any releases to provisions originally booked as a non-underlying item are also classified as non-underlying. After the acquisition of a business, revenue generated and operating costs incurred by that business are not classified as non-underlying. Significant accounting judgements and estimates Uncertain tax positions The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and can be subject to interpretation by management and government authorities. These matters of judgement sometimes give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. In accordance with IFRIC 23 Uncertainty over Income Tax Treatments, provisions are estimated based on one of two methods: \u2014 the expected value method (the sum of the probability weighted amounts in a range of possible outcomes); or \u2014 the single most likely amount method. The method chosen depends on which is expected to better predict the resolution of the uncertainty. Due to the uncertainty associated with tax audits it is possible that, at some future date, liabilities resulting from such audits or related litigation could vary significantly from our provisions. This would require the Group to make an adjustment in a subsequent period which could have a material impact on the Group\u2019s results.
Significant accounting estimates and assumptions
Intangible assets acquired as part of a business combination
The fair value of acquired intangible assets (and therefore the
resulting goodwill recognised on acquisition) is significantly
affected by a number of factors. These include management\u2019s
best estimates of future performance (i.e. forecast revenue,
expected revenue attrition, forecast operating margin), any
contributory assets charges and estimates of the return required
to determine an appropriate discount rate (in order to calculate
the net present value of the assets).
Recoverable amounts of CGUs
The recoverable amounts of CGUs are based on value-in-use
calculations. The value-in-use calculations use cash flow
projections based on business plans prepared by management
for the three-year period ending 31 December 2026. In assessing
value-in-use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and
the risks specific to the CGUs.
Estimated useful economic lives
Intangible assets are amortised over their estimated useful
economic lives, being management\u2019s best estimate of the
period over which value from the intangible assets is realised.
In determining useful economic life, management considers
a number of factors including: customer attrition rates;
product upgrade cycles for software and technology assets;
market participant perspectives of brands; and pace of change
of regulation.
Significant accounting judgements
The Group judges that, on the winding up of the defined benefit
schemes, it can expect any remaining pension surplus to be
refunded in full to the Group. In line with the current accounting
standards, it therefore continues to recognise these retirement
benefit assets on the balance sheet in full.
Significant accounting estimates and assumptions
Defined benefit pension liabilities are determined based on the
present value of future pension obligations using assumptions
determined by the Group with advice from an independent
qualified actuary. An actuarial valuation involves making various
assumptions that may differ from what actually happens in
the future.
The assumptions that are the most significant to the amounts
reported are the discount rate, inflation rate, salary growth and
mortality levels. Assumptions about these variables are based
on the environment in each country. Due to the complexities
involved in a valuation, and its long-term nature, a defined benefit
obligation is highly sensitive to changes in these assumptions.
In particular, changes to the discount rate and inflation rate,
could result in material changes to the carrying amounts of the
Group\u2019s pension and other post-retirement benefit obligations
within the next financial year.
Significant accounting estimates and assumptions
See note 9 for the significant accounting estimates of intangible
assets acquired as part of a business combination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "1.7 Climate change We have considered the impact of climate change on the Group\u2019s operations as outlined in the risks disclosed on pages 63 to 68 of the Strategic Report as well as in the Sustainability Report. We have also reviewed the potential impact of climate change on the Group\u2019s financial results and position. The areas that are deemed to be most relevant to climate change are set out below. Based on an assessment in each area, we have concluded that climate change is not currently expected to have a material impact on the Group\u2019s financial position, estimates or judgements. The directors monitor this on an ongoing basis. \u2014 Going concern and viability \u2013 The Group has committed to a long-term ambition to achieve net zero by 2040 and has set targets to reduce selected carbon emissions by 50% by 2030. There is no other direct impact on the viability of the Group. There is no climate- related scenario that is deemed to have a probable likelihood of occurring which could impact the Group\u2019s going concern assessment. \u2014 Impairment of goodwill and intangible assets \u2013 Forecasted cash flows are not expected to be impacted materially by climate change over the period for which forecasts have been prepared, due to the nature of the Group\u2019s revenue streams. The impact on costs mainly relates to reducing our carbon footprint by encouraging responsible employee travel and purchasing carbon credits. \u2014 Useful lives of assets \u2013 The Group\u2019s assets consist mainly of property and IT equipment. Given the type of IT equipment owned by the Group, there is no expected impact of climate change on the future useful lives of these assets. The useful lives of our property could be impacted by climate change in the form of physical obsolescence of assets or because of a natural disaster (such as flooding), however any such impact on the carrying value of related assets is not deemed material. \u2014 Deferred tax assets \u2013 Deferred tax asset recoverability can be affected by climate if there is an expectation that it will impact on the future taxable profits that are expected to be generated. The revenue of the Group is of such a nature that it is not expected to be impacted materially by climate change over the period for which forecasts are prepared. There is a potential reduction in costs as we reduce our carbon footprint and encourage responsible employee travel. \u2014 Valuation of pension scheme assets and defined benefit liabilities \u2013 Changes in interest rates, as a result of climate change, could impact the future valuation of pension scheme assets and defined benefit liabilities. While these are considered in the valuation, there was no discernible impact from climate change on the current year\u2019s valuation. \u2014 Trade and other receivables \u2013 The Group has a diverse client base that operates in various industries. The Group\u2019s expected credit loss provision considers the credit risk of its client base, which could be impacted by the assessment of climate change in a particular market or industry. Given that receivables are mainly due within one year, the impact of climate change in the short term is unlikely to be material. \u2014 Revenue \u2013 We provide a range of climate-related products and services such as admission on the voluntary carbon market and the sustainable bond market. Revenue earned from these are not deemed material revenue streams, but support the Group in enabling others to purchase carbon credits to aid in the fight against climate change. \u2014 Expenses \u2013 To support our long-term ambition to achieve net zero, the Group purchases carbon credits to offset the impact of the Group\u2019s carbon emissions. The cost of purchasing these has been minimal during the current year, as credits purchased during prior years were sufficient to cover emissions during the current financial year. Any additional credits required will be purchased once the Group\u2019s emissions for the year have been calculated. ", "dimensions": { "concept": "lseg:DisclosureOfClimateChangeExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "value": "2. Segment information The Group reports three main operating segments: \u2014 Data & Analytics \u2013 provider of financial data, indices and analytics \u2014 Capital Markets \u2013 global operator of capital raising and trading venues in multiple asset classes \u2014 Post Trade \u2013 provider of clearing, risk management and capital optimisation solutions With effect from 2024, we are changing our reporting structure, simplifying our Data & Analytics reporting under product lines and aligning divisional disclosure with new management reporting lines. Accounting policy IFRS 8 Operating Segments requires operating segments to be identified on the same basis as is reported internally for the review of performance and allocation of resources by the \u201cchief operating decision maker\u201d. For the Group, this is the Executive Committee. The Executive Committee uses \u201cadjusted\u201d measures including adjusted EBITDA to assess the profitability and performance of the operating segments. The \u201cadjusted\u201d measures reported by the Group are: \u2014 Adjusted operating expenses before depreciation, amortisation and impairment \u2014 Adjusted EBITDA \u2014 Adjusted depreciation, amortisation and impairment \u2014 Adjusted operating profit \u2014 Adjusted net finance costs \u2014 Adjusted profit before tax \u2014 Adjusted profit for the year1 \u2014 Adjusted earnings per share (EPS)1 These measures are not measures of performance under IFRS and should be considered in addition to, and not as a substitute for, IFRS measures of financial performance and liquidity. Adjusted performance measures provide supplemental data relevant to an understanding of the Group\u2019s financial performance and exclude non-underlying items of income and expense that are material by their size and/or nature (see note 2.3). 1 Adjusted profit for the year is used to calculate adjusted EPS and is reconciled to profit before taxation in the EPS note and on the face of the income statement .
2.1 Segment results
Results, including adjusted EBITDA, by operating segment for the year ended 31 December 2023 are as follows:
Data & Capital
Analytics Markets Post Trade Other Group
Continuing operations
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
3.1
5,637
1,546
878
\u2013
8,061
Net treasury income from CCP clearing business
3.1
\u2013
\u2013
289
\u2013
289
Other income
3.1
\u2013
\u2013
\u2013
29
29
Total income
5,637
1,546
1,167
29
8,379
Cost of sales
(913)
(35)
(195)
\u2013
(1,143)
Gross profit
4,724
1,511
972
29
7,236
Adjusted operating expenses before depreciation,
amortisation and impairment
4
(2,348)
(715)
(403)
(8)
(3,474)
Income from equity investments
\u2013
\u2013
\u2013
15
15
Adjusted EBITDA
2,376
796
569
36
3,777
Adjusted depreciation, amortisation and impairment
9, 10
(664)
(128)
(123)
\u2013
(915)
Adjusted operating profit
1,712
668
446
36
2,862
1
1 Data & Analytics revenue includes recoveries of \u00a3370 million. Post Trade revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of \u00a35 million
which comprises gross settlement income of \u00a346 million less gross settlement expenses of \u00a341 million.
Results, including adjusted EBITDA, by operating segment for the year ended 31 December 2022 are as follows:
Data & Capital
Analytics Markets Post Trade Other Group
Continuing operations
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
3.1
5,259
1,459
736
\u2013
7,454
Net treasury income from CCP clearing business
3.1
\u2013
\u2013
255
\u2013
255
Other income
3.1
\u2013
\u2013
\u2013
34
34
Total income
5,259
1,459
991
34
7,743
Cost of sales
(879)
(34)
(150)
(1)
(1,064)
Gross profit
4,380
1,425
841
33
6,679
Adjusted operating expenses before depreciation,
amortisation and impairment
4
(2,142)
(665)
(324)
(9)
(3,140)
Income from equity investments
\u2013
\u2013
\u2013
12
12
Share of loss after tax of associates
\u2013
\u2013
\u2013
(1)
(1)
Adjusted EBITDA
2,238
760
517
35
3,550
Adjusted depreciation, amortisation and impairment
9, 10
(607)
(103)
(112)
\u2013
(822)
Adjusted operating profit
1,631
657
405
35
2,728
1
1 Data & Analytics revenue includes recoveries of \u00a3315 million. Post Trade revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of \u00a312 million
which comprises gross settlement income of \u00a347 million less gross settlement expenses of \u00a335 million.
2.2 Adjusted EBITDA and adjusted operating profit
Adjusted EBITDA and adjusted operating profit reconcile to operating
profit and profit before tax as follows:
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Adjusted EBITDA
3,777
3,550
Adjusted depreciation, amortisation
and impairment
9, 10
(915)
(822)
Adjusted operating profit
2,862
2,728
Non-underlying operating expenses
before interest, tax, depreciation,
amortisation and impairment
2.3
(263)
(233)
Non-underlying depreciation,
amortisation and impairment
2.3, 9, 10
(1,228)
(1,078)
Operating profit
1,371
1,417
Net finance costs (including
non-underlying items)
5
(176)
(176)
Profit before tax
1,195
1,241
2.3 Non-underlying items
The Group separately identifies results before non-underlying items
(we refer to these results as \u201cadjusted\u201d). This note explains the main
non-underlying items in the year, most of which have arisen as a result
of acquisition and subsequent integration activity.
Significant accounting judgements The Group uses its judgement to classify items as non-underlying. Income or expenses are recognised and classified as non-underlying when the following criteria are met: \u2014 The item does not arise in the normal course of business; and \u2014 The items are material by amount or nature. Non-underlying items include: \u2014 Amortisation and impairment of goodwill and purchased intangible assets. Purchased intangible assets include customer relationships, trade names, and databases and content, all of which are as a result of acquisitions; \u2014 Incremental amortisation and impairment of any fair value adjustments of intangible assets recognised as a result of acquisitions; \u2014 Other income or expenses not considered to drive the operating results of the Group including transaction, integration and separation costs related to acquisitions and disposals of businesses as well as significant restructuring costs; and \u2014 Tax on non-underlying items and non-underlying tax items. When items meet the criteria, they are recognised and classified as non-underlying and this is applied consistently from year to year. Any releases to provisions originally booked as a non-underlying item are also classified as non-underlying. After the acquisition of a business, revenue generated and operating costs incurred by that business are not classified as non-underlying
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Non-underlying operating expenses
before interest, tax, depreciation,
amortisation and impairment
Transaction costs
85
85
Integration and separation costs
211
278
Restructuring and other costs
36
26
332
389
Profit on disposal of property,
plant and equipment
\u2013
(133)
Remeasurement gain
21.1
(69)
(23)
(69)
(156)
Non-underlying operating expenses
before interest, tax, depreciation,
amortisation and impairment
263
233
Non-underlying depreciation,
amortisation and impairment
Amortisation of purchased
intangible assets
9
1,057
1,013
Amortisation and impairment of
software and other intangible assets
9
148
31
Depreciation and impairment of
property, plant and equipment
10
23
27
Impairment of other
non-current assets
\u2013
7
1,228
1,078
Non-underlying items before
interest and tax
1,491
1,311
Non-underlying finance costs
5.2
6
16
Non-underlying items before tax
1,497
1,327
Non-underlying tax
6.1
(378)
(278)
Non-underlying items after tax
1,119
1,049
Transaction costs mainly relate to the following:
\u2014 Acadia and Yieldbroker acquisition costs \u2013 \u00a310 million
(2022: \u00a33 million) (see note 21.4).
\u2014 Employment-linked management incentives for the MayStreet Inc.
(MayStreet) and TORA Holdings, Inc. (TORA) acquisitions,
and MayStreet earn-out arrangement costs \u2013 \u00a334 million
(2022: \u00a325 million).
\u2014 Fair value gain on the contingent consideration payable resulting
from the acquisition of Quantile Group Limited (Quantile) in
2022 \u2013 \u00a317 million (2022: nil).
\u2014 Refinitiv acquisition costs \u2013 \u00a339 million (2022: \u00a336 million) mainly
relating to changes in the tax indemnity receivable from and
payable to Thomson Reuters.
Integration and separation costs mainly consist of costs
to integrate Refinitiv of \u00a3209 million (2022: \u00a3242 million) and other
recent acquisitions.
Prior to the acquisition of Acadia on 31 March 2023, LSEG held a 14%
equity interest in Acadia. The acquisition date fair value of the previously
held interest resulted in a remeasurement gain of \u00a369 million (see note
21.1). In 2022, the acquisition of Global Data Consortium, Inc. (GDC)
resulted in a \u00a323 million remeasurement gain on the previously
held 11% interest.
Amortisation and impairment of intangible assets of \u00a31,205 million
(2022: \u00a31,044 million) mainly relates to the amortisation of intangible
assets recognised as a result of the acquisition of Refinitiv.
We have continued to review our property needs following the
acquisition of Refinitiv. This has resulted in impairment of right-of-use
property assets of \u00a322 million (2022: \u00a312 million).
The non-underlying tax benefit of \u00a3378 million (2022: \u00a3278 million)
mainly reflects the tax impact of the Group\u2019s non-underlying items
(computed based on the tax rates applicable to the respective
territories).
2.4 Segment assets
Total non-current assets (excluding financial instruments, deferred tax
assets and retirement benefit assets) broken down by asset location,
is shown in the following table:
2023
\u00a3m
2022
\u00a3m
UK 8,760 9,340
USA 19,853 20,882
Europe, excluding UK 3,823 4,174
Asia 1,078 1,104
Other 377 397
Total 33,891 35,897
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "value": "Accounting policy IFRS 8 Operating Segments requires operating segments to be identified on the same basis as is reported internally for the review of performance and allocation of resources by the \u201cchief operating decision maker\u201d. For the Group, this is the Executive Committee. The Executive Committee uses \u201cadjusted\u201d measures including adjusted EBITDA to assess the profitability and performance of the operating segments. The \u201cadjusted\u201d measures reported by the Group are: \u2014 Adjusted operating expenses before depreciation, amortisation and impairment \u2014 Adjusted EBITDA \u2014 Adjusted depreciation, amortisation and impairment \u2014 Adjusted operating profit \u2014 Adjusted net finance costs \u2014 Adjusted profit before tax \u2014 Adjusted profit for the year1 \u2014 Adjusted earnings per share (EPS)1
These measures are not measures of performance under IFRS and
should be considered in addition to, and not as a substitute for,
IFRS measures of financial performance and liquidity. Adjusted
performance measures provide supplemental data relevant to an
understanding of the Group\u2019s financial performance and exclude
non-underlying items of income and expense that are material by
their size and/or nature (see note 2.3).
1 Adjusted profit for the year is used to calculate adjusted EPS and is reconciled to profit
before taxation in the EPS note and on the face of the income statement .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "value": "3. Total income and contract liabilities We report total income, which consists of revenue, net treasury income and other income. Most of the Group\u2019s revenue is generated by the Data & Analytics division. By geographic location, around two-thirds of the Group\u2019s revenue is earned in the UK and USA. 3.1. Total income Accounting policy Revenue The main source of revenue for the Group is fees for services provided. Revenue is measured based on the consideration specified in a contract with a customer. The following are excluded from revenue: \u2014 value added tax and other sales related taxes; \u2014 certain revenue share arrangements (whereby as part of an agreement amounts are due back to the customer); and \u2014 certain pass-through costs where the Group acts as an agent and has arrangements to recover specific costs from its customers with no mark-up. The Group recognises revenue as services are performed and as it satisfies its obligations to provide a product or service to a customer. The Group\u2019s revenue accounting policies are set out below: Data & Analytics The Data & Analytics division generates revenue by providing information and data products including indexes, benchmarks, real-time pricing data and trade reporting and reconciliation services. Data subscription and index licence fees are recognised over the licence or usage period in line with the Group\u2019s obligation to deliver data consistently throughout the licence period. Services are billed on a monthly, quarterly or annual basis. Other information services include licences to the regulatory news service and reference data businesses. Revenue from licences that grant the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is granted or service is delivered. Various brokerage processing, risk solutions and professional services, which are generally billed in arrears, are recognised as revenue at the point in time when the Group meets its obligation to complete the transaction or service. Recoveries consist of fees for third-party content, such as exchange data that is distributed directly to customers, and communications fees. Recoveries are generally recognised over the contract term. Capital Markets Revenue in the Capital Markets division is generated from: Primary and Secondary market services; contracts to develop capital market technology solutions; software licences; network connections; and hosting services. We have assessed that primary market initial admission and the ongoing listing services represent one performance obligation. The Group therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services. All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced. The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation to the length of a customer listing, which is subject to factors outside the Group\u2019s control. It also includes a forward-looking element in respect of the expected listing period based on market movements. We reassess the estimated service periods at each reporting date. The current estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on similar performance obligations. We estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year. Primary market annual fees, secondary market membership and subscription fees are generally paid in advance on the first day of membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates, as this reflects the extent of the Group\u2019s progress towards completion of the performance obligation under the contract. Revenue from secondary market trading and associated capital market services is recognised on a per transaction basis at the point that the service is provided. Capital markets software licence contracts contain multiple deliverables including: providing licences; installing software; and ongoing maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone selling price. Revenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as the Group incurs costs on the contract. Transaction and commission fees are earned from transactions that are executed on the Group's electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or executed when an individual transaction occurs. Revenue is only recognised to the extent that it is highly probable that a significant reversal of the revenue will not occur (\u2018minimum expected revenue\u2019). Network connection, subscription and hosting services revenues are recognised on a straight-line basis over the period to which the fee relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the performance obligation. Post Trade Revenue in the Post Trade division is generated from clearing, settlement and other post trade services. Over-the-counter (OTC) derivatives, and securities clearing and reporting generate fees from: individual transactions or contracts cleared and settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point in time when the Group meets its obligations to complete the transaction or service. Revenue is recognised and billed monthly in arrears. Certain customers have a fixed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as the Group fulfils its obligations to maintain the availability of the clearing system to that customer. Non-cash collateral fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis over the service period, representing the continuous transfer of services during that time. Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction. Those customer contracts across the Group that contain a single performance obligation at a fixed price do not require variable consideration to be calculated. However, some businesses in the Group provide services to customers under a tiered or tariff pricing structure that generates a degree of variability in the revenue streams from the contract as a result of additional charges or discounts given. Where the future revenue from a contract varies due to factors that are outside the Group\u2019s control, the Group limits the total transaction price at contract inception and recognises the minimum expected revenue guaranteed by the terms of the contract over the contract period. Any variable element is subsequently recognised in the period in which the variable condition is satisfied and there is no significant risk of reversal of that revenue. Rebates given to customers as part of an operating agreement are calculated on a pro-rata basis on revenue earned and recognised as they fall due. The Group does not have any contracts where the period between the transfer of services to a customer and when the customer is expected to pay for that service is longer than one year. As a result, no adjustments are made to revenue for any financing component. Net treasury income Net treasury income is generated from two sources. Firstly, the CCP businesses securely invest the cash collateral lodged with them and earn treasury income from various investments (including government debt and reverse repos) and cash deposits with central banks. At the same time, the CCPs pay interest at an overnight benchmark rate to their members on the collateral placed with the business, whilst charging a spread on that rate as a fee. This spread provides the second source of income. The resulting net treasury income is recognised within total income and disclosed separately from revenue. Other income Other income typically relates to operating lease income and fees from service agreements. Such fees are generated from the provision of events and media services, which are typically recognised at the point the service is rendered. Cost of sales Cost of sales comprises: \u2014 Data and licence fees; \u2014 Data feed costs; \u2014 Royalties; \u2014 Expenses incurred in respect of profit share arrangements; \u2014 Costs directly attributable to the construction and delivery of goods or services; and \u2014 Any other costs linked and directly incurred to generate revenues and provide services to customers. Profit share expenses recognised as cost of sales relate to a small number of arrangements with certain customers where the payment to the customer is linked to the total profit of the particular business concerned.
The Group\u2019s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December
2023 is shown below:
Data & Capital
Analytics Markets Post Trade Other Group
Continuing operations
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Major product and service lines
Trading & banking solutions
1,656
\u2013
\u2013
\u2013
1,656
Enterprise data solutions
1,411
\u2013
\u2013
\u2013
1,411
Investment solutions
1,423
\u2013
\u2013
\u2013
1,423
Wealth solutions
285
\u2013
\u2013
\u2013
285
Customer &
third-party risk solutions
492
\u2013
\u2013
\u2013
492
Recoveries
370
\u2013
\u2013
\u2013
370
Equities
\u2013
227
\u2013
\u2013
227
FX
\u2013
251
\u2013
\u2013
251
Fixed income, derivatives and other
\u2013
1,068
\u2013
\u2013
1,068
OTC derivatives
\u2013
\u2013
517
\u2013
517
Securities & reporting
\u2013
\u2013
254
\u2013
254
Non-cash collateral
\u2013
\u2013
107
\u2013
107
Total revenue
5,637
1,546
878
\u2013
8,061
Net treasury income
3.2
\u2013
\u2013
289
\u2013
289
Other income
\u2013
\u2013
\u2013
29
29
Total income
5,637
1,546
1,167
29
8,379
Timing of revenue recognition
Services satisfied at a point in time
201
1,055
458
\u2013
1,714
Services satisfied over time
5,436
491
420
\u2013
6,347
Total revenue
5,637
1,546
878
\u2013
8,061
1
1
1
1 From 1 January 2023 onwards, foreign exchange related items associated with embedded derivatives, previously included in Recoveries have been recognised within the appropriate
Data & Analytics revenue lines, primarily Trading & banking solutions and Enterprise data solutions, as this is where the corresponding contractual revenue is recorded. The 2022 results
have not been restated. In 2022, the embedded derivatives foreign exchange impact reduced Recoveries by \u00a343 million.
The Group\u2019s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December
2022 is shown below:
Data & Capital
Analytics Markets Post Trade Other Group
Continuing operations
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Major product and service lines
Trading & banking solutions
1,612
\u2013
\u2013
\u2013
1,612
Enterprise data solutions
1,307
\u2013
\u2013
\u2013
1,307
Investment solutions
1,325
\u2013
\u2013
\u2013
1,325
Wealth solutions
275
\u2013
\u2013
\u2013
275
Customer & third-party risk solutions
425
\u2013
\u2013
\u2013
425
Recoveries
315
\u2013
\u2013
\u2013
315
Equities
\u2013
248
\u2013
\u2013
248
FX
\u2013
258
\u2013
\u2013
258
Fixed income, derivatives and other
\u2013
953
\u2013
\u2013
953
OTC derivatives
\u2013
\u2013
402
\u2013
402
Securities & reporting
\u2013
\u2013
234
\u2013
234
Non-cash collateral
\u2013
\u2013
100
\u2013
100
Total revenue
5,259
1,459
736
\u2013
7,454
Net treasury income
3.2
\u2013
\u2013
255
\u2013
255
Other income
\u2013
\u2013
\u2013
34
34
Total income
5,259
1,459
991
34
7,743
Timing of revenue recognition
Services satisfied at a point in time
173
978
393
\u2013
1,544
Services satisfied over time
5,086
481
343
\u2013
5,910
Total revenue
5,259
1,459
736
\u2013
7,454
1
1 In 2023, the timing of revenue recognition classification was assessed and has resulted in 2022 revenue of \u00a337 million and \u00a3328 million, for Capital Markets and Post Trade respectively,
previously classified as at a point in time now being shown as over time.
3.2 Net treasury income
Net treasury income is earned from instruments held at amortised cost
or fair value as follows:
2023 2022
Continuing operations \u00a3m \u00a3m
Instruments held at amortised cost
Treasury income on assets
4,122
994
Treasury income on liabilities
\u2013
218
Treasury expense on assets
(959)
(159)
Treasury expense on liabilities
(4,041)
(1,352)
Cash collateral fee
272
230
Net expense from instruments held at
amortised cost
(606)
(69)
Instruments held at fair value
Treasury income
896
326
Treasury expense
(1)
(2)
Net income from instruments held at fair value
895
324
Net treasury income
289
255
1
For 2022,
treasury income and expense on assets and liabilities held at amortised cost and
at fair value have been represented to show the gross income and expenses by category,
1
2
2
which is consistent with disclosure for 2023.
2 Treasury income on liabilities and treasury expense on assets represent amounts that earned
negative interest rates.
3.3 Total revenue by geographical location
The Group\u2019s revenue from continuing operations disaggregated by
geographical location of service provided is as follows:
Continuing operations
2023
\u00a3m
2022
\u00a3m
UK 2,494 2,292
USA 2,953 2,685
Europe, excluding UK 1,198 1,111
Asia 993 963
Other 423 403
Total revenue 8,061 7,454
3.4 Contract liabilities We report contract liabilities where amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer. Accounting policy In some instances, we receive consideration, or an amount of consideration is due, in relation to our obligation to transfer goods or services to a customer in the future. Revenue relating to these future periods is classified as a contract liability on the balance sheet. Contract liabilities are amortised and recognised as revenue over the period the services are rendered.
The Group has the following contract liabilities:
2023 2022
Group \u00a3m \u00a3m
Current
273
257
Non-current
72
89
Total contract liabilities
345
346
The changes in the Group\u2019s contract liabilities during the year are
as follows:
2023 2022
\u00a3m \u00a3m
1 January
346
346
Contract liabilities assumed on acquisition
of subsidiaries
16
4
Disposal of business
\u2013
(11)
Recognised as revenue during the year
(270)
(249)
Deferred during the year
272
243
Foreign exchange translation
(19)
13
31 December
345
346
", "dimensions": { "concept": "lseg:DisclosureOfTotalIncomeAndContractLiabilities", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-673": { "value": "
3.1. Total income
Accounting policy
Revenue
The main source of revenue for the Group is fees for services
provided. Revenue is measured based on the consideration
specified in a contract with a customer. The following are
excluded from revenue:
\u2014 value added tax and other sales related taxes;
\u2014 certain revenue share arrangements (whereby as part of
an agreement amounts are due back to the customer); and
\u2014 certain pass-through costs where the Group acts as an agent
and has arrangements to recover specific costs from its
customers with no mark-up.
The Group recognises revenue as services are performed
and as it satisfies its obligations to provide a product or service
to a customer. The Group\u2019s revenue accounting policies are
set out below:
Data & Analytics The Data & Analytics division generates revenue by providing information and data products including indexes, benchmarks, real-time pricing data and trade reporting and reconciliation services. Data subscription and index licence fees are recognised over the licence or usage period in line with the Group\u2019s obligation to deliver data consistently throughout the licence period. Services are billed on a monthly, quarterly or annual basis. Other information services include licences to the regulatory news service and reference data businesses. Revenue from licences that grant the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is granted or service is delivered. Various brokerage processing, risk solutions and professional services, which are generally billed in arrears, are recognised as revenue at the point in time when the Group meets its obligation to complete the transaction or service. Recoveries consist of fees for third-party content, such as exchange data that is distributed directly to customers, and communications fees. Recoveries are generally recognised over the contract term. Capital Markets Revenue in the Capital Markets division is generated from: Primary and Secondary market services; contracts to develop capital market technology solutions; software licences; network connections; and hosting services. We have assessed that primary market initial admission and the ongoing listing services represent one performance obligation. The Group therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services. All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced. The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation to the length of a customer listing, which is subject to factors outside the Group\u2019s control. It also includes a forward-looking element in respect of the expected listing period based on market movements. We reassess the estimated service periods at each reporting date. The current estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on similar performance obligations. We estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year. Primary market annual fees, secondary market membership and subscription fees are generally paid in advance on the first day of membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates, as this reflects the extent of the Group\u2019s progress towards completion of the performance obligation under the contract. Revenue from secondary market trading and associated capital market services is recognised on a per transaction basis at the point that the service is provided. Capital markets software licence contracts contain multiple deliverables including: providing licences; installing software; and ongoing maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone selling price. Revenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as the Group incurs costs on the contract. Transaction and commission fees are earned from transactions that are executed on the Group's electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or executed when an individual transaction occurs. Revenue is only recognised to the extent that it is highly probable that a significant reversal of the revenue will not occur (\u2018minimum expected revenue\u2019). Network connection, subscription and hosting services revenues are recognised on a straight-line basis over the period to which the fee relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the performance obligation. Post Trade Revenue in the Post Trade division is generated from clearing, settlement and other post trade services. Over-the-counter (OTC) derivatives, and securities clearing and reporting generate fees from: individual transactions or contracts cleared and settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point in time when the Group meets its obligations to complete the transaction or service. Revenue is recognised and billed monthly in arrears. Certain customers have a fixed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as the Group fulfils its obligations to maintain the availability of the clearing system to that customer. Non-cash collateral fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis over the service period, representing the continuous transfer of services during that time. Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction. Those customer contracts across the Group that contain a single performance obligation at a fixed price do not require variable consideration to be calculated. However, some businesses in the Group provide services to customers under a tiered or tariff pricing structure that generates a degree of variability in the revenue streams from the contract as a result of additional charges or discounts given. Where the future revenue from a contract varies due to factors that are outside the Group\u2019s control, the Group limits the total transaction price at contract inception and recognises the minimum expected revenue guaranteed by the terms of the contract over the contract period. Any variable element is subsequently recognised in the period in which the variable condition is satisfied and there is no significant risk of reversal of that revenue. Rebates given to customers as part of an operating agreement are calculated on a pro-rata basis on revenue earned and recognised as they fall due. The Group does not have any contracts where the period between the transfer of services to a customer and when the customer is expected to pay for that service is longer than one year. As a result, no adjustments are made to revenue for any financing component. Net treasury income Net treasury income is generated from two sources. Firstly, the CCP businesses securely invest the cash collateral lodged with them and earn treasury income from various investments (including government debt and reverse repos) and cash deposits with central banks. At the same time, the CCPs pay interest at an overnight benchmark rate to their members on the collateral placed with the business, whilst charging a spread on that rate as a fee. This spread provides the second source of income. The resulting net treasury income is recognised within total income and disclosed separately from revenue. Other income Other income typically relates to operating lease income and fees from service agreements. Such fees are generated from the provision of events and media services, which are typically recognised at the point the service is rendered. Cost of sales Cost of sales comprises: \u2014 Data and licence fees; \u2014 Data feed costs; \u2014 Royalties; \u2014 Expenses incurred in respect of profit share arrangements; \u2014 Costs directly attributable to the construction and delivery of goods or services; and \u2014 Any other costs linked and directly incurred to generate revenues and provide services to customers. Profit share expenses recognised as cost of sales relate to a small number of arrangements with certain customers where the payment to the customer is linked to the total profit of the particular business concerned. The Group\u2019s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December 2023 is shown below:
Data & Capital
Analytics Markets Post Trade Other Group
Continuing operations
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Major product and service lines
Trading & banking solutions
1,656
\u2013
\u2013
\u2013
1,656
Enterprise data solutions
1,411
\u2013
\u2013
\u2013
1,411
Investment solutions
1,423
\u2013
\u2013
\u2013
1,423
Wealth solutions
285
\u2013
\u2013
\u2013
285
Customer &
third-party risk solutions
492
\u2013
\u2013
\u2013
492
Recoveries
370
\u2013
\u2013
\u2013
370
Equities
\u2013
227
\u2013
\u2013
227
FX
\u2013
251
\u2013
\u2013
251
Fixed income, derivatives and other
\u2013
1,068
\u2013
\u2013
1,068
OTC derivatives
\u2013
\u2013
517
\u2013
517
Securities & reporting
\u2013
\u2013
254
\u2013
254
Non-cash collateral
\u2013
\u2013
107
\u2013
107
Total revenue
5,637
1,546
878
\u2013
8,061
Net treasury income
3.2
\u2013
\u2013
289
\u2013
289
Other income
\u2013
\u2013
\u2013
29
29
Total income
5,637
1,546
1,167
29
8,379
Timing of revenue recognition
Services satisfied at a point in time
201
1,055
458
\u2013
1,714
Services satisfied over time
5,436
491
420
\u2013
6,347
Total revenue
5,637
1,546
878
\u2013
8,061
1 1 1 1 From 1 January 2023 onwards, foreign exchange related items associated with embedded derivatives, previously included in Recoveries have been recognised within the appropriate Data & Analytics revenue lines, primarily Trading & banking solutions and Enterprise data solutions, as this is where the corresponding contractual revenue is recorded. The 2022 results have not been restated. In 2022, the embedded derivatives foreign exchange impact reduced Recoveries by \u00a343 million. The Group\u2019s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December 2022 is shown below:
Data & Capital
Analytics Markets Post Trade Other Group
Continuing operations
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Major product and service lines
Trading & banking solutions
1,612
\u2013
\u2013
\u2013
1,612
Enterprise data solutions
1,307
\u2013
\u2013
\u2013
1,307
Investment solutions
1,325
\u2013
\u2013
\u2013
1,325
Wealth solutions
275
\u2013
\u2013
\u2013
275
Customer & third-party risk solutions
425
\u2013
\u2013
\u2013
425
Recoveries
315
\u2013
\u2013
\u2013
315
Equities
\u2013
248
\u2013
\u2013
248
FX
\u2013
258
\u2013
\u2013
258
Fixed income, derivatives and other
\u2013
953
\u2013
\u2013
953
OTC derivatives
\u2013
\u2013
402
\u2013
402
Securities & reporting
\u2013
\u2013
234
\u2013
234
Non-cash collateral
\u2013
\u2013
100
\u2013
100
Total revenue
5,259
1,459
736
\u2013
7,454
Net treasury income
3.2
\u2013
\u2013
255
\u2013
255
Other income
\u2013
\u2013
\u2013
34
34
Total income
5,259
1,459
991
34
7,743
Timing of revenue recognition
Services satisfied at a point in time
173
978
393
\u2013
1,544
Services satisfied over time
5,086
481
343
\u2013
5,910
Total revenue
5,259
1,459
736
\u2013
7,454
1 1 In 2023, the timing of revenue recognition classification was assessed and has resulted in 2022 revenue of \u00a337 million and \u00a3328 million, for Capital Markets and Post Trade respectively, previously classified as at a point in time now being shown as over time. 3.2 Net treasury income Net treasury income is earned from instruments held at amortised cost or fair value as follows:
2023 2022
Continuing operations \u00a3m \u00a3m
Instruments held at amortised cost
Treasury income on assets
4,122
994
Treasury income on liabilities
\u2013
218
Treasury expense on assets
(959)
(159)
Treasury expense on liabilities
(4,041)
(1,352)
Cash collateral fee
272
230
Net expense from instruments held at
amortised cost
(606)
(69)
Instruments held at fair value
Treasury income
896
326
Treasury expense
(1)
(2)
Net income from instruments held at fair value
895
324
Net treasury income
289
255
1
For 2022,
treasury income and expense on assets and liabilities held at amortised cost and
at fair value have been represented to show the gross income and expenses by category,
1 2 2 which is consistent with disclosure for 2023. 2 Treasury income on liabilities and treasury expense on assets represent amounts that earned negative interest rates. 3.3 Total revenue by geographical location The Group\u2019s revenue from continuing operations disaggregated by geographical location of service provided is as follows: Continuing operations 2023 \u00a3m 2022 \u00a3m UK 2,494 2,292 USA 2,953 2,685 Europe, excluding UK 1,198 1,111 Asia 993 963 Other 423 403 Total revenue 8,061 7,454 3.4 Contract liabilities We report contract liabilities where amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer. Accounting policy In some instances, we receive consideration, or an amount of consideration is due, in relation to our obligation to transfer goods or services to a customer in the future. Revenue relating to these future periods is classified as a contract liability on the balance sheet. Contract liabilities are amortised and recognised as revenue over the period the services are rendered. The Group has the following contract liabilities:
2023 2022
Group \u00a3m \u00a3m
Current
273
257
Non-current
72
89
Total contract liabilities
345
346
The changes in the Group\u2019s contract liabilities during the year are as follows:
2023 2022
\u00a3m \u00a3m
1 January
346
346
Contract liabilities assumed on acquisition
of subsidiaries
16
4
Disposal of business
\u2013
(11)
Recognised as revenue during the year
(270)
(249)
Deferred during the year
272
243
Foreign exchange translation
(19)
13
31 December
345
346
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "Revenue The main source of revenue for the Group is fees for services provided. Revenue is measured based on the consideration specified in a contract with a customer. The following are excluded from revenue: \u2014 value added tax and other sales related taxes; \u2014 certain revenue share arrangements (whereby as part of an agreement amounts are due back to the customer); and \u2014 certain pass-through costs where the Group acts as an agent and has arrangements to recover specific costs from its customers with no mark-up. The Group recognises revenue as services are performed and as it satisfies its obligations to provide a product or service to a customer. The Group\u2019s revenue accounting policies are set out below: Data & Analytics The Data & Analytics division generates revenue by providing information and data products including indexes, benchmarks, real-time pricing data and trade reporting and reconciliation services. Data subscription and index licence fees are recognised over the licence or usage period in line with the Group\u2019s obligation to deliver data consistently throughout the licence period. Services are billed on a monthly, quarterly or annual basis. Other information services include licences to the regulatory news service and reference data businesses. Revenue from licences that grant the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is granted or service is delivered. Various brokerage processing, risk solutions and professional services, which are generally billed in arrears, are recognised as revenue at the point in time when the Group meets its obligation to complete the transaction or service. Recoveries consist of fees for third-party content, such as exchange data that is distributed directly to customers, and communications fees. Recoveries are generally recognised over the contract term. Capital Markets Revenue in the Capital Markets division is generated from: Primary and Secondary market services; contracts to develop capital market technology solutions; software licences; network connections; and hosting services. We have assessed that primary market initial admission and the ongoing listing services represent one performance obligation. The Group therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services. All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced. The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation to the length of a customer listing, which is subject to factors outside the Group\u2019s control. It also includes a forward-looking element in respect of the expected listing period based on market movements. We reassess the estimated service periods at each reporting date. The current estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on similar performance obligations. We estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year. Primary market annual fees, secondary market membership and subscription fees are generally paid in advance on the first day of membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates, as this reflects the extent of the Group\u2019s progress towards completion of the performance obligation under the contract. Revenue from secondary market trading and associated capital market services is recognised on a per transaction basis at the point that the service is provided. Capital markets software licence contracts contain multiple deliverables including: providing licences; installing software; and ongoing maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone selling price. Revenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as the Group incurs costs on the contract. Transaction and commission fees are earned from transactions that are executed on the Group's electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or executed when an individual transaction occurs. Revenue is only recognised to the extent that it is highly probable that a significant reversal of the revenue will not occur (\u2018minimum expected revenue\u2019). Network connection, subscription and hosting services revenues are recognised on a straight-line basis over the period to which the fee relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the performance obligation. Post Trade Revenue in the Post Trade division is generated from clearing, settlement and other post trade services. Over-the-counter (OTC) derivatives, and securities clearing and reporting generate fees from: individual transactions or contracts cleared and settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point in time when the Group meets its obligations to complete the transaction or service. Revenue is recognised and billed monthly in arrears. Certain customers have a fixed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as the Group fulfils its obligations to maintain the availability of the clearing system to that customer. Non-cash collateral fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis over the service period, representing the continuous transfer of services during that time. Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction. Those customer contracts across the Group that contain a single performance obligation at a fixed price do not require variable consideration to be calculated. However, some businesses in the Group provide services to customers under a tiered or tariff pricing structure that generates a degree of variability in the revenue streams from the contract as a result of additional charges or discounts given. Where the future revenue from a contract varies due to factors that are outside the Group\u2019s control, the Group limits the total transaction price at contract inception and recognises the minimum expected revenue guaranteed by the terms of the contract over the contract period. Any variable element is subsequently recognised in the period in which the variable condition is satisfied and there is no significant risk of reversal of that revenue. Rebates given to customers as part of an operating agreement are calculated on a pro-rata basis on revenue earned and recognised as they fall due. The Group does not have any contracts where the period between the transfer of services to a customer and when the customer is expected to pay for that service is longer than one year. As a result, no adjustments are made to revenue for any financing component. Net treasury income Net treasury income is generated from two sources. Firstly, the CCP businesses securely invest the cash collateral lodged with them and earn treasury income from various investments (including government debt and reverse repos) and cash deposits with central banks. At the same time, the CCPs pay interest at an overnight benchmark rate to their members on the collateral placed with the business, whilst charging a spread on that rate as a fee. This spread provides the second source of income. The resulting net treasury income is recognised within total income and disclosed separately from revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "
Accounting policy
In some instances, we receive consideration, or an amount
of consideration is due, in relation to our obligation to transfer
goods or services to a customer in the future. Revenue relating
to these future periods is classified as a contract liability on the
balance sheet.
Contract liabilities are amortised and recognised as revenue
over the period the services are rendered.
", "dimensions": { "concept": "lseg:DescriptionOfAccountingPolicyForContractLiabilities", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-674": { "value": "4. Operating expenses before depreciation, amortisation and impairment Operating expenses mainly relate to staff costs, IT costs and professional fees. This note provides a breakdown of our operating expenses as well as providing further detail on our headcount and fees to auditors. Accounting policy Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts from suppliers. Other discounts are spread over the contract term.
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Staff costs
4.1
2,085
1,896
IT costs
607
567
Professional fees
404
420
Short-term lease costs
13
13
Other costs
333
243
Foreign exchange losses
32
1
Adjusted operating expenses
before depreciation, amortisation
and impairment
3,474
3,140
Non-underlying operating expenses
before depreciation, amortisation
and impairment
2.3
332
389
Total operating expenses
before depreciation, amortisation
and impairment
3,806
3,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "value": "4. Operating expenses before depreciation, amortisation and impairment Operating expenses mainly relate to staff costs, IT costs and professional fees. This note provides a breakdown of our operating expenses as well as providing further detail on our headcount and fees to auditors. Accounting policy Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts from suppliers. Other discounts are spread over the contract term.
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Staff costs
4.1
2,085
1,896
IT costs
607
567
Professional fees
404
420
Short-term lease costs
13
13
Other costs
333
243
Foreign exchange losses
32
1
Adjusted operating expenses
before depreciation, amortisation
and impairment
3,474
3,140
Non-underlying operating expenses
before depreciation, amortisation
and impairment
2.3
332
389
Total operating expenses
before depreciation, amortisation
and impairment
3,806
3,529
4.1 Staff costs and employees
This note shows amounts earned by employees, the average number
of employees during the year and their location and amounts paid to
\u201ckey management personnel\u201d as defined by IAS 24 Related Party
Disclosures. The Group recognises all directors and the Executive
Committee (see pages 94 to 97) as its key management personnel.
Staff costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Salaries and other benefits
2,159
1,905
Social security costs
204
191
Pension costs
12.1
101
81
Share-based payment expense
20
143
158
Total payments made to employees
2,607
2,335
Amounts capitalised as
development costs
9
(365)
(281)
Total staff costs from
continuing operations
2.242
2,054
Adjusted staff costs
2,085
1,896
Non-underlying staff costs
157
158
Total staff costs from
continuing operations
2,242
2,054
2023 2022
Discontinued operations
Note
\u00a3m \u00a3m
Salaries and other benefits
\u2013
18
Social security costs
\u2013
2
Pension costs
\u2013
1
Total payments made to employees
\u2013
21
Amounts capitalised as
development costs
9
\u2013
(1)
Total staff costs from
discontinued operations
\u2013
20
Compensation for key management personnel
2023 2022
\u00a3m \u00a3m
Salaries and other benefits
18
16
Pension costs
1
1
Share-based payments
9
8
Total compensation
28
25
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 117 to 153. Employees The average number of employees during the year, including executive directors, in continuing operations was:
Continuing operations
2023
2022
UK
4,880
4,559
USA
3,276
3,127
India
6,730
6,113
Europe, excluding UK
2,723
2,292
Philippines
2,254
2,090
Sri Lanka
1,613
1,572
China
1,394
1,452
Other Asia
2,064
1,860
Africa and Middle East
620
623
Other
676
753
Average number of employees
26,230
24,441
1 1 Average employee numbers represent full time equivalent members of staff. They are calculated from the date of acquisition of subsidiary companies purchased in the year and up to the date of disposal of businesses sold in the year. The average number of employees from discontinued operations during the year was nil (2022: 285). Employees from discontinued operations in 2022 were located in the USA and India. 4.2 Auditors' fees Professional fees include fees paid or payable to the Company\u2019s auditors, Ernst and Young LLP, and its associates and are analysed below:
2023 2022
\u00a3m \u00a3m
Audit of parent and consolidated
financial statements
7
6
Audit of subsidiary companies
7
7
Non-audit services
1
1
Total auditors' fees
15
14
1 1 Ernst and Young LLP provided non-audit services of \u00a30.7 million; 5% of total fees (2022: \u00a30.6 million; 4% of total fees). This comprised audit related assurance services of \u00a30.4 million (2022: \u00a30.4 million) and other non-audit services of \u00a30.3 million (2022: \u00a30.2 million). Further details of the services provided by Ernst and Young LLP are given in the Report of the Audit Committee on pages 109 to 114", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "
Accounting policy
Costs are recognised in the income statement as incurred and
measured after deducting any time- and value-limited discounts
from suppliers. Other discounts are spread over the contract term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-675": { "value": "4.1 Staff costs and employees This note shows amounts earned by employees, the average number of employees during the year and their location and amounts paid to \u201ckey management personnel\u201d as defined by IAS 24 Related Party Disclosures. The Group recognises all directors and the Executive Committee (see pages 94 to 97) as its key management personnel.
Staff costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Salaries and other benefits
2,159
1,905
Social security costs
204
191
Pension costs
12.1
101
81
Share-based payment expense
20
143
158
Total payments made to employees
2,607
2,335
Amounts capitalised as
development costs
9
(365)
(281)
Total staff costs from
continuing operations
2.242
2,054
Adjusted staff costs
2,085
1,896
Non-underlying staff costs
157
158
Total staff costs from
continuing operations
2,242
2,054
2023 2022
Discontinued operations
Note
\u00a3m \u00a3m
Salaries and other benefits
\u2013
18
Social security costs
\u2013
2
Pension costs
\u2013
1
Total payments made to employees
\u2013
21
Amounts capitalised as
development costs
9
\u2013
(1)
Total staff costs from
discontinued operations
\u2013
20
Compensation for key management personnel
2023 2022
\u00a3m \u00a3m
Salaries and other benefits
18
16
Pension costs
1
1
Share-based payments
9
8
Total compensation
28
25
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 117 to 153. Employees The average number of employees during the year, including executive directors, in continuing operations was:
Continuing operations
2023
2022
UK
4,880
4,559
USA
3,276
3,127
India
6,730
6,113
Europe, excluding UK
2,723
2,292
Philippines
2,254
2,090
Sri Lanka
1,613
1,572
China
1,394
1,452
Other Asia
2,064
1,860
Africa and Middle East
620
623
Other
676
753
Average number of employees
26,230
24,441
1 1 Average employee numbers represent full time equivalent members of staff. They are calculated from the date of acquisition of subsidiary companies purchased in the year and up to the date of disposal of businesses sold in the year. The average number of employees from discontinued operations during the year was nil (2022: 285). Employees from discontinued operations in 2022 were located in the USA and India", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-694": { "value": "
Compensation for key management personnel
2023 2022
\u00a3m \u00a3m
Salaries and other benefits
18
16
Pension costs
1
1
Share-based payments
9
8
Total compensation
28
25
Details of Directors\u2019 emoluments are included in the Remuneration
Report on pages 117 to 153.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-695": { "value": "4.2 Auditors' fees Professional fees include fees paid or payable to the Company\u2019s auditors, Ernst and Young LLP, and its associates and are analysed below:
2023 2022
\u00a3m \u00a3m
Audit of parent and consolidated
financial statements
7
6
Audit of subsidiary companies
7
7
Non-audit services
1
1
Total auditors' fees
15
14
1 1 Ernst and Young LLP provided non-audit services of \u00a30.7 million; 5% of total fees (2022: \u00a30.6 million; 4% of total fees). This comprised audit related assurance services of \u00a30.4 million (2022: \u00a30.4 million) and other non-audit services of \u00a30.3 million (2022: \u00a30.2 million). Further details of the services provided by Ernst and Young LLP are given in the Report of the Audit Committee on pages 109 to 114", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-707": { "value": "5. Net finance costs Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. 5.1 Finance income
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Bank deposit and other
interest income
125
29
Derivative financial instruments
interest income
22
\u2013
Fair value gain on derivative financial
instruments and hedged items
17.4c
2
\u2013
Net interest income on net retirement
benefit assets
12.1
8
11
Lease interest income
1
1
Other finance income
1
\u2013
Adjusted finance income
159
41
1
Calculated using the effective interest method.
2
For 2022,
interest cost on retirement benefit obligations of \u00a370 million had been presented
as finance costs. This has been reclassified to net interest income on net retirement benefit
assets to align with the accounting policy. This change has no overall impact on net finance
costs in 2022.
1 2 1 5.2 Finance costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Interest payable on bank and
other borrowings
(222)
(148)
Derivative financial instruments
interest expense
(42)
(15)
Fair value loss on derivatives
financial instruments
(5)
\u2013
Amortisation of arrangement fees
(3)
(3)
Lease interest expense
16.2
(17)
(15)
Foreign exchange losses
(30)
\u2013
Other finance expenses
(10)
(20)
Adjusted finance costs
(329)
(201)
Non-underlying finance costs
2.3
(6)
(16)
Total finance costs
(335)
(217)
1,2 1 1 3 4 4 1 Calculated using the effective interest method. 2 Interest payable on bank and other borrowings is net of amortisation of the realised gain on interest rate derivatives held in the hedging reserve. 3 From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign exchange gains of \u00a39 million for such items. 4 For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy. This change has no overall impact on net finance costs in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-706": { "value": "5. Net finance costs Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. 5.1 Finance income
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Bank deposit and other
interest income
125
29
Derivative financial instruments
interest income
22
\u2013
Fair value gain on derivative financial
instruments and hedged items
17.4c
2
\u2013
Net interest income on net retirement
benefit assets
12.1
8
11
Lease interest income
1
1
Other finance income
1
\u2013
Adjusted finance income
159
41
1
Calculated using the effective interest method.
2
For 2022,
interest cost on retirement benefit obligations of \u00a370 million had been presented
as finance costs. This has been reclassified to net interest income on net retirement benefit
assets to align with the accounting policy. This change has no overall impact on net finance
costs in 2022.
1 2 1 5.2 Finance costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Interest payable on bank and
other borrowings
(222)
(148)
Derivative financial instruments
interest expense
(42)
(15)
Fair value loss on derivatives
financial instruments
(5)
\u2013
Amortisation of arrangement fees
(3)
(3)
Lease interest expense
16.2
(17)
(15)
Foreign exchange losses
(30)
\u2013
Other finance expenses
(10)
(20)
Adjusted finance costs
(329)
(201)
Non-underlying finance costs
2.3
(6)
(16)
Total finance costs
(335)
(217)
1,2 1 1 3 4 4 1 Calculated using the effective interest method. 2 Interest payable on bank and other borrowings is net of amortisation of the realised gain on interest rate derivatives held in the hedging reserve. 3 From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign exchange gains of \u00a39 million for such items. 4 For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy. This change has no overall impact on net finance costs in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-705": { "value": "5. Net finance costs Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. 5.1 Finance income
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Bank deposit and other
interest income
125
29
Derivative financial instruments
interest income
22
\u2013
Fair value gain on derivative financial
instruments and hedged items
17.4c
2
\u2013
Net interest income on net retirement
benefit assets
12.1
8
11
Lease interest income
1
1
Other finance income
1
\u2013
Adjusted finance income
159
41
1
Calculated using the effective interest method.
2
For 2022,
interest cost on retirement benefit obligations of \u00a370 million had been presented
as finance costs. This has been reclassified to net interest income on net retirement benefit
assets to align with the accounting policy. This change has no overall impact on net finance
costs in 2022.
1 2 1 5.2 Finance costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Interest payable on bank and
other borrowings
(222)
(148)
Derivative financial instruments
interest expense
(42)
(15)
Fair value loss on derivatives
financial instruments
(5)
\u2013
Amortisation of arrangement fees
(3)
(3)
Lease interest expense
16.2
(17)
(15)
Foreign exchange losses
(30)
\u2013
Other finance expenses
(10)
(20)
Adjusted finance costs
(329)
(201)
Non-underlying finance costs
2.3
(6)
(16)
Total finance costs
(335)
(217)
1,2 1 1 3 4 4 1 Calculated using the effective interest method. 2 Interest payable on bank and other borrowings is net of amortisation of the realised gain on interest rate derivatives held in the hedging reserve. 3 From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign exchange gains of \u00a39 million for such items. 4 For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy. This change has no overall impact on net finance costs in 2022 .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-696": { "value": "5. Net finance costs Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. 5.1 Finance income
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Bank deposit and other
interest income
125
29
Derivative financial instruments
interest income
22
\u2013
Fair value gain on derivative financial
instruments and hedged items
17.4c
2
\u2013
Net interest income on net retirement
benefit assets
12.1
8
11
Lease interest income
1
1
Other finance income
1
\u2013
Adjusted finance income
159
41
1
Calculated using the effective interest method.
2
For 2022,
interest cost on retirement benefit obligations of \u00a370 million had been presented
as finance costs. This has been reclassified to net interest income on net retirement benefit
assets to align with the accounting policy. This change has no overall impact on net finance
costs in 2022.
1 2 1 5.2 Finance costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Interest payable on bank and
other borrowings
(222)
(148)
Derivative financial instruments
interest expense
(42)
(15)
Fair value loss on derivatives
financial instruments
(5)
\u2013
Amortisation of arrangement fees
(3)
(3)
Lease interest expense
16.2
(17)
(15)
Foreign exchange losses
(30)
\u2013
Other finance expenses
(10)
(20)
Adjusted finance costs
(329)
(201)
Non-underlying finance costs
2.3
(6)
(16)
Total finance costs
(335)
(217)
1,2 1 1 3 4 4 1 Calculated using the effective interest method. 2 Interest payable on bank and other borrowings is net of amortisation of the realised gain on interest rate derivatives held in the hedging reserve. 3 From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign exchange gains of \u00a39 million for such items. 4 For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy. This change has no overall impact on net finance costs in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-676": { "value": "5. Net finance costs Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. 5.1 Finance income
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Bank deposit and other
interest income
125
29
Derivative financial instruments
interest income
22
\u2013
Fair value gain on derivative financial
instruments and hedged items
17.4c
2
\u2013
Net interest income on net retirement
benefit assets
12.1
8
11
Lease interest income
1
1
Other finance income
1
\u2013
Adjusted finance income
159
41
1
Calculated using the effective interest method.
2
For 2022,
interest cost on retirement benefit obligations of \u00a370 million had been presented
as finance costs. This has been reclassified to net interest income on net retirement benefit
assets to align with the accounting policy. This change has no overall impact on net finance
costs in 2022.
1 2 1
5.2 Finance costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Interest payable on bank and
other borrowings
(222)
(148)
Derivative financial instruments
interest expense
(42)
(15)
Fair value loss on derivatives
financial instruments
(5)
\u2013
Amortisation of arrangement fees
(3)
(3)
Lease interest expense
16.2
(17)
(15)
Foreign exchange losses
(30)
\u2013
Other finance expenses
(10)
(20)
Adjusted finance costs
(329)
(201)
Non-underlying finance costs
2.3
(6)
(16)
Total finance costs
(335)
(217)
1,2
1
1
3
4
4
1 Calculated using the effective interest method.
2 Interest payable on bank and other borrowings is net of amortisation of the realised gain
on interest rate derivatives held in the hedging reserve.
3 From 1 January 2023 onwards, foreign exchange related items associated with corporate
treasury transactions and other borrowings, previously included in operating expenses
before depreciation, amortisation and impairment, have been recognised within net finance
costs. The 2022 results have not been restated. In 2022, operating expense before
depreciation, amortisation and impairment had included foreign exchange gains of
\u00a39 million for such items.
4 For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented
within finance costs. This has been reclassified to net interest income on net retirement
benefit assets to align with the accounting policy. This change has no overall impact on
net finance costs in 2022 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "value": "5. Net finance costs Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury. Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. 5.1 Finance income
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Bank deposit and other
interest income
125
29
Derivative financial instruments
interest income
22
\u2013
Fair value gain on derivative financial
instruments and hedged items
17.4c
2
\u2013
Net interest income on net retirement
benefit assets
12.1
8
11
Lease interest income
1
1
Other finance income
1
\u2013
Adjusted finance income
159
41
1
Calculated using the effective interest method.
2
For 2022,
interest cost on retirement benefit obligations of \u00a370 million had been presented
as finance costs. This has been reclassified to net interest income on net retirement benefit
assets to align with the accounting policy. This change has no overall impact on net finance
costs in 2022.
1 2 1 5.2 Finance costs
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Interest payable on bank and
other borrowings
(222)
(148)
Derivative financial instruments
interest expense
(42)
(15)
Fair value loss on derivatives
financial instruments
(5)
\u2013
Amortisation of arrangement fees
(3)
(3)
Lease interest expense
16.2
(17)
(15)
Foreign exchange losses
(30)
\u2013
Other finance expenses
(10)
(20)
Adjusted finance costs
(329)
(201)
Non-underlying finance costs
2.3
(6)
(16)
Total finance costs
(335)
(217)
1,2 1 1 3 4 4 1 Calculated using the effective interest method. 2 Interest payable on bank and other borrowings is net of amortisation of the realised gain on interest rate derivatives held in the hedging reserve. 3 From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign exchange gains of \u00a39 million for such items. 4 For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy. This change has no overall impact on net finance costs in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "
Accounting policy
The accounting policies for the following finance income and
finance costs are described in the relevant notes to the
financial statements:
Note
\u2014 Interest income on retirement
benefit assets
\u2014 Interest costs on retirement
benefit obligations
12 Pension and other
retirement benefit schemes
\u2014 Interest on borrowings 16.1 Borrowings
\u2014 Lease interest income
\u2014 Lease interest expense
16.2 Lease liabilities and net
investments in leases
Interest earned on cash deposited with financial counterparties
and interest paid on borrowings, which reflects the agreed
market-based or contractual rate for each transaction, are
calculated using the effective interest method. Where negative
interest rates apply, the Group recognises interest paid on cash
deposits as an expense and interest received on borrowings
as income.
Recurring fees and charges levied on committed bank facilities,
cash management transactions and the payment services
provided by the Group\u2019s banks are charged as accrued in other
finance costs. Credit facility arrangement fees are capitalised
and then amortised over the term of the facility based on the
projected utilisation of the facility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "Accounting policy The accounting policies for the following finance income and finance costs are described in the relevant notes to the financial statements: Note \u2014 Interest income on retirement benefit assets \u2014 Interest costs on retirement benefit obligations 12 Pension and other retirement benefit schemes \u2014 Interest on borrowings 16.1 Borrowings \u2014 Lease interest income \u2014 Lease interest expense 16.2 Lease liabilities and net investments in leases Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings as income. Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised and then amortised over the term of the facility based on the projected utilisation of the facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "6. Taxation This note explains how our Group tax charge arises. The note also provides information on deferred tax and uncertain tax positions. Accounting policy Income tax comprises current and deferred tax. Current and deferred tax charges and benefits are recognised in the income statement except to the extent that they relate to items recognised directly in equity or other comprehensive income. Current income tax is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. Deferred tax is the tax expected to be payable or recoverable in the future on differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amounts used for tax purposes. Deferred tax is accounted for using the liability method and calculated using tax rates that are substantively enacted and expected to apply in the period when the asset is realised or the liability settled. Deferred tax is not recognised for: \u2014 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither the accounting profit nor taxable profit; and \u2014 Temporary differences arising on the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences associated with interests in subsidiaries and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such interests are recognised only to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. On 23 May 2023, the International Accounting Standards Board (IASB) issued International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12, which the Group has adopted. The Amendments provide a temporary mandatory exception from deferred tax accounting for the global minimum top-up tax, which is effective immediately, and require new disclosures about the Group\u2019s exposure to Pillar Two income taxes (see note 6.1). The mandatory exception applies retrospectively to the Group from 1 January 2023, however the retrospective application has no impact on the Group's consolidated financial statements. 6.1 Income tax Tax recognised in the income statement
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Current tax
UK corporation tax for the year
at 23.5% (2022: 19%)
73
67
Overseas tax for the year
202
125
Adjustments in respect of
previous years
(6)
81
Total current tax
269
273
Deferred tax
Deferred tax expense/(benefit)
for the year
61
(29)
Adjustments in respect of
previous years
(27)
(4)
Deferred tax (benefit)/expense
in relation to amortisation and
impairment of intangible assets
(56)
22
Total deferred tax
6.2
(22)
(11)
Total tax
247
262
Adjusted tax
625
540
Non-underlying tax
2.3
(378)
(278)
Total tax 247 262 Factors affecting the tax charge for the year On 24 May 2021, the UK Finance Act 2021 was substantively enacted, increasing the corporate tax rate from 19% to 25% with effect from 1 April 2023. This means that the blended tax rate for the year ended 31 December 2023 as a whole was 23.5%.
The tax charge for the year differs from that derived from the
standard rate of corporation tax in the UK of 23.5% (2022: 19%)
as explained below:
2023 2022
Continuing operations \u00a3m \u00a3m
Profit before tax from continuing operations
1,195
1,241
Profit multiplied by standard rate of
corporation tax in the UK
281
236
Overseas earnings taxed at higher rate
36
4
Adjustment arising from changes in tax rates
(44)
(3)
Expenses not deductible/(income not taxable)
2
(53)
Adjustments in respect of previous years
(33)
77
Deferred tax not recognised
5
1
Total tax
247
262
Tax on items recognised in other comprehensive income
2023 2022
Continuing operations \u00a3m \u00a3m
Deferred tax (expense)/benefit on:
\u2014 Actuarial movements on retirement
benefit obligations
(35)
98
\u2014 Gains/losses of financial assets (at fair value
through other comprehensive income)
2
(13)
Total tax recognised in other
comprehensive income
(33)
85
Tax on items recognised in equity
2023 2022
\u00a3m \u00a3m
Current tax benefit on:
\u2014 Share-based payments in excess of
expense recognised
\u2013
14
Total current tax recognised in equity
\u2013
14
Deferred tax benefit/(expense) on:
\u2014 Share-based payments less than/in excess
of expense recognised
15
(92)
\u2014 Investment in partnerships (recognised in
non-controlling interests)
62
100
\u2014 Other
2
\u2013
Total deferred tax recognised in equity
79
8
Total tax recognised in equity
79
22
Global Minimum Tax To address concerns about uneven profit distribution and the tax contributions of large multinational corporations, various agreements have been reached at the global level, including an agreement by over 135 countries to introduce a global minimum tax rate of 15%. In December 2021, the Organisation for Economic Co-operation and Development (OECD) released a draft legislative framework, followed by detailed guidance in 2022 and 2023. The Group operates globally including in jurisdictions which have enacted new legislation to implement the global minimum top-up tax. Since the newly enacted tax legislation is only effective from 1 January 2024, there is no current tax impact for the year ended 31 December 2023. The Group has applied a mandatory temporary exception from deferred tax accounting for the impacts of the top-up tax and will account for it as a current tax when it is incurred. If the new tax legislation had applied in 2023, there would have been no material top-up tax for the Group, and overall the Group does not expect a material impact from these rules. 6.2 Net deferred tax liabilities
2023 2022
\u00a3m \u00a3m
Deferred tax assets
664
622
Deferred tax liabilities
(2,140)
(2,200)
Net deferred tax liabilities
(1,476)
(1,578)
The movements in deferred tax assets and liabilities during the year are shown below: 1
Tax losses
Goodwill and other Provisions
and carry- Property, Retirement and other
intangible forward plant and Share benefit Investment in temporary
assets attributes equipment schemes obligations partnerships differences Total
Group
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
(2,282)
444
129
123
(130)
351
38
(1,327)
Deferred tax on acquisition
of subsidiaries
(87)
24
\u2013
\u2013
\u2013
\u2013
\u2013
(63)
Tax recognised on
discontinued operations
(77)
(69)
\u2013
\u2013
\u2013
\u2013
9
(137)
Tax recognised in the
income statement
(79)
153
(46)
12
(13)
(43)
27
11
Tax recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
98
\u2013
(13)
85
Tax recognised in equity
(3)
\u2013
\u2013
(92)
\u2013
102
1
8
Foreign exchange translation
and other
(288)
65
4
10
\u2013
44
10
(155)
31 December 2022
(2,816)
617
87
53
(45)
454
72
(1,578)
Deferred tax on acquisition
of subsidiaries
21.2
(77)
11
\u2013
\u2013
\u2013
\u2013
3
(63)
Tax recognised in the
income statement
74
(27)
(17)
(1)
43
(24)
(26)
22
Tax recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
2
(33)
Tax recognised in equity
\u2013
\u2013
\u2013
15
\u2013
62
2
79
Foreign exchange
translation and other
151
(26)
(1)
(2)
(3)
(26)
4
97
31 December 2023
(2,668)
575
69
65
(40)
466
57
(1,476)
2 1 The intangible assets have mainly arisen from acquired subsidiaries, creating a deferred tax liability due to the difference between their accounting and tax treatment. On 31 December 2023 this liability was \u00a32,668 million (2022: \u00a32,816 million), primarily relating to the Refinitiv acquisition. 2 Tradeweb Markets LLC is a multiple member limited liability company taxed as a partnership and accordingly, any taxable income generated by Tradeweb Markets LLC is passed through to its members. The investment in partnership deferred tax asset is the difference between the financial statement amount and the tax basis of the Tradeweb Markets Inc. investment in Tradeweb Markets LLC. On 22 November 2023, the UK Autumn Statement announced that from 6 April 2024 the free-standing tax charge that applies to authorised surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. As this change is not yet substantively enacted, the Group utilises the 35% tax rate for deferred tax liability measurement on UK pension surpluses at the balance sheet date. This change would decrease the deferred tax liability by \u00a316 million. Unrecognised deferred tax assets On 31 December 2023, the gross amount of unrecognised temporary differences in respect of losses available for carry forward was \u00a3127 million (2022: \u00a3122 million), all with unlimited expiration. The assets will be recognised in the future only if suitable forecast taxable profit arises within the Group.
6.3. Uncertain tax positions
1
Significant accounting judgements and estimates
Uncertain tax positions
The Group is subject to taxation in the many countries in which it
operates. The tax legislation of these countries differs, is often
complex and can be subject to interpretation by management
and government authorities. These matters of judgement
sometimes give rise to the need to create provisions for tax
payments that may arise in future years with respect to
transactions already undertaken.
Provisions are made against individual exposures and take
into account the specific circumstances of each case, including
the strength of technical arguments, recent case law decisions
or rulings on similar issues and relevant external advice.
In accordance with IFRIC 23 Uncertainty over Income Tax
Treatments, provisions are estimated based on one of
two methods:
\u2014 the expected value method (the sum of the probability
weighted amounts in a range of possible outcomes); or
\u2014 the single most likely amount method.
The method chosen depends on which is expected to better
predict the resolution of the uncertainty. Due to the uncertainty
associated with tax audits it is possible that, at some future date,
liabilities resulting from such audits or related litigation could vary
significantly from our provisions. This would require the Group
to make an adjustment in a subsequent period which could have
a material impact on the Group\u2019s results.
EU State Aid
The Group continues to monitor developments in relation to EU State
Aid investigations. On 25 April 2019, the EU Commission\u2019s final decision
regarding its investigation into the UK\u2019s Controlled Foreign Company
(CFC) regime was published. It concluded that the Finance Company
Partial Exemption (FCPE) rules in the UK tax legislation partially represent
illegal State Aid. The Group had financing arrangements that utilised
the FCPE.
In December 2019 and the beginning of 2021, HMRC issued
determinations to the Group totalling \u00a311 million which the Group paid.
The Group, several other UK PLCs and the UK Government submitted
appeals to the EU General Court to annul the EU Commission\u2019s findings.
On 8 June 2022, the EU General Court rejected the appeals. The Group
has appealed this decision to the Court of Justice of the European
Union (CJEU). On 10 January 2024, an oral hearing at the CJEU was
held and a non-binding opinion from the Advocate General is expected
to be issued in April 2024. The final decision will follow in the months
thereafter. Until the issue is concluded, the UK Government is required
to continue recovering amounts determined to be State Aid.
The Group\u2019s view continues to be that no provision is required.
Additionally, and in accordance with IFRIC 23 Uncertainty over Income
Tax Treatments, the Group continues to recognise a receivable against
the HMRC determinations paid to date of \u00a311 million. The potential
exposure remains between nil and \u00a365 million.
IRS Audit
The Group is under audit in the USA by the Internal Revenue Service
(IRS) in relation to the interest rate applied on certain cross-border
intercompany loans from the UK to the USA for the 2016-2021 period.
Management believes that resolution of this matter will not have
a material impact on the Group\u2019s financial position.
HMRC audit of intellectual property valuation
HMRC is auditing the value of certain intellectual property purchased
from Thomson Reuters as part of the formation of Refinitiv. Intellectual
property valuation is complex and significantly affected by multiple
inputs of assumptions. As the outcome is uncertain, especially given the
inherent subjectivity of the topic, the Group has recorded an uncertain
tax liability in accordance with the requirements of IFRS. Management
and HMRC have made progress but continue to actively discuss this
topic. Management believes that resolution of this matter will not have
a material impact on the Group\u2019s financial position.
Diverted Profits Tax to Thomson Reuters
HMRC has issued notices of assessment under the Diverted Profits
Tax (DPT) regime to Thomson Reuters largely related to its Financial
& Risk Business for years prior to the sale of the business to Refinitiv.
As required by the notices and as directed by Thomson Reuters,
the Group has made payments to HMRC which were immediately
reimbursed by Thomson Reuters in accordance with an indemnity
agreement (described in note 13 and note 15). Thomson Reuters does
not agree with the assessments. To the extent the Group receives any
refunds of these payments, such refunds are remitted to Thomson
Reuters in accordance with the indemnity agreement.
Russian tax audit
The Group is under audit by the Russian Tax Authorities for the
2018-2020 period and continues to engage on this topic. We have
recorded an uncertain tax liability in accordance with the requirements
of IFRS. Management believes that resolution of this matter will not
have a material impact on the Group\u2019s financial position.
1 Amounts presented exclude any interest and penalties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "
Accounting policy
Income tax comprises current and deferred tax. Current and
deferred tax charges and benefits are recognised in the
income statement except to the extent that they relate to items
recognised directly in equity or other comprehensive income.
Current income tax is calculated based on the tax laws enacted
or substantively enacted at the balance sheet date in the
countries where the Group operates and generates taxable
income. Current income tax assets and liabilities are measured
at the amount expected to be recovered from or paid to
taxation authorities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "value": "
Deferred tax is the tax expected to be payable or recoverable
in the future on differences between the carrying amount of
assets and liabilities for financial reporting purposes and the
corresponding amounts used for tax purposes. Deferred tax is
accounted for using the liability method and calculated using tax
rates that are substantively enacted and expected to apply in
the period when the asset is realised or the liability settled.
Deferred tax is not recognised for:
\u2014 Temporary differences on the initial recognition of assets or
liabilities in a transaction that is not a business combination and
that affects neither the accounting profit nor taxable profit; and
\u2014 Temporary differences arising on the initial recognition
of goodwill.
Deferred tax liabilities are recognised for taxable temporary
differences associated with interests in subsidiaries and
associates, except where the Group is able to control the timing
of the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax assets arising from deductible temporary
differences associated with such interests are recognised
only to the extent that it is probable that there will be sufficient
taxable profits against which to utilise the benefits of the
temporary differences and they are expected to reverse in
the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date
and are recognised to the extent that it has become probable
that future taxable profits will allow the deferred tax asset to
be recovered.
Tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the
same taxation authority on either the same taxable entity or on
different taxable entities which intend to settle the current tax
assets and liabilities on a net basis.
On 23 May 2023, the International Accounting Standards Board (IASB) issued International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12, which the Group has adopted. The Amendments provide a temporary mandatory exception from deferred tax accounting for the global minimum top-up tax, which is effective immediately, and require new disclosures about the Group\u2019s exposure to Pillar Two income taxes (see note 6.1). The mandatory exception applies retrospectively to the Group from 1 January 2023, however the retrospective application has no impact on the Group's consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-677": { "value": "
6.2 Net deferred tax liabilities
2023 2022
\u00a3m \u00a3m
Deferred tax assets
664
622
Deferred tax liabilities
(2,140)
(2,200)
Net deferred tax liabilities
(1,476)
(1,578)
The movements in deferred tax assets and liabilities during the year are shown below:
1
Tax losses
Goodwill and other Provisions
and carry- Property, Retirement and other
intangible forward plant and Share benefit Investment in temporary
assets attributes equipment schemes obligations partnerships differences Total
Group
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
(2,282)
444
129
123
(130)
351
38
(1,327)
Deferred tax on acquisition
of subsidiaries
(87)
24
\u2013
\u2013
\u2013
\u2013
\u2013
(63)
Tax recognised on
discontinued operations
(77)
(69)
\u2013
\u2013
\u2013
\u2013
9
(137)
Tax recognised in the
income statement
(79)
153
(46)
12
(13)
(43)
27
11
Tax recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
98
\u2013
(13)
85
Tax recognised in equity
(3)
\u2013
\u2013
(92)
\u2013
102
1
8
Foreign exchange translation
and other
(288)
65
4
10
\u2013
44
10
(155)
31 December 2022
(2,816)
617
87
53
(45)
454
72
(1,578)
Deferred tax on acquisition
of subsidiaries
21.2
(77)
11
\u2013
\u2013
\u2013
\u2013
3
(63)
Tax recognised in the
income statement
74
(27)
(17)
(1)
43
(24)
(26)
22
Tax recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
2
(33)
Tax recognised in equity
\u2013
\u2013
\u2013
15
\u2013
62
2
79
Foreign exchange
translation and other
151
(26)
(1)
(2)
(3)
(26)
4
97
31 December 2023
(2,668)
575
69
65
(40)
466
57
(1,476)
2
1 The intangible assets have mainly arisen from acquired subsidiaries, creating a deferred tax liability due to the difference between their accounting and tax treatment. On 31 December 2023 this
liability was \u00a32,668 million (2022: \u00a32,816 million), primarily relating to the Refinitiv acquisition.
2 Tradeweb Markets LLC is a multiple member limited liability company taxed as a partnership and accordingly, any taxable income generated by Tradeweb Markets LLC is passed through to its
members. The investment in partnership deferred tax asset is the difference between the financial statement amount and the tax basis of the Tradeweb Markets Inc. investment in Tradeweb
Markets LLC.
On 22 November 2023, the UK Autumn Statement announced that from 6 April 2024 the free-standing tax charge that applies to authorised
surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. As this change is not yet
substantively enacted, the Group utilises the 35% tax rate for deferred tax liability measurement on UK pension surpluses at the balance sheet date.
This change would decrease the deferred tax liability by \u00a316 million.
Unrecognised deferred tax assets
On 31 December 2023, the gross amount of unrecognised temporary differences in respect of losses available for carry forward was \u00a3127 million
(2022: \u00a3122 million), all with unlimited expiration.
The assets will be recognised in the future only if suitable forecast taxable profit arises within the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "value": "Significant accounting judgements and estimates Uncertain tax positions The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and can be subject to interpretation by management and government authorities. These matters of judgement sometimes give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. In accordance with IFRIC 23 Uncertainty over Income Tax Treatments, provisions are estimated based on one of two methods: \u2014 the expected value method (the sum of the probability weighted amounts in a range of possible outcomes); or \u2014 the single most likely amount method. The method chosen depends on which is expected to better predict the resolution of the uncertainty. Due to the uncertainty associated with tax audits it is possible that, at some future date, liabilities resulting from such audits or related litigation could vary significantly from our provisions. This would require the Group to make an adjustment in a subsequent period which could have a material impact on the Group\u2019s results. EU State Aid The Group continues to monitor developments in relation to EU State Aid investigations. On 25 April 2019, the EU Commission\u2019s final decision regarding its investigation into the UK\u2019s Controlled Foreign Company (CFC) regime was published. It concluded that the Finance Company Partial Exemption (FCPE) rules in the UK tax legislation partially represent illegal State Aid. The Group had financing arrangements that utilised the FCPE. In December 2019 and the beginning of 2021, HMRC issued determinations to the Group totalling \u00a311 million which the Group paid. The Group, several other UK PLCs and the UK Government submitted appeals to the EU General Court to annul the EU Commission\u2019s findings. On 8 June 2022, the EU General Court rejected the appeals. The Group has appealed this decision to the Court of Justice of the European Union (CJEU). On 10 January 2024, an oral hearing at the CJEU was held and a non-binding opinion from the Advocate General is expected to be issued in April 2024. The final decision will follow in the months thereafter. Until the issue is concluded, the UK Government is required to continue recovering amounts determined to be State Aid. The Group\u2019s view continues to be that no provision is required. Additionally, and in accordance with IFRIC 23 Uncertainty over Income Tax Treatments, the Group continues to recognise a receivable against the HMRC determinations paid to date of \u00a311 million. The potential exposure remains between nil and \u00a365 million. IRS Audit The Group is under audit in the USA by the Internal Revenue Service (IRS) in relation to the interest rate applied on certain cross-border intercompany loans from the UK to the USA for the 2016-2021 period. Management believes that resolution of this matter will not have a material impact on the Group\u2019s financial position. HMRC audit of intellectual property valuation HMRC is auditing the value of certain intellectual property purchased from Thomson Reuters as part of the formation of Refinitiv. Intellectual property valuation is complex and significantly affected by multiple inputs of assumptions. As the outcome is uncertain, especially given the inherent subjectivity of the topic, the Group has recorded an uncertain tax liability in accordance with the requirements of IFRS. Management and HMRC have made progress but continue to actively discuss this topic. Management believes that resolution of this matter will not have a material impact on the Group\u2019s financial position. Diverted Profits Tax to Thomson Reuters HMRC has issued notices of assessment under the Diverted Profits Tax (DPT) regime to Thomson Reuters largely related to its Financial & Risk Business for years prior to the sale of the business to Refinitiv. As required by the notices and as directed by Thomson Reuters, the Group has made payments to HMRC which were immediately reimbursed by Thomson Reuters in accordance with an indemnity agreement (described in note 13 and note 15). Thomson Reuters does not agree with the assessments. To the extent the Group receives any refunds of these payments, such refunds are remitted to Thomson Reuters in accordance with the indemnity agreement. Russian tax audit The Group is under audit by the Russian Tax Authorities for the 2018-2020 period and continues to engage on this topic. We have recorded an uncertain tax liability in accordance with the requirements of IFRS. Management believes that resolution of this matter will not have a material impact on the Group\u2019s financial position. 1 Amounts presented exclude any interest and penalties. Significant accounting judgements The Group judges that, on the winding up of the defined benefit schemes, it can expect any remaining pension surplus to be refunded in full to the Group. In line with the current accounting standards, it therefore continues to recognise these retirement benefit assets on the balance sheet in full. Significant accounting estimates and assumptions Defined benefit pension liabilities are determined based on the present value of future pension obligations using assumptions determined by the Group with advice from an independent qualified actuary. An actuarial valuation involves making various assumptions that may differ from what actually happens in the future. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate, salary growth and mortality levels. Assumptions about these variables are based on the environment in each country. Due to the complexities involved in a valuation, and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. In particular, changes to the discount rate and inflation rate, could result in material changes to the carrying amounts of the Group\u2019s pension and other post-retirement benefit obligations within the next financial year. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "7. Earnings per share Earnings per share is presented on four bases: basic earnings per share, diluted earnings per share, adjusted basic earnings per share and adjusted diluted earnings per share. Earnings per share is calculated as the Group\u2019s profit for the financial year divided by the weighted average number of shares in issue during the year. Accounting policy Basic earnings per share is in respect of all activities. Diluted earnings per share takes into account the dilutive effect that would arise on conversion or vesting of all outstanding share options and share awards under the Group\u2019s share option and award schemes. Adjusted basic earnings per share and adjusted diluted earnings per share exclude non-underlying items from earnings.
2023
2022
Continuing
Discontinued
Total
Continuing
Discontinued
Total
Basic earnings per share
138.9p
\u2013
138.9p
141.8p
91.9p
233.8p
Diluted earnings per share
138.1p
\u2013
138.1p
141.1p
91.4p
232.5p
Adjusted basic earnings per share
323.9p
\u2013
323.9p
317.8p
10.6p
328.4p
Adjusted diluted earnings per share
322.1p
\u2013
322.1p
316.1p
10.5p
326.6p
7.1 Profit and adjusted profit for the year attributable to the Company\u2019s equity holders
2023
2022
Continuing Discontinued Total Continuing Discontinued Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit for the financial year attributable to the
Company\u2019s equity holders
761
\u2013
761
790
512
1,302
Adjustments:
\u2014 Total non-underlying items net of tax
2.3
1,119
\u2013
1,119
1,049
(453)
596
\u2014 Non-underlying items attributable to
non-controlling interests
(105)
\u2013
(105)
(69)
\u2013
(69)
Adjusted profit for the year attributable to the
Company\u2019s equity holders
1,775
\u2013
1,775
1,770
59
1,829
7.2 Weighted average number of shares 1,2
2023 2022
millions millions
Weighted average number of shares
548
557
Dilutive effect of share options and awards
3
3
Diluted weighted average number of shares
551
560
1,2 1 The weighted average number of shares excludes treasury shares and those held in the Employee Benefit Trust. 2 For the number of shares as at 31 December 2023, see note 18.1", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "Accounting policy Basic earnings per share is in respect of all activities. Diluted earnings per share takes into account the dilutive effect that would arise on conversion or vesting of all outstanding share options and share awards under the Group\u2019s share option and award schemes. Adjusted basic earnings per share and adjusted diluted earnings per share exclude non-underlying items from earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "value": "8. Dividends We seek to reward our shareholders through the payment of dividends. The interim dividend is generally paid in September and the final dividend in May. Accounting policy Dividend distributions to the Company\u2019s equity holders are recognised as a liability in the Group financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
2023 2022
\u00a3m \u00a3m
Final dividend for the year ended 31 December
2021 paid 25 May 2022: 70.0p per ordinary share
\u2013
390
Interim dividend for the year ended 31 December
2022 paid 20 September 2022: 31.7p per
ordinary share
\u2013
177
Final dividend for the year ended 31 December
2022 paid 24 May 2023: 75.3p per ordinary share
415
\u2013
Interim dividend for the year ended 31 December
2023 paid 20 September 2023: 35.7p per
ordinary share
196
\u2013
611
567
Dividends are only paid out of available distributable reserves of the Company. The Board has proposed a final dividend in respect of the year ended 31 December 2023 of 79 .3p per share, which amounts to an expected payment of \u00a3428 million on 22 May 2024. This is not reflected in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "Accounting policy Dividend distributions to the Company\u2019s equity holders are recognised as a liability in the Group financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "0.793", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-679": { "value": "0.793", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-15": { "value": "428000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-680": { "value": "428000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-678": { "value": "9. Intangible assets The balance sheet includes significant intangible assets, mainly in relation to goodwill, customer and supplier relationships, and internally developed software. Goodwill arises when we acquire a business and pay an amount higher than the fair value of its net assets primarily due to the synergies we expect to create. Goodwill is not amortised but is subject to annual impairment reviews. Purchased and other intangible assets are amortised over their useful economic lives. Accounting policy Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate of the consideration transferred and the amount recognised for any non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. Purchased intangible assets Purchased intangible assets are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period excess earnings method (MEEM) or relief from royalty. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. These assets are amortised as follows: Assets Amortisation method Amortisation period or useful economic life Customer and supplier relationships Straight-line basis 5 to 25 years Brands Straight-line basis 4 to 25 years Databases and content Straight-line basis 5 to 12 years Software Straight-line basis or reducing balance basis 10 to 15 years Licences and intellectual property Straight-line basis 3 to 25 years The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the expected pattern of consumption of future economic benefits embodied by an asset, then the useful economic life or amortisation method is changed accordingly. The Group considers the following indicators, as a minimum, that may show that the useful economic life or amortisation method of an asset may require a change: \u2014 whether there have been any changes to legal, regulatory or contractual provisions; \u2014 whether there has been any experience in renewing or extending related licensing agreements; \u2014 whether the effects of obsolescence, demand, competition or maintenance may impact the life of the asset; \u2014 the expected future performance of the business related to the asset; and \u2014 for customer and supplier relationship assets, the attrition rate of customers versus initial expected attrition rates set out at acquisition. Software and other Internally developed software Expenditure on internal product development, including expenditure related to cloud computing arrangements, is capitalised if: \u2014 the costs can be reliably measured; \u2014 the product or process is technically and commercially feasible; \u2014 future economic benefits are probable; and \u2014 the Group has sufficient resources to complete the development and to use or sell the asset. The assets are initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not exceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years. Contract costs Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between 3 and 5 years. The Group recognises the incremental cost of obtaining a contract as an expense when incurred, if the amortisation period is less than one year. Impairment of intangible assets, including goodwill Goodwill is tested for impairment annually. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets are assessed for any indicators of impairment at each balance sheet date. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. Significant accounting estimates and assumptions Intangible assets acquired as part of a business combination The fair value of acquired intangible assets (and therefore the resulting goodwill recognised on acquisition) is significantly affected by a number of factors. These include management\u2019s best estimates of future performance (i.e. forecast revenue, expected revenue attrition, forecast operating margin), any contributory assets charges and estimates of the return required to determine an appropriate discount rate (in order to calculate the net present value of the assets). Recoverable amounts of CGUs The recoverable amounts of CGUs are based on value-in-use calculations. The value-in-use calculations use cash flow projections based on business plans prepared by management for the three-year period ending 31 December 2026. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGUs. Estimated useful economic lives Intangible assets are amortised over their estimated useful economic lives, being management\u2019s best estimate of the period over which value from the intangible assets is realised. In determining useful economic life, management considers a number of factors including: customer attrition rates; product upgrade cycles for software and technology assets; market participant perspectives of brands; and pace of change of regulation.
Purchased intangible assets
Software,
licences
Customer and
and supplier Databases intellectual Software
Goodwill relationships Brands and content property and other Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
17,509
8,721
1,956
2,434
702
3,232
34,554
Intangible assets acquired on acquisition
of subsidiaries
569
188
\u2013
3
149
\u2013
909
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
868
868
Disposal of business
\u2013
\u2013
(51)
\u2013
\u2013
(174)
(225)
Disposals and write-off
\u2013
\u2013
\u2013
\u2013
\u2013
(70)
(70)
Foreign exchange translation
1,781
1,016
208
297
52
273
3,627
31 December 2022
19,859
9,925
2,113
2,734
903
4,129
39,663
Intangible assets acquired on acquisition
of subsidiaries
21.2
370
281
\u2013
\u2013
47
\u2013
698
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
962
962
Disposals and write-off
\u2013
\u2013
(1)
\u2013
\u2013
(82)
(83)
Foreign exchange translation
(953)
(538)
(114)
(154)
(93)
(149)
(2,001)
31 December 2023
19,276
9,668
1,998
2,580
857
4,860
39,239
Accumulated amortisation and impairment
1 January 2022
23
956
398
224
315
914
2,830
Amortisation charge for the year
\u2013
590
150
232
41
587
1,600
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
11
11
Disposal of business
\u2013
\u2013
(4)
\u2013
\u2013
(31)
(35)
Disposals and write-off
\u2013
\u2013
\u2013
\u2013
\u2013
(70)
(70)
Foreign exchange translation
7
104
40
34
11
65
261
31 December 2022
30
1,650
584
490
367
1,476
4,597
Amortisation charge for the year
\u2013
607
149
229
72
790
1,847
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
10
10
Disposals and write-off
\u2013
\u2013
(1)
\u2013
\u2013
(82)
(83)
Foreign exchange translation
\u2013
(91)
(39)
(32)
(66)
(51)
(279)
31 December 2023
30
2,166
693
687
373
2,143
6,092
Net book values
31 December 2023
19,246
7,502
1,305
1,893
484
2,717
33,147
31 December 2022
19,829
8,275
1,529
2,244
536
2,653
35,066
1 2 3 4 2 5 1 During the year, consideration for additions comprised \u00a3962 million (2022: \u00a3787 million) in cash, and nil (2022: \u00a381 million) in accruals. During the year, the Group capitalised sales commissions paid to employees (contract costs) of \u00a353 million (2022: \u00a340 million). 2 During the year the Group recognised disposals and write-offs of assets which are no longer in use of \u00a383 million with nil net book value (2022: \u00a370 million with nil net book value). 3 Includes non-underlying amortisation of intangible assets of \u00a31,195 million (2022: \u00a31,044 million) and no amortisation related to discontinued operations (2022: \u00a38 million). 4 Following a review of software assets in the year the Group recognised a \u00a310 million non-underlying impairment charge (2022: \u00a311 million adjusted impairment charge) in relation to assets with a recoverable amount less than the carrying value. 5 At 31 December 2023, software and other net book value includes: \u2013 Assets not yet brought into use of \u00a3739 million (2022: \u00a3647 million). No amortisation has been charged on these assets and instead they are tested for impairment annually. \u2013 Contract costs of \u00a378 million (2022: \u00a375 million). 9.1 Goodwill Carrying value of goodwill allocated to each of the Group\u2019s CGUs Goodwill is allocated to and monitored by management at the level of the Group\u2019s four CGUs as set out below:
2023 2022
\u00a3m \u00a3m
Data & Analytics
13,767
14,414
Capital Markets, excluding Tradeweb
2
2
Tradeweb
4,889
5,152
Post Trade
588
261
19,246
19,829
1 1 1 1 The carrying value of goodwill allocated to the Data & Analytics and Tradeweb CGUs reduced during the year mainly due to the impact of foreign exchange translation of \u00a3648 million and \u00a3291 million, respectively. The decrease in Tradeweb is partly offset by the Yieldbroker acquisition (see note 21.2). The carrying value of the goodwill allocated to the Post Trade CGU increased during the year, mainly due to the Acadia acquisition (see note 21.2). Annual goodwill impairment test Goodwill as at 31 December 2023 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value (being the net book value as at 31 December 2023) and therefore no impairment was identified or recognised. The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based on, and most sensitive to, the following key assumptions:
Assumption
Determination of assumption
Short- and medium-term The short-term revenue and cost growth assumptions are based on the business plans prepared by management for
revenue and cost growth the three-year period ending 31 December 2026 and extended by a further three years for trended medium-term growth.
Business plans are based on an assessment of current trends, anticipated market and regulatory developments,
discussions with customers and suppliers, and management\u2019s experience
Long-term economic Cash flows beyond an initial six-year period are extrapolated using estimated long-term growth rates, which are based on
growth rates (used to
determine terminal values)
external estimates of GDP and inflation
Pre-tax discount rates
Weighted average cost of capital is determined using market risk free rates based on the yields of government
bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of borrowing
for the Group
Value-in-use assumptions
Capital Markets,
Data & Analytics
excluding Tradeweb
Tradeweb
Post Trade
2023 2022 2023 2022 2023 2022 2023 2022
Assumptions % % % % % % % %
Long-term growth rates
4.1
4.2
3.6
3.5
4.1
3.9
3.4
3.4
Pre-tax discount rates
12.1
11.4
10.3
12.2
11.4
10.7
12.2
14.3
Sensitivity analysis The estimated value-in-use of each CGU exceeds its carrying value. The table below shows the relative changes in the main assumptions; cash flows, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised for the year ended 31 December 2023. The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential impact on other assumptions used. We do not expect that a reasonably possible or foreseeable change in the assumptions in isolation would lead to an impairment loss being recognised.
Change required for value-in-use
to equal carrying amount
Capital
Markets,
Data & excluding
Assumptions Analytics
Tradeweb
Post Trade
Tradeweb
Reduction in terminal cash flow (%)
(40.7)
N/A
N/A
(28.9)
Reduction in long-term growth rates (percentage points)
(3.6)
N/A
N/A
(2.0)
Increase in pre-tax discount rates (percentage points)
3.7
N/A
N/A
2.2
1 1 1 1 1 1 1 N/A indicates that the change required is outside of a feasible expected change. 9.2 Purchased intangible assets Purchased intangible assets are recognised on acquisition of a business. The material purchased intangible assets are set out below:
Carrying value of Remaining
material purchased amortisation
intangible assets period
2023 2022
\u00a3m
\u00a3m
2023
Customer and supplier relationships
Refinitiv
5,635
6,428
13 years
Tradeweb
889
954
10-17 years
Frank Russell
305
346
11-16 years
Acadia
233
N/A
17 years
Brands
Refinitiv
532
660
2-12 years
Tradeweb
169
194
12 years
Frank Russell
442
498
16 years
Databases and content
Refinitiv
1,878
2,219
8-9 years
There are no other individual purchased intangible assets that are considered material to each class of intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-656": { "value": "9. Intangible assets The balance sheet includes significant intangible assets, mainly in relation to goodwill, customer and supplier relationships, and internally developed software. Goodwill arises when we acquire a business and pay an amount higher than the fair value of its net assets primarily due to the synergies we expect to create. Goodwill is not amortised but is subject to annual impairment reviews. Purchased and other intangible assets are amortised over their useful economic lives. Accounting policy Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate of the consideration transferred and the amount recognised for any non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. Purchased intangible assets Purchased intangible assets are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period excess earnings method (MEEM) or relief from royalty. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. These assets are amortised as follows: Assets Amortisation method Amortisation period or useful economic life Customer and supplier relationships Straight-line basis 5 to 25 years Brands Straight-line basis 4 to 25 years Databases and content Straight-line basis 5 to 12 years Software Straight-line basis or reducing balance basis 10 to 15 years Licences and intellectual property Straight-line basis 3 to 25 years The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the expected pattern of consumption of future economic benefits embodied by an asset, then the useful economic life or amortisation method is changed accordingly. The Group considers the following indicators, as a minimum, that may show that the useful economic life or amortisation method of an asset may require a change: \u2014 whether there have been any changes to legal, regulatory or contractual provisions; \u2014 whether there has been any experience in renewing or extending related licensing agreements; \u2014 whether the effects of obsolescence, demand, competition or maintenance may impact the life of the asset; \u2014 the expected future performance of the business related to the asset; and \u2014 for customer and supplier relationship assets, the attrition rate of customers versus initial expected attrition rates set out at acquisition. Software and other Internally developed software Expenditure on internal product development, including expenditure related to cloud computing arrangements, is capitalised if: \u2014 the costs can be reliably measured; \u2014 the product or process is technically and commercially feasible; \u2014 future economic benefits are probable; and \u2014 the Group has sufficient resources to complete the development and to use or sell the asset. The assets are initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not exceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years. Contract costs Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between 3 and 5 years. The Group recognises the incremental cost of obtaining a contract as an expense when incurred, if the amortisation period is less than one year. Impairment of intangible assets, including goodwill Goodwill is tested for impairment annually. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets are assessed for any indicators of impairment at each balance sheet date. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. Significant accounting estimates and assumptions Intangible assets acquired as part of a business combination The fair value of acquired intangible assets (and therefore the resulting goodwill recognised on acquisition) is significantly affected by a number of factors. These include management\u2019s best estimates of future performance (i.e. forecast revenue, expected revenue attrition, forecast operating margin), any contributory assets charges and estimates of the return required to determine an appropriate discount rate (in order to calculate the net present value of the assets). Recoverable amounts of CGUs The recoverable amounts of CGUs are based on value-in-use calculations. The value-in-use calculations use cash flow projections based on business plans prepared by management for the three-year period ending 31 December 2026. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGUs. Estimated useful economic lives Intangible assets are amortised over their estimated useful economic lives, being management\u2019s best estimate of the period over which value from the intangible assets is realised. In determining useful economic life, management considers a number of factors including: customer attrition rates; product upgrade cycles for software and technology assets; market participant perspectives of brands; and pace of change of regulation.
Purchased intangible assets
Software,
licences
Customer and
and supplier Databases intellectual Software
Goodwill relationships Brands and content property and other Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
17,509
8,721
1,956
2,434
702
3,232
34,554
Intangible assets acquired on acquisition
of subsidiaries
569
188
\u2013
3
149
\u2013
909
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
868
868
Disposal of business
\u2013
\u2013
(51)
\u2013
\u2013
(174)
(225)
Disposals and write-off
\u2013
\u2013
\u2013
\u2013
\u2013
(70)
(70)
Foreign exchange translation
1,781
1,016
208
297
52
273
3,627
31 December 2022
19,859
9,925
2,113
2,734
903
4,129
39,663
Intangible assets acquired on acquisition
of subsidiaries
21.2
370
281
\u2013
\u2013
47
\u2013
698
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
962
962
Disposals and write-off
\u2013
\u2013
(1)
\u2013
\u2013
(82)
(83)
Foreign exchange translation
(953)
(538)
(114)
(154)
(93)
(149)
(2,001)
31 December 2023
19,276
9,668
1,998
2,580
857
4,860
39,239
Accumulated amortisation and impairment
1 January 2022
23
956
398
224
315
914
2,830
Amortisation charge for the year
\u2013
590
150
232
41
587
1,600
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
11
11
Disposal of business
\u2013
\u2013
(4)
\u2013
\u2013
(31)
(35)
Disposals and write-off
\u2013
\u2013
\u2013
\u2013
\u2013
(70)
(70)
Foreign exchange translation
7
104
40
34
11
65
261
31 December 2022
30
1,650
584
490
367
1,476
4,597
Amortisation charge for the year
\u2013
607
149
229
72
790
1,847
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
10
10
Disposals and write-off
\u2013
\u2013
(1)
\u2013
\u2013
(82)
(83)
Foreign exchange translation
\u2013
(91)
(39)
(32)
(66)
(51)
(279)
31 December 2023
30
2,166
693
687
373
2,143
6,092
Net book values
31 December 2023
19,246
7,502
1,305
1,893
484
2,717
33,147
31 December 2022
19,829
8,275
1,529
2,244
536
2,653
35,066
1
2
3
4
2
5
1 During the year, consideration for additions comprised \u00a3962 million (2022: \u00a3787 million) in cash, and nil (2022: \u00a381 million) in accruals. During the year, the Group capitalised sales commissions
paid to employees (contract costs) of \u00a353 million (2022: \u00a340 million).
2 During the year the Group recognised disposals and write-offs of assets which are no longer in use of \u00a383 million with nil net book value (2022: \u00a370 million with nil net book value).
3 Includes non-underlying amortisation of intangible assets of \u00a31,195 million (2022: \u00a31,044 million) and no amortisation related to discontinued operations (2022: \u00a38 million).
4 Following a review of software assets in the year the Group recognised a \u00a310 million non-underlying impairment charge (2022: \u00a311 million adjusted impairment charge) in relation to assets
with a recoverable amount less than the carrying value.
5 At 31 December 2023, software and other net book value includes:
\u2013 Assets not yet brought into use of \u00a3739 million (2022: \u00a3647 million). No amortisation has been charged on these assets and instead they are tested for impairment annually.
\u2013 Contract costs of \u00a378 million (2022: \u00a375 million).
9.1 Goodwill
Carrying value of goodwill allocated to each of the Group\u2019s CGUs
Goodwill is allocated to and monitored by management at the level of the Group\u2019s four CGUs as set out below:
2023 2022
\u00a3m \u00a3m
Data & Analytics
13,767
14,414
Capital Markets, excluding Tradeweb
2
2
Tradeweb
4,889
5,152
Post Trade
588
261
19,246
19,829
1
1
1
1 The carrying value of goodwill allocated to the Data & Analytics and Tradeweb CGUs reduced during the year mainly due to the impact of foreign exchange translation of \u00a3648 million and
\u00a3291 million, respectively. The decrease in Tradeweb is partly offset by the Yieldbroker acquisition (see note 21.2). The carrying value of the goodwill allocated to the Post Trade CGU increased
during the year, mainly due to the Acadia acquisition (see note 21.2).
Annual goodwill impairment test
Goodwill as at 31 December 2023 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value
(being the net book value as at 31 December 2023) and therefore no impairment was identified or recognised.
The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based on, and most
sensitive to, the following key assumptions:
Assumption
Determination of assumption
Short- and medium-term The short-term revenue and cost growth assumptions are based on the business plans prepared by management for
revenue and cost growth the three-year period ending 31 December 2026 and extended by a further three years for trended medium-term growth.
Business plans are based on an assessment of current trends, anticipated market and regulatory developments,
discussions with customers and suppliers, and management\u2019s experience
Long-term economic Cash flows beyond an initial six-year period are extrapolated using estimated long-term growth rates, which are based on
growth rates (used to
determine terminal values)
external estimates of GDP and inflation
Pre-tax discount rates
Weighted average cost of capital is determined using market risk free rates based on the yields of government
bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of borrowing
for the Group
Value-in-use assumptions
Capital Markets,
Data & Analytics
excluding Tradeweb
Tradeweb
Post Trade
2023 2022 2023 2022 2023 2022 2023 2022
Assumptions % % % % % % % %
Long-term growth rates
4.1
4.2
3.6
3.5
4.1
3.9
3.4
3.4
Pre-tax discount rates
12.1
11.4
10.3
12.2
11.4
10.7
12.2
14.3
Sensitivity analysis The estimated value-in-use of each CGU exceeds its carrying value. The table below shows the relative changes in the main assumptions; cash flows, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised for the year ended 31 December 2023. The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential impact on other assumptions used. We do not expect that a reasonably possible or foreseeable change in the assumptions in isolation would lead to an impairment loss being recognised.
Change required for value-in-use
to equal carrying amount
Capital
Markets,
Data & excluding
Assumptions Analytics
Tradeweb
Post Trade
Tradeweb
Reduction in terminal cash flow (%)
(40.7)
N/A
N/A
(28.9)
Reduction in long-term growth rates (percentage points)
(3.6)
N/A
N/A
(2.0)
Increase in pre-tax discount rates (percentage points)
3.7
N/A
N/A
2.2
1 1 1 1 1 1 1 N/A indicates that the change required is outside of a feasible expected change. 9.2 Purchased intangible assets Purchased intangible assets are recognised on acquisition of a business. The material purchased intangible assets are set out below:
Carrying value of Remaining
material purchased amortisation
intangible assets period
2023 2022
\u00a3m
\u00a3m
2023
Customer and supplier relationships
Refinitiv
5,635
6,428
13 years
Tradeweb
889
954
10-17 years
Frank Russell
305
346
11-16 years
Acadia
233
N/A
17 years
Brands
Refinitiv
532
660
2-12 years
Tradeweb
169
194
12 years
Frank Russell
442
498
16 years
Databases and content
Refinitiv
1,878
2,219
8-9 years
There are no other individual purchased intangible assets that are considered material to each class of intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "value": "Accounting policy Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate of the consideration transferred and the amount recognised for any non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. Purchased intangible assets Purchased intangible assets are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period excess earnings method (MEEM) or relief from royalty. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. These assets are amortised as follows: Assets Amortisation method Amortisation period or useful economic life Customer and supplier relationships Straight-line basis 5 to 25 years Brands Straight-line basis 4 to 25 years Databases and content Straight-line basis 5 to 12 years Software Straight-line basis or reducing balance basis 10 to 15 years Licences and intellectual property Straight-line basis 3 to 25 years The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the expected pattern of consumption of future economic benefits embodied by an asset, then the useful economic life or amortisation method is changed accordingly. The Group considers the following indicators, as a minimum, that may show that the useful economic life or amortisation method of an asset may require a change: \u2014 whether there have been any changes to legal, regulatory or contractual provisions; \u2014 whether there has been any experience in renewing or extending related licensing agreements; \u2014 whether the effects of obsolescence, demand, competition or maintenance may impact the life of the asset; \u2014 the expected future performance of the business related to the asset; and \u2014 for customer and supplier relationship assets, the attrition rate of customers versus initial expected attrition rates set out at acquisition. Software and other Internally developed software Expenditure on internal product development, including expenditure related to cloud computing arrangements, is capitalised if: \u2014 the costs can be reliably measured; \u2014 the product or process is technically and commercially feasible; \u2014 future economic benefits are probable; and \u2014 the Group has sufficient resources to complete the development and to use or sell the asset. The assets are initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not exceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years. Contract costs Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between 3 and 5 years. The Group recognises the incremental cost of obtaining a contract as an expense when incurred, if the amortisation period is less than one year. Impairment of intangible assets, including goodwill Goodwill is tested for impairment annually. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets are assessed for any indicators of impairment at each balance sheet date. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "
Goodwill
Goodwill arising on the acquisition of a business is initially
measured at cost, being the amount by which the aggregate
of the consideration transferred and the amount recognised
for any non-controlling interests (plus any previous interest
held), exceeds the net identifiable assets acquired and
liabilities assumed.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. For the purpose of impairment
testing, on the date of acquisition, goodwill acquired in a business
combination is allocated to one or more of the Group\u2019s
cash-generating units (CGUs) that are expected to benefit
from the combination.
Where goodwill has been allocated to a CGU and part of the
operation within that unit is disposed of, the goodwill associated
with the disposed operation is included in the carrying amount
when determining its gain or loss on disposal. Goodwill disposed
in these circumstances is measured based on the relative values
of the disposed operation and the portion of the CGU retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "value": "Purchased intangible assets Purchased intangible assets are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period excess earnings method (MEEM) or relief from royalty. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. These assets are amortised as follows: Assets Amortisation method Amortisation period or useful economic life Customer and supplier relationships Straight-line basis 5 to 25 years Brands Straight-line basis 4 to 25 years Databases and content Straight-line basis 5 to 12 years Software Straight-line basis or reducing balance basis 10 to 15 years Licences and intellectual property Straight-line basis 3 to 25 years The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the expected pattern of consumption of future economic benefits embodied by an asset, then the useful economic life or amortisation method is changed accordingly. The Group considers the following indicators, as a minimum, that may show that the useful economic life or amortisation method of an asset may require a change: \u2014 whether there have been any changes to legal, regulatory or contractual provisions; \u2014 whether there has been any experience in renewing or extending related licensing agreements; \u2014 whether the effects of obsolescence, demand, competition or maintenance may impact the life of the asset; \u2014 the expected future performance of the business related to the asset; and \u2014 for customer and supplier relationship assets, the attrition rate of customers versus initial expected attrition rates set out at acquisition. Software and other Internally developed software Expenditure on internal product development, including expenditure related to cloud computing arrangements, is capitalised if: \u2014 the costs can be reliably measured; \u2014 the product or process is technically and commercially feasible; \u2014 future economic benefits are probable; and \u2014 the Group has sufficient resources to complete the development and to use or sell the asset. The assets are initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not exceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years. Contract costs Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between 3 and 5 years. The Group recognises the incremental cost of obtaining a contract as an expense when incurred, if the amortisation period is less than one year. Impairment of intangible assets, including goodwill Goodwill is tested for impairment annually. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets are assessed for any indicators of impairment at each balance sheet date. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "value": "
Impairment of intangible assets, including goodwill
Goodwill is tested for impairment annually. Any goodwill
impairment is determined by assessing the recoverable amount
of each CGU. When the recoverable amount of the CGU is less
than its carrying amount, an impairment loss is recognised.
Impairment losses relating to goodwill cannot be reversed in
future periods.
Intangible assets are assessed for any indicators of impairment
at each balance sheet date. If any indication exists, or when
annual impairment testing for an asset is required, the Group
estimates the asset\u2019s recoverable amount. Where it is not
possible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of the
CGU to which the asset belongs.
An impairment loss is recognised when the recoverable amount
of the asset, or CGU, is less than its carrying amount. Impairment
losses are recognised in the income statement within
depreciation, amortisation and impairment. CGU impairment
losses are allocated first to reduce the carrying amount of any
goodwill allocated to the CGU, and then to reduce the carrying
amounts of the other assets in the CGU on a pro-rata basis.
At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal, and its value-in-use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-697": { "value": "9.1 Goodwill Carrying value of goodwill allocated to each of the Group\u2019s CGUs Goodwill is allocated to and monitored by management at the level of the Group\u2019s four CGUs as set out below:
2023 2022
\u00a3m \u00a3m
Data & Analytics
13,767
14,414
Capital Markets, excluding Tradeweb
2
2
Tradeweb
4,889
5,152
Post Trade
588
261
19,246
19,829
1 1 1 1 The carrying value of goodwill allocated to the Data & Analytics and Tradeweb CGUs reduced during the year mainly due to the impact of foreign exchange translation of \u00a3648 million and \u00a3291 million, respectively. The decrease in Tradeweb is partly offset by the Yieldbroker acquisition (see note 21.2). The carrying value of the goodwill allocated to the Post Trade CGU increased during the year, mainly due to the Acadia acquisition (see note 21.2). Annual goodwill impairment test Goodwill as at 31 December 2023 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value (being the net book value as at 31 December 2023) and therefore no impairment was identified or recognised. The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based on, and most sensitive to, the following key assumptions:
Assumption
Determination of assumption
Short- and medium-term The short-term revenue and cost growth assumptions are based on the business plans prepared by management for
revenue and cost growth the three-year period ending 31 December 2026 and extended by a further three years for trended medium-term growth.
Business plans are based on an assessment of current trends, anticipated market and regulatory developments,
discussions with customers and suppliers, and management\u2019s experience
Long-term economic Cash flows beyond an initial six-year period are extrapolated using estimated long-term growth rates, which are based on
growth rates (used to
determine terminal values)
external estimates of GDP and inflation
Pre-tax discount rates
Weighted average cost of capital is determined using market risk free rates based on the yields of government
bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of borrowing
for the Group
Value-in-use assumptions
Capital Markets,
Data & Analytics
excluding Tradeweb
Tradeweb
Post Trade
2023 2022 2023 2022 2023 2022 2023 2022
Assumptions % % % % % % % %
Long-term growth rates
4.1
4.2
3.6
3.5
4.1
3.9
3.4
3.4
Pre-tax discount rates
12.1
11.4
10.3
12.2
11.4
10.7
12.2
14.3
Sensitivity analysis
The estimated value-in-use of each CGU exceeds its carrying value. The table below shows the relative changes in the main assumptions; cash
flows, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use reducing to the carrying amount. Changes
beyond those amounts would have therefore led to an impairment loss being recognised for the year ended 31 December 2023. The sensitivity
analysis presented is prepared on the basis that any change in each key assumption would not have a consequential impact on other assumptions
used. We do not expect that a reasonably possible or foreseeable change in the assumptions in isolation would lead to an impairment loss
being recognised.
Change required for value-in-use
to equal carrying amount
Capital
Markets,
Data & excluding
Assumptions Analytics
Tradeweb
Post Trade
Tradeweb
Reduction in terminal cash flow (%)
(40.7)
N/A
N/A
(28.9)
Reduction in long-term growth rates (percentage points)
(3.6)
N/A
N/A
(2.0)
Increase in pre-tax discount rates (percentage points)
3.7
N/A
N/A
2.2
1
1
1
1
1
1
1 N/A indicates that the change required is outside of a feasible expected change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "value": "10. Property, plant and equipment Our tangible assets are property (owned and leased), equipment, and furniture and fittings. These assets are depreciated over their useful economic lives. Accounting policy Property, plant and equipment Property, plant and equipment assets are recorded at cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. Freehold buildings, plant and equipment are depreciated to a residual value on a straight-line basis over their estimated useful economic lives as follows: \u2014 Freehold buildings \u2013 30 to 50 years \u2014 Plant and equipment \u2013 3 to 20 years Leasehold improvements are recorded at cost and depreciated to a residual value over the shorter of the period of the lease and the useful economic life of the asset. At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal, and its value-in-use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis . Right-of-use assets (leases) The Group recognises a right-of-use asset where it has control of an asset for a period of more than 12 months. Assets are recorded initially at cost and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful economic life. Cost is defined as the net present value of the initial lease liability plus any initial costs and dilapidation provisions less any lease incentives received. The lease term is the non-cancellable term plus any periods for which the Group is reasonably certain to exercise any extension options. Where a property is no longer used by the business or there is surplus space, an impairment in the value of the right-of-use asset is recognised and the asset is recognised at its estimated recoverable value. Where a lease is terminated early, this is recognised as a disposal and any difference in value between the asset (being the carrying value of the right-of-use asset) and the liability (being the net present value of future lease obligation) is recognised as a profit or loss on disposal. Any penalty fees payable for early termination are recognised directly in the income statement as an operating expense.
Land & Buildings
Plant and equipment
Leasehold
Freehold Right-of-use improve- Right-of-use
property assets ments assets Owned Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
55
605
103
60
502
1,325
Property, plant and equipment acquired on
acquisition of subsidiaries
\u2013
1
\u2013
\u2013
2
3
Additions
14
44
12
41
130
241
Lease modifications
\u2013
14
\u2013
\u2013
\u2013
14
Disposals and other
(14)
(12)
3
(1)
(19)
(43)
Disposal of business
\u2013
(12)
\u2013
(34)
(15)
(61)
Foreign exchange translation
(2)
32
7
4
24
65
31 December 2022
53
672
125
70
624
1,544
Property, plant and equipment acquired on
acquisition of subsidiaries
21.2
\u2013
1
\u2013
\u2013
2
3
Additions
5
20
8
49
79
161
Lease modifications
\u2013
74
\u2013
\u2013
\u2013
74
Disposals, reclassifications and other
(41)
(33)
20
(4)
38
(20)
Foreign exchange translation
\u2013
(23)
(3)
(2)
(20)
(48)
31 December 2023
17
711
150
113
723
1,714
Accumulated depreciation and impairment
1 January 2022
31
158
49
19
236
493
Depreciation charge for the year
1
101
20
18
143
283
Impairment
\u2013
12
\u2013
\u2013
\u2013
12
Disposals and other
(3)
(10)
(3)
\u2013
(19)
(35)
Disposal of business
\u2013
(4)
\u2013
(16)
(5)
(25)
Foreign exchange translation
\u2013
10
1
1
7
19
31 December 2022
29
267
67
22
362
747
Depreciation charge for the year
\u2013
105
15
28
116
264
Impairment
\u2013
22
\u2013
\u2013
\u2013
22
Disposals, reclassifications and other
(27)
(30)
5
(5)
45
(12)
Foreign exchange translation
\u2013
(10)
(1)
(1)
(11)
(23)
31 December 2023
2
354
86
44
512
998
Net book values
31 December 2023
15
357
64
69
211
716
31 December 2022
24
405
58
48
262
797
1
2
2,3
1 We have recognised property provisions of \u00a335 million within liabilities in the balance sheet, which represent the present value of the Group's estimate of the cost of fulfilling lease obligations
for dilapidations on its right-of-use assets.
2 Includes non-underlying accelerated depreciation and impairment of \u00a323 million (2022: \u00a327 million) and no depreciation from discontinued operations (2022: \u00a35 million).
3 Following a review of our right-of-use property assets in the year we recognised a \u00a322 million impairment charge (2022: \u00a312 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "
Accounting policy
Property, plant and equipment
Property, plant and equipment assets are recorded at cost less
accumulated depreciation and accumulated impairment losses.
Land is not depreciated. Freehold buildings, plant and equipment
are depreciated to a residual value on a straight-line basis over their
estimated useful economic lives as follows:
\u2014 Freehold buildings \u2013 30 to 50 years
\u2014 Plant and equipment \u2013 3 to 20 years
Leasehold improvements are recorded at cost and depreciated
to a residual value over the shorter of the period of the lease and
the useful economic life of the asset.
At each reporting date, the Group assesses whether there is an
indication that an asset may be impaired. If any indication exists,
the Group estimates the asset\u2019s recoverable amount. The recoverable
amount is the higher of an asset\u2019s fair value less costs of disposal,
and its value-in-use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates
the recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognised when the recoverable amount of the
asset, or CGU, is less than its carrying amount. Impairment losses are
recognised in the income statement within depreciation, amortisation
and impairment. CGU impairment losses are allocated first to reduce
the carrying amount of any goodwill allocated to the CGU, and then
to reduce the carrying amounts of the other assets in the CGU on
a pro-rata basis .
Right-of-use assets (leases) The Group recognises a right-of-use asset where it has control of an asset for a period of more than 12 months. Assets are recorded initially at cost and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful economic life. Cost is defined as the net present value of the initial lease liability plus any initial costs and dilapidation provisions less any lease incentives received. The lease term is the non-cancellable term plus any periods for which the Group is reasonably certain to exercise any extension options. Where a property is no longer used by the business or there is surplus space, an impairment in the value of the right-of-use asset is recognised and the asset is recognised at its estimated recoverable value. Where a lease is terminated early, this is recognised as a disposal and any difference in value between the asset (being the carrying value of the right-of-use asset) and the liability (being the net present value of future lease obligation) is recognised as a profit or loss on disposal. Any penalty fees payable for early termination are recognised directly in the income statement as an operating expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-681": { "value": "
Land & Buildings
Plant and equipment
Leasehold
Freehold Right-of-use improve- Right-of-use
property assets ments assets Owned Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2022
55
605
103
60
502
1,325
Property, plant and equipment acquired on
acquisition of subsidiaries
\u2013
1
\u2013
\u2013
2
3
Additions
14
44
12
41
130
241
Lease modifications
\u2013
14
\u2013
\u2013
\u2013
14
Disposals and other
(14)
(12)
3
(1)
(19)
(43)
Disposal of business
\u2013
(12)
\u2013
(34)
(15)
(61)
Foreign exchange translation
(2)
32
7
4
24
65
31 December 2022
53
672
125
70
624
1,544
Property, plant and equipment acquired on
acquisition of subsidiaries
21.2
\u2013
1
\u2013
\u2013
2
3
Additions
5
20
8
49
79
161
Lease modifications
\u2013
74
\u2013
\u2013
\u2013
74
Disposals, reclassifications and other
(41)
(33)
20
(4)
38
(20)
Foreign exchange translation
\u2013
(23)
(3)
(2)
(20)
(48)
31 December 2023
17
711
150
113
723
1,714
Accumulated depreciation and impairment
1 January 2022
31
158
49
19
236
493
Depreciation charge for the year
1
101
20
18
143
283
Impairment
\u2013
12
\u2013
\u2013
\u2013
12
Disposals and other
(3)
(10)
(3)
\u2013
(19)
(35)
Disposal of business
\u2013
(4)
\u2013
(16)
(5)
(25)
Foreign exchange translation
\u2013
10
1
1
7
19
31 December 2022
29
267
67
22
362
747
Depreciation charge for the year
\u2013
105
15
28
116
264
Impairment
\u2013
22
\u2013
\u2013
\u2013
22
Disposals, reclassifications and other
(27)
(30)
5
(5)
45
(12)
Foreign exchange translation
\u2013
(10)
(1)
(1)
(11)
(23)
31 December 2023
2
354
86
44
512
998
Net book values
31 December 2023
15
357
64
69
211
716
31 December 2022
24
405
58
48
262
797
1 2 2,3 1 We have recognised property provisions of \u00a335 million within liabilities in the balance sheet, which represent the present value of the Group's estimate of the cost of fulfilling lease obligations for dilapidations on its right-of-use assets. 2 Includes non-underlying accelerated depreciation and impairment of \u00a323 million (2022: \u00a327 million) and no depreciation from discontinued operations (2022: \u00a35 million). 3 Following a review of our right-of-use property assets in the year we recognised a \u00a322 million impairment charge (2022: \u00a312 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "value": "11. Investments in financial assets The Group holds equity investments in a number of companies which fall below the level that would result in recognition of an interest in a subsidiary or associate. Accounting policy These financial assets are all recognised at fair value through other comprehensive income (FVOCI). See note 17 for the relevant accounting policy, specifically in relation to: \u2014 equity instruments \u2014 debt instruments Investments in equity instruments and convertible instruments (excluding listed instruments) are classified as Level 3 (of the fair value hierarchy described in the accounting policy of note 17). Listed instruments are classified as Level 1. Investments in financial assets are as follows:
2023 2022
Notes \u00a3m \u00a3m
Non-current
Equity instruments
11.1
372
394
Current
Debt instruments
11.2
\u2013
226
Total investments in financial assets
17.1
372
620
11.1 Equity instruments Movements in the fair value of investments in equity instruments (which are almost entirely classified as Level 3) are as follows:
2023 2022
\u00a3m \u00a3m
1 January
394
351
Additions
\u2013
1
Disposals
(1)
\u2013
Transfer to investments in associates
\u2013
(1)
Fair value (losses)/gains recognised in other
comprehensive income
(12)
21
Foreign exchange translation
(9)
22
31 December
372
394
Fair value of equity instruments In determining the fair value of equity instruments, recent market transactions are used as the primary source of an instrument\u2019s value. If no such transactions can be identified, latest financial performance is compared with expectation to determine whether the value continues to be supported. If actual financial performance has deviated materially from expectation, internal valuations are calculated using a range of appropriate valuation methodologies including discounted cash flows and trading/transaction multiples. These valuation models generate a range of values by considering reasonable changes in the key unobservable inputs (e.g. terminal growth rates and discount rates). The investments are recognised at the lowest value in the range. The fair values of the material investments are as follows:
2023 2022
\u00a3m \u00a3m
Euroclear
307
314
PrimaryBid Limited
31
31
Finbourne Technology Limited
8
8
Sumscope Inc.
6
17
Income from equity investments Income from equity investments of \u00a315 million (2022: \u00a312 million) represents dividends received from the Group\u2019s investment in Euroclear. 11.2 Debt instruments
2023 2022
Group \u00a3m \u00a3m
1 January
226
\u2013
Additions
\u2013
217
Disposals
(223)
\u2013
Foreign exchange translation
(3)
9
31 December
\u2013
226
1 1 1 In 2023, the Group divested its French Government and European Central Bank bonds, which were purchased in 2022", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "value": "Accounting policy These financial assets are all recognised at fair value through other comprehensive income (FVOCI). See note 17 for the relevant accounting policy, specifically in relation to: \u2014 equity instruments \u2014 debt instruments Investments in equity instruments and convertible instruments (excluding listed instruments) are classified as Level 3 (of the fair value hierarchy described in the accounting policy of note 17). Listed instruments are classified as Level 1. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "value": "12. Pension and other retirement benefit schemes Substantially all of the Group\u2019s employees participate in defined benefit or defined contribution future benefit schemes.
This note describes the retirement benefit costs recognised in the income statement, and assets and liabilities recognised in the balance sheet.
Accounting policy For defined contribution schemes, the operating charge represents the contributions payable in the year and is recognised in the income statement as incurred. For the defined benefit schemes the income statement expense is allocated between service cost and net finance expense. The service charge represents benefits accruing to employees and is included as an operating expense. Costs of future employee benefits are accrued over the period in which employees earn the benefits. Scheme obligations and costs are determined on a regular basis by an independent qualified actuary, in line with IAS 19 Employee Benefits, using the projected unit credit method. The obligations are measured by discounting the best estimate of future cash flows to be paid out of the scheme and are reflected in the Group balance sheet. Net interest is recognised within net finance costs, calculated by applying a discount rate to the net defined benefit asset or liability at the start of each annual reporting period. The discount rate used is based on market interest rates of high-quality, fixed-rate debt securities adjusted to reflect the duration of expected future cash outflows for pension benefit payments. The net asset or liability recognised on the balance sheet comprises the difference between the present value of pension obligations and the fair value of scheme assets. Actuarial gains and losses are recognised at each reporting date, net of tax, in the statement of comprehensive income. These gains and losses arise from experience adjustments, changes in actuarial assumptions or differences between actual and expected returns on assets. Significant accounting judgements The Group judges that, on the winding up of the defined benefit schemes, it can expect any remaining pension surplus to be refunded in full to the Group. In line with the current accounting standards, it therefore continues to recognise these retirement benefit assets on the balance sheet in full. Significant accounting estimates and assumptions Defined benefit pension liabilities are determined based on the present value of future pension obligations using assumptions determined by the Group with advice from an independent qualified actuary. An actuarial valuation involves making various assumptions that may differ from what actually happens in the future. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate, salary growth and mortality levels. Assumptions about these variables are based on the environment in each country. Due to the complexities involved in a valuation, and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. In particular, changes to the discount rate and inflation rate, could result in material changes to the carrying amounts of the Group\u2019s pension and other post-retirement benefit obligations within the next financial year. Defined contribution schemes Defined contribution schemes are savings plans that provide for matching contributions from the Group. Most new employees are eligible to participate in these schemes. The main scheme within the Group is the London Stock Exchange Group Pension Plan. Defined benefit schemes Defined benefit schemes provide pension and other post-retirement benefits for covered employees. Benefits are payable generally based on salary and years of service, although each plan has a unique benefits formula and in some open schemes employees may also make voluntary contributions to augment future benefits. The retirement age is typically in the range of 60 and 65 years and benefits are generally payable as an annuity or lump sum upon retirement. Most schemes include provisions for early retirement or death and include survivor and disability benefits. Vested benefits of former employees who are not yet of retirement age are held in deferment. Eligible benefits are subject to increases based on inflation. Except when required by law, virtually all defined benefit schemes are closed to new employees. All schemes are governed by the local regulatory framework and employment laws in the country in which they operate. The Group\u2019s largest defined benefit plans are in the UK and together are in a net surplus position. The most significant defined benefit schemes (collectively referred to as the \u201cLarge UK\u201d schemes) are: \u2014 the Reuters Pension Fund (RPF); \u2014 the Reuters Supplementary Pension Scheme (SPS); and \u2014 the London Stock Exchange Group Pension Scheme (LSEGPS) \u2014 LSE Section of LSEGPS (previously the London Stock Exchange Retirement Plan) \u2014 LCH Section of LSEGPS (previously the LCH Pension Scheme).
12.1 Amounts recognised in the income statement
Continuing Notes
2023
\u00a3m
2022
\u00a3m
Defined contribution schemes 88 74
Defined benefit scheme \u2013
current/past service cost,
curtailment, and expenses 13 7
Pension costs recognised in
staff costs 4.1 101 81
Net interest income 5.1 (8) (11)
93 70
12.2 Amounts recognised in other comprehensive income in respect
of retirement benefit schemes
2023 2022
Note \u00a3m \u00a3m
1 January
(213)
116
Net actuarial losses recognised
in the year
12.3
(85)
(329)
31 December
(298)
(213)
12.3 Amounts recognised in the balance sheet in respect of
retirement benefit schemes
The amounts recognised in the balance sheet include the assets and
liabilities of the Large UK schemes, as well as various smaller schemes.
All pension scheme assets are held separately from those of the Group.
2023
\u00a3m
2022
\u00a3m
Retirement benefit assets 172 231
Retirement benefit obligations (79) (64)
Net retirement benefit asset 93 167
The changes in the net retirement benefit asset during the year are
as follows:
2023 2022
Note \u00a3m \u00a3m
1 January
167
483
Pension (expense)/income, including
net interest income
(5)
5
Actuarial losses
12.2
(85)
(329)
Employer contributions and
benefits paid
14
17
Other
1
(11)
Foreign exchange translation
1
2
31 December
93
167
The net retirement defined benefit assets/(liabilities) in respect of
defined benefit schemes are as follows:
2023 2022
Note \u00a3m \u00a3m
Large UK schemes
12.4
157
216
Other plans
(64)
(49)
Net retirement benefit asset
93
167
1
2
1 As at 31 December 2023, the Group recognised net defined benefit assets on the basis that
the Group would have access to the surplus in the event of a winding-up of the scheme.
No asset ceiling has therefore been applied to the net surplus recognised. The LSE Section
of the LSEGPS is the only UK scheme to have minimum funding commitments however,
based on the latest analysis carried out by the scheme actuary, no funding contribution
was required from the Group in 2023.
2 On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension
Trustees II Limited (and others) calling into question the validity of rule amendments made to
defined benefit pension schemes contracted-out on a Reference Scheme Test basis between
6 April 1997 and 5 April 2016. Amendments to these pension schemes over this time required
confirmation from the Scheme Actuary that the Reference Scheme Test would continue
to be met. In the absence of such a confirmation, the Rule amendment would be void.
The Group is waiting for the outcome of the appeal and any additional hearings, as well as
confirmation from the Government as to whether it will issue new regulations in response.
The Group is considering, with the Trustees of the Large UK schemes, the impact on the
pension schemes. No reliable estimate can be made at this stage and no impact is included
in these disclosed benefit scheme liabilities.
12.4 Large UK schemes
The detail that follows relates to the Large UK schemes. In this section
we show the movement of the scheme assets and defined benefit
obligations in the year, alongside the asset classes and expected
benefit payments. We also explain the schemes\u2019 investment policy,
key assumptions and risk management.
Buy-in
status
2023
\u00a3m
2022
\u00a3m
RPF Partial
1
140 145
SPS Full
2
12 11
LSE Section of LSEGPS Full
3
1 21
LCH Section of LSEGPS Full
3
4 39
Net retirement benefit asset 157 216
1 On 1 September 2022, the RPF was closed to future accrual. All 121 remaining active
members accepted the new terms and conditions, and their status changed to deferred.
They were automatically enrolled into the London Stock Exchange Group Pension Plan
(defined contribution scheme), unless they opted out. This constituted an \u201cexit\u201d and triggered
curtailment. The RPF has a partial buy-in arrangement in place amounting to \u00a3398 million
(2022: \u00a3404 million).
2 On 30 September 2021, the Trustee of SPS entered into a bulk annuity policy with Legal
& General (L&G) covering all of the scheme\u2019s deferred and retiree obligations. The purpose
of the arrangement is to reduce pension volatility by transferring longevity risk to L&G and
further improve inflation risk and the matching of assets and liabilities. As at 31 December
2023, the SPS buy-in amounted to \u00a3194 million (2022: \u00a3182 million).
3 On 18 May 2023, the Trustee of the LSEGPS entered into a bulk annuity policy with Standard
Life, part of Phoenix Group, broadly insuring all scheme benefits that were not already
insured with PIC. The purpose of the arrangement is to reduce pension volatility by
transferring longevity risk to Standard Life and further improve inflation risk and the matching
of assets and liabilities. As at 31 December 2023, the LSE and LCH Sections of the LSEGPS
buy-in amounted to \u00a3286 million and \u00a3148 million, respectively.
Fair value of the assets and present value of the liabilities of the
Large UK schemes
The amounts included in the balance sheet arising from the Group's
obligations in respect of the Large UK schemes are as follows:
Net surplus/
Assets Liabilities (deficit)
\u00a3m \u00a3m \u00a3m
1 January 2022
3,811
(3,267)
544
Pension expense/(income)
recognised in the income statement
\u2014 Past/current service cost and
administrative fees
\u2013
(7)
(7)
\u2014 Curtailment
\u2013
7
7
\u2014 Interest income/(cost)
79
(66)
13
Remeasurements recognised in
other comprehensive income
\u2014 Movement on plan assets,
excluding interest income,
recognised in other
comprehensive income
(1,426)
\u2013
(1,426)
\u2014 Actuarial gains \u2013
financial assumptions
\u2013
1,213
1,213
\u2014 Actuarial gains \u2013
demographic assumptions
\u2013
23
23
\u2014 Actuarial losses \u2013 experience
\u2013
(164)
(164)
Employer contributions
21
\u2013
21
Plan participants\u2019 contributions
1
(1)
\u2013
Benefits paid
(117)
117
\u2013
Other
\u2013
(7)
(7)
31 December 2022
2,369
(2,152) 217
1
Pension expense/(income)
recognised in the income statement
\u2014 Past/current service cost and
administrative fees \u2013 (6) (6)
\u2014 Interest income/(cost) 112 (102) 10
Remeasurements recognised in
other comprehensive income
\u2014 Movement on plan assets,
excluding interest income,
recognised in other
comprehensive income (55) \u2013 (55)
\u2014 Actuarial losses \u2013
financial assumptions \u2013 (48) (48)
\u2014 Actuarial gains \u2013
demographic assumptions \u2013 44 44
\u2014 Actuarial losses \u2013 experience \u2013 (11) (11)
Employer contributions
1
6 \u2013 6
Benefits paid (101) 101 \u2013
31 December 2023 2,331 (2,174) 157
1 The Group contributed \u00a36 million (2022: \u00a321 million) to its Large UK schemes. The Group
expects to contribute approximately \u00a37 million to its Large UK schemes in 2024. For RPF,
the Trustees have the right to call for special valuations, which could subsequently result in
the Group having to make an unexpected contribution. Market-related factors may also affect
the timing and amount of contributions.
The fair values of each major class of scheme assets are as follows:
2023 2022
Fair value of assets \u00a3m \u00a3m
Equities
\u2014
Quoted
92
29
\u2014
Not quoted
14
20
Bonds
\u2014
Quoted
3
250
\u2014
Not quoted
817
773
Buy-in policy
1,026
723
Cash and cash equivalents
25
366
Multi-assets and other
354
208
Total fair value of assets
2,331
2,369
Investment policy
The Group bears the cost of the Large UK schemes (less employee
contributions). However, the responsibility for managing and governing
the Large UK schemes lies with the independent trustee board
(Trustees). Scheme Trustees set investment policies and strategies for
each plan and oversee investment allocation. This includes selecting
investment managers, commissioning periodic asset-liability studies,
and setting long-term targets. The scheme Trustees may consult with
the Group in setting investment policy, but the Trustees are ultimately
accountable for it.
The principal investment objectives are to:
\u2014 ensure funds are available to pay pension benefits as they
become due under a broad range of future economic scenarios;
\u2014 maximise long-term investment return with an acceptable level
of risk; and
\u2014 diversify across capital markets to insulate asset values against risk
in any one market.
Investment allocation
Investment allocation takes into account a number of factors, including:
the funded status of the scheme; setting the right balance between
risk and return; the scheme\u2019s liquidity needs; current and expected
economic and market conditions; specific asset class risk; as well as
the risk profile and maturity pattern of the scheme.
Target investment allocation ranges provide guidelines, not limitations.
Plans may have diversified portfolios with investments in equities,
fixed income, real estate, insurance contracts, derivatives, and other
asset classes through direct ownership or through other instruments
such as mutual funds, commingled funds, and hedge funds. Derivatives
may be used to achieve investment objectives or as a component
of risk management (such as for interest rate and currency
management strategies).
The Trustees invest the schemes\u2019 assets in a portfolio of physical assets
and liability-matching assets:
\u2014 The physical assets have the objective of outperforming the liabilities
by investing in a suitably diversified range of assets, consisting of risk
premia strategies, corporate bonds (and other credit alternatives) and
property which together are expected to reduce investment volatility.
\u2014 The liability-matching assets seek to hedge against the interest rate
and inflation risks associated with liabilities. The assets are
predominantly gilts, both nominal and index-linked. The SPS and
LSEGPS also include bulk annuity transactions (buy-ins) insuring the
benefit for a part of the schemes\u2019 liabilities. The RPF has partial buy-in.
The assets held by the RPF mainly consist of cash and cash equivalents,
government and corporate bonds, and various investment vehicles.
Plan assets are invested to adequately secure benefits and to minimise
the need for long-term contributions to the schemes. The SPS and the
LSEGPS are fully bought-in and therefore hold cash, buy-in contracts
and some liquid assets.
Funding valuations and arrangements
The Trustees are responsible for carrying out triennial valuations (unless
circumstances require an earlier review) and securing funding for benefit
payments. In order to develop funding valuations and investment
policies, the Trustees consult with the schemes\u2019 actuary (who is
independent of the Group\u2019s actuary), the schemes\u2019 investment advisors
(also independent of the Group\u2019s investment advisors) and the Group.
The Group has provided guarantees to the Trustees of the RPF and to
the Trustees of the SPS in conjunction with triennial valuation and
funding obligations. As at 31 December 2023, the aggregate maximum
liability under the guarantees was \u00a3700 million for the RPF and
\u00a3120 million for the SPS. These amounts are unchanged from last year.
Actuarial assumptions
The Group used the following weighted-average assumptions in
determining the defined benefit obligation for the large UK schemes:
2023
2022
Discount rate
\u2014 Non-insured
4.50%
4.80%
\u2014 Insured
4.50%
4.80%
Price inflation
3.13%
3.33%
Rate of increase in salaries
3.10%
3.30%
Life expectancy from age 65 (years)
\u2014 Non-retired male member
23.8
24.3
\u2014 Non-retired female member
25.9
26.4
\u2014 Retired male member
22.2
22.7
\u2014 Retired female member
24.2
24.7
Sensitivity analysis
The measurement of the Large UK schemes obligations is sensitive
to changes in certain key assumptions. The sensitivity analysis below
shows how a reasonably possible increase in a particular assumption
would, in isolation, result in an increase or decrease in the present value
of the defined benefit obligation as at 31 December 2023.
Assumption
Change in
assumption
(Decrease)/increase in
scheme obligations
2023 2022
\u00a3m \u00a3m
Discount rate
+0.5%
(135)
(138)
Price inflation
+0.5%
83
81
Mortality rate
+1 year
79
64
1
The sensitivity analysis may not be representative of an actual change in the scheme
1
obligations as it is unlikely that changes in assumptions would occur in isolation of one
another. The analysis is done in a similar way to calculating the scheme obligations
recognised in the balance sheet in that it uses the projected unit credit method at the end
of the year.
Risks for the defined benefit schemes and risk mitigation
Some key financial risks for the defined benefit schemes are:
\u2014 if there is a reduction in corporate bond yields. This increases
the schemes\u2019 liabilities which may not be accompanied by
a corresponding increase in the schemes\u2019 assets;
\u2014 if investment returns are lower than assumed. Only the RPF invests
a proportion of its assets in growth assets so a fall in the value of
these assets will worsen the schemes\u2019 funding position;
\u2014 if inflation is higher than expected, or average inflation expectations
increase. This will increase the liabilities through higher indexing of
pension payments; and
\u2014 if members live longer than expected. This would increase the length
of time for which pensions have to be paid.
An increase in pension liabilities could lead to an increase in the
pension deficit or a reduction in any surplus. Defined benefit schemes
are normally revalued by actuaries every three years. Where any
material funding gap is identified by this process, the Trustees will
agree a schedule of contributions with the sponsor company. Such
contributions would have a financial impact on the Group.
In addition, for the RPF, SPS and LSEGPS, the Group is exposed to the
creditworthiness of the buy-in insurance provider. A failure of the buy-in
insurance provider would reduce the pension assets and could lead to
a pension deficit materialising, or an increase in the pension deficit and
the need for contributions from the Group.
The RPF holds a range of liquid assets that can be sold for use as
collateral for the liability-matching assets if required, and the Trustees
consider the liquidity needs of the schemes when setting investment
strategy. The schemes\u2019 investment strategies have performed as
expected during the market volatility that followed the UK Government\u2019s
mini budget on 23 September 2022. The RPF Trustee makes use of
liability-driven investments, but there was no interruption to the interest
rate and inflation hedges in place. The SPS and LSEGPS do not hold
any liability-driven investments as they hold bulk annuity policies.
The following table provides expected benefit payments under the
Group\u2019s Large UK schemes:
2023
\u00a3m
2022
\u00a3m
Less than 1 year 102 98
Between 1 and 2 years 107 97
Between 2 and 5 years 341 324
Over 5 years 638 576
Total expected benefit payments 1,188 1,095
The weighted average duration of the defined benefit obligations at the
end of 31 December 2023 is 13 years (2022: 14 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "Accounting policy For defined contribution schemes, the operating charge represents the contributions payable in the year and is recognised in the income statement as incurred. For the defined benefit schemes the income statement expense is allocated between service cost and net finance expense. The service charge represents benefits accruing to employees and is included as an operating expense. Costs of future employee benefits are accrued over the period in which employees earn the benefits. Scheme obligations and costs are determined on a regular basis by an independent qualified actuary, in line with IAS 19 Employee Benefits, using the projected unit credit method. The obligations are measured by discounting the best estimate of future cash flows to be paid out of the scheme and are reflected in the Group balance sheet. Net interest is recognised within net finance costs, calculated by applying a discount rate to the net defined benefit asset or liability at the start of each annual reporting period. The discount rate used is based on market interest rates of high-quality, fixed-rate debt securities adjusted to reflect the duration of expected future cash outflows for pension benefit payments. The net asset or liability recognised on the balance sheet comprises the difference between the present value of pension obligations and the fair value of scheme assets. Actuarial gains and losses are recognised at each reporting date, net of tax, in the statement of comprehensive income. These gains and losses arise from experience adjustments, changes in actuarial assumptions or differences between actual and expected returns on assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-682": { "value": "12.3 Amounts recognised in the balance sheet in respect of retirement benefit schemes The amounts recognised in the balance sheet include the assets and liabilities of the Large UK schemes, as well as various smaller schemes. All pension scheme assets are held separately from those of the Group. 2023 \u00a3m 2022 \u00a3m Retirement benefit assets 172 231 Retirement benefit obligations (79) (64) Net retirement benefit asset 93 167 The changes in the net retirement benefit asset during the year are as follows:
2023 2022
Note \u00a3m \u00a3m
1 January
167
483
Pension (expense)/income, including
net interest income
(5)
5
Actuarial losses
12.2
(85)
(329)
Employer contributions and
benefits paid
14
17
Other
1
(11)
Foreign exchange translation
1
2
31 December
93
167
The net retirement defined benefit assets/(liabilities) in respect of defined benefit schemes are as follows:
2023 2022
Note \u00a3m \u00a3m
Large UK schemes
12.4
157
216
Other plans
(64)
(49)
Net retirement benefit asset
93
167
1 2 1 As at 31 December 2023, the Group recognised net defined benefit assets on the basis that the Group would have access to the surplus in the event of a winding-up of the scheme. No asset ceiling has therefore been applied to the net surplus recognised. The LSE Section of the LSEGPS is the only UK scheme to have minimum funding commitments however, based on the latest analysis carried out by the scheme actuary, no funding contribution was required from the Group in 2023. 2 On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others) calling into question the validity of rule amendments made to defined benefit pension schemes contracted-out on a Reference Scheme Test basis between 6 April 1997 and 5 April 2016. Amendments to these pension schemes over this time required confirmation from the Scheme Actuary that the Reference Scheme Test would continue to be met. In the absence of such a confirmation, the Rule amendment would be void. The Group is waiting for the outcome of the appeal and any additional hearings, as well as
confirmation from the Government as to whether it will issue new regulations in response.
The Group is considering, with the Trustees of the Large UK schemes, the impact on the
pension schemes. No reliable estimate can be made at this stage and no impact is included
in these disclosed benefit scheme liabilities.
12.4 Large UK schemes The detail that follows relates to the Large UK schemes. In this section we show the movement of the scheme assets and defined benefit obligations in the year, alongside the asset classes and expected benefit payments. We also explain the schemes\u2019 investment policy, key assumptions and risk management. Buy-in status 2023 \u00a3m 2022 \u00a3m RPF Partial 1 140 145 SPS Full2 12 11 LSE Section of LSEGPS Full 3 1 21 LCH Section of LSEGPS Full3 4 39 Net retirement benefit asset 157 216 1 On 1 September 2022, the RPF was closed to future accrual. All 121 remaining active members accepted the new terms and conditions, and their status changed to deferred. They were automatically enrolled into the London Stock Exchange Group Pension Plan (defined contribution scheme), unless they opted out. This constituted an \u201cexit\u201d and triggered curtailment. The RPF has a partial buy-in arrangement in place amounting to \u00a3398 million (2022: \u00a3404 million). 2 On 30 September 2021, the Trustee of SPS entered into a bulk annuity policy with Legal & General (L&G) covering all of the scheme\u2019s deferred and retiree obligations. The purpose of the arrangement is to reduce pension volatility by transferring longevity risk to L&G and further improve inflation risk and the matching of assets and liabilities. As at 31 December 2023, the SPS buy-in amounted to \u00a3194 million (2022: \u00a3182 million). 3 On 18 May 2023, the Trustee of the LSEGPS entered into a bulk annuity policy with Standard Life, part of Phoenix Group, broadly insuring all scheme benefits that were not already insured with PIC. The purpose of the arrangement is to reduce pension volatility by transferring longevity risk to Standard Life and further improve inflation risk and the matching of assets and liabilities. As at 31 December 2023, the LSE and LCH Sections of the LSEGPS buy-in amounted to \u00a3286 million and \u00a3148 million, respectively. Fair value of the assets and present value of the liabilities of the Large UK schemes The amounts included in the balance sheet arising from the Group's obligations in respect of the Large UK schemes are as follows:
Net surplus/
Assets Liabilities (deficit)
\u00a3m \u00a3m \u00a3m
1 January 2022
3,811
(3,267)
544
Pension expense/(income)
recognised in the income statement
\u2014 Past/current service cost and
administrative fees
\u2013
(7)
(7)
\u2014 Curtailment
\u2013
7
7
\u2014 Interest income/(cost)
79
(66)
13
Remeasurements recognised in
other comprehensive income
\u2014 Movement on plan assets,
excluding interest income,
recognised in other
comprehensive income
(1,426)
\u2013
(1,426)
\u2014 Actuarial gains \u2013
financial assumptions
\u2013
1,213
1,213
\u2014 Actuarial gains \u2013
demographic assumptions
\u2013
23
23
\u2014 Actuarial losses \u2013 experience
\u2013
(164)
(164)
Employer contributions
21
\u2013
21
Plan participants\u2019 contributions
1
(1)
\u2013
Benefits paid
(117)
117
\u2013
Other
\u2013
(7)
(7)
31 December 2022
2,369
(2,152) 217
1 Pension expense/(income) recognised in the income statement \u2014 Past/current service cost and administrative fees \u2013 (6) (6) \u2014 Interest income/(cost) 112 (102) 10 Remeasurements recognised in other comprehensive income \u2014 Movement on plan assets, excluding interest income, recognised in other comprehensive income (55) \u2013 (55) \u2014 Actuarial losses \u2013 financial assumptions \u2013 (48) (48) \u2014 Actuarial gains \u2013 demographic assumptions \u2013 44 44 \u2014 Actuarial losses \u2013 experience \u2013 (11) (11) Employer contributions1 6 \u2013 6 Benefits paid (101) 101 \u2013 31 December 2023 2,331 (2,174) 157 1 The Group contributed \u00a36 million (2022: \u00a321 million) to its Large UK schemes. The Group expects to contribute approximately \u00a37 million to its Large UK schemes in 2024. For RPF, the Trustees have the right to call for special valuations, which could subsequently result in the Group having to make an unexpected contribution. Market-related factors may also affect the timing and amount of contributions. The fair values of each major class of scheme assets are as follows:
2023 2022
Fair value of assets \u00a3m \u00a3m
Equities
\u2014
Quoted
92
29
\u2014
Not quoted
14
20
Bonds
\u2014
Quoted
3
250
\u2014
Not quoted
817
773
Buy-in policy
1,026
723
Cash and cash equivalents
25
366
Multi-assets and other
354
208
Total fair value of assets
2,331
2,369
Investment policy The Group bears the cost of the Large UK schemes (less employee contributions). However, the responsibility for managing and governing the Large UK schemes lies with the independent trustee board (Trustees). Scheme Trustees set investment policies and strategies for each plan and oversee investment allocation. This includes selecting investment managers, commissioning periodic asset-liability studies, and setting long-term targets. The scheme Trustees may consult with the Group in setting investment policy, but the Trustees are ultimately accountable for it. The principal investment objectives are to: \u2014 ensure funds are available to pay pension benefits as they become due under a broad range of future economic scenarios; \u2014 maximise long-term investment return with an acceptable level of risk; and \u2014 diversify across capital markets to insulate asset values against risk in any one market. Investment allocation Investment allocation takes into account a number of factors, including: the funded status of the scheme; setting the right balance between risk and return; the scheme\u2019s liquidity needs; current and expected economic and market conditions; specific asset class risk; as well as the risk profile and maturity pattern of the scheme. Target investment allocation ranges provide guidelines, not limitations. Plans may have diversified portfolios with investments in equities, fixed income, real estate, insurance contracts, derivatives, and other asset classes through direct ownership or through other instruments such as mutual funds, commingled funds, and hedge funds. Derivatives may be used to achieve investment objectives or as a component of risk management (such as for interest rate and currency management strategies). The Trustees invest the schemes\u2019 assets in a portfolio of physical assets and liability-matching assets: \u2014 The physical assets have the objective of outperforming the liabilities by investing in a suitably diversified range of assets, consisting of risk premia strategies, corporate bonds (and other credit alternatives) and property which together are expected to reduce investment volatility. \u2014 The liability-matching assets seek to hedge against the interest rate and inflation risks associated with liabilities. The assets are predominantly gilts, both nominal and index-linked. The SPS and LSEGPS also include bulk annuity transactions (buy-ins) insuring the benefit for a part of the schemes\u2019 liabilities. The RPF has partial buy-in. The assets held by the RPF mainly consist of cash and cash equivalents, government and corporate bonds, and various investment vehicles. Plan assets are invested to adequately secure benefits and to minimise the need for long-term contributions to the schemes. The SPS and the LSEGPS are fully bought-in and therefore hold cash, buy-in contracts and some liquid assets. Funding valuations and arrangements The Trustees are responsible for carrying out triennial valuations (unless circumstances require an earlier review) and securing funding for benefit payments. In order to develop funding valuations and investment policies, the Trustees consult with the schemes\u2019 actuary (who is independent of the Group\u2019s actuary), the schemes\u2019 investment advisors (also independent of the Group\u2019s investment advisors) and the Group. The Group has provided guarantees to the Trustees of the RPF and to the Trustees of the SPS in conjunction with triennial valuation and funding obligations. As at 31 December 2023, the aggregate maximum liability under the guarantees was \u00a3700 million for the RPF and \u00a3120 million for the SPS. These amounts are unchanged from last year. Actuarial assumptions The Group used the following weighted-average assumptions in determining the defined benefit obligation for the large UK schemes:
2023
2022
Discount rate
\u2014 Non-insured
4.50%
4.80%
\u2014 Insured
4.50%
4.80%
Price inflation
3.13%
3.33%
Rate of increase in salaries
3.10%
3.30%
Life expectancy from age 65 (years)
\u2014 Non-retired male member
23.8
24.3
\u2014 Non-retired female member
25.9
26.4
\u2014 Retired male member
22.2
22.7
\u2014 Retired female member
24.2
24.7
Sensitivity analysis
The measurement of the Large UK schemes obligations is sensitive to changes in certain key assumptions. The sensitivity analysis below
shows how a reasonably possible increase in a particular assumption
would, in isolation, result in an increase or decrease in the present value
of the defined benefit obligation as at 31 December 2023.
Assumption Change in assumption (Decrease)/increase in
scheme obligations
2023 2022
\u00a3m \u00a3m
Discount rate
+0.5%
(135)
(138)
Price inflation
+0.5%
83
81
Mortality rate
+1 year
79
64
1
The sensitivity analysis may not be representative of an actual change in the scheme
1
obligations as it is unlikely that changes in assumptions would occur in isolation of one
another. The analysis is done in a similar way to calculating the scheme obligations
recognised in the balance sheet in that it uses the projected unit credit method at the end of the year. Risks for the defined benefit schemes and risk mitigation Some key financial risks for the defined benefit schemes are: \u2014 if there is a reduction in corporate bond yields. This increases the schemes\u2019 liabilities which may not be accompanied by a corresponding increase in the schemes\u2019 assets; \u2014 if investment returns are lower than assumed. Only the RPF invests a proportion of its assets in growth assets so a fall in the value of these assets will worsen the schemes\u2019 funding position; \u2014 if inflation is higher than expected, or average inflation expectations increase. This will increase the liabilities through higher indexing of pension payments; and \u2014 if members live longer than expected. This would increase the length of time for which pensions have to be paid. An increase in pension liabilities could lead to an increase in the pension deficit or a reduction in any surplus. Defined benefit schemes are normally revalued by actuaries every three years. Where any material funding gap is identified by this process, the Trustees will agree a schedule of contributions with the sponsor company. Such contributions would have a financial impact on the Group. In addition, for the RPF, SPS and LSEGPS, the Group is exposed to the creditworthiness of the buy-in insurance provider. A failure of the buy-in insurance provider would reduce the pension assets and could lead to a pension deficit materialising, or an increase in the pension deficit and the need for contributions from the Group. The RPF holds a range of liquid assets that can be sold for use as collateral for the liability-matching assets if required, and the Trustees consider the liquidity needs of the schemes when setting investment strategy. The schemes\u2019 investment strategies have performed as expected during the market volatility that followed the UK Government\u2019s mini budget on 23 September 2022. The RPF Trustee makes use of liability-driven investments, but there was no interruption to the interest rate and inflation hedges in place. The SPS and LSEGPS do not hold any liability-driven investments as they hold bulk annuity policies. The following table provides expected benefit payments under the Group\u2019s Large UK schemes: 2023 \u00a3m 2022 \u00a3m Less than 1 year 102 98 Between 1 and 2 years 107 97 Between 2 and 5 years 341 324 Over 5 years 638 576 Total expected benefit payments 1,188 1,095 The weighted average duration of the defined benefit obligations at the end of 31 December 2023 is 13 years (2022: 14 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "value": "13. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. This note includes finance lease receivables recognised where the Group acts as a lessor. See note 16.2 for more information on the Group\u2019s leasing activities. Accounting policy Trade receivables are initially recognised at the amount of the consideration that is unconditionally due to the Group. They are subsequently measured at amortised cost, less any expected credit loss (ECL). Our approach to calculating ECL provisions is described in note 17. The creation and release of such provisions are recognised in operating expenses in the income statement. Fees receivable are recognised when the Group has an unconditional right to consideration in exchange for goods or services transferred, but no fee invoice has been issued. Amounts are transferred to trade receivables when an invoice has been issued. Other receivables are initially recognised at fair value and subsequently at amortised cost, less any loss allowance as described in note 17. When a receivable is no longer expected to be recovered, the full amount is written off. We will continue to seek recovery and any subsequent amounts recovered against amounts previously written off are recognised in the income statement. See note 16.2 for the net investment in leases accounting policy, when the Group sub-lets property right-of-use assets to a third-party. The Group has a tax indemnity agreement with Thomson Reuters for any tax liabilities incurred and tax receivables due before Refinitiv (previously the Thomson Reuters Financial & Risk Business) separated from Thomson Reuters on 1 October 2018. The tax indemnity receivable is recognised for and measured on the same basis as the corresponding indemnified tax liabilities. The indemnified tax liabilities are recognised within current tax payable in the balance sheet. When there is a change in the indemnified tax liabilities, which is recognised within tax (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity receivable. This change is recognised within operating expenses in the income statement and classified as non-underlying. (The tax indemnity payable is described in note 15.) Contract assets are recognised when the Group has a conditional right to consideration from a customer in exchange for goods or services transferred. Contract assets are transferred to trade receivables when the entitlement to payment becomes unconditional and only the passage of time is required before payment is due.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Net investments in leases
62
71
Tax indemnity receivable
66
79
Convertible loan notes
\u2013
12
Deposits receivable
19
23
Other receivables
31
24
Total non-current receivables
classified as financial assets
17.1
178
209
Current
Trade receivables
941
766
Fees receivable
244
263
Expected credit loss on trade
receivables and fees receivable
(13)
(9)
Net trade receivables
1,172
1,020
Net investments in leases
9
12
Deposits receivable
34
20
Other receivables
1
602
95
Current trade and other receivables
classified as financial assets
17.1
1,817
1,147
Prepayments
230
214
Contract assets
4
3
Total current trade and
other receivables
2,051
1,364
Total receivables
2,229
1,573
1 Other receivables include \u00a3299 million (2022: \u00a310 million) from matched principal trades
within the Group's Tradeweb business that had passed their settlement date. An equivalent
amount of \u00a3276 million (2022: \u00a39 million) is shown within other payables in note 15. All trades
were settled within a short period after the balance sheet date. Other receivables also
includes \u00a3147 million (2022: \u00a39 million) as margin receivable on reverse repurchase contracts
within the Group\u2019s Post Trade business.
Provision for expected credit losses
Movements in the Group's provision for expected credit losses on trade
receivables and fees receivable are as follows:
2023 2022
\u00a3m \u00a3m
1 January
9
7
New provisions for expected credit losses
14
6
Amounts written off as uncollectible
(9)
(3)
Foreign exchange translation
(1)
(1)
31 December
13
9
Net investments in leases: Group as lessor
The Group sub-lets a number of its properties where there is surplus
space or the office is no longer used by the business. The Group has
both finance and operating sub-leases. Net investments in leases are
shown within trade and other receivables above.
The future minimum rentals receivable
1
as at 31 December are
as follows:
2023 2022
\u00a3m \u00a3m
Less than 1 year
10
12
Between 1 and 2 years
6
10
Between 2 and 5 years
17
17
Over 5 years
47
52
Total
80
91
1 The future minimum rentals receivable above reflect the gross rental receivable and are not
discounted. The net investments in leases disclosed within trade and other receivables are
discounted to reflect the net present value to the Group at the year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "value": "Accounting policy Trade receivables are initially recognised at the amount of the consideration that is unconditionally due to the Group. They are subsequently measured at amortised cost, less any expected credit loss (ECL). Our approach to calculating ECL provisions is described in note 17. The creation and release of such provisions are recognised in operating expenses in the income statement. Fees receivable are recognised when the Group has an unconditional right to consideration in exchange for goods or services transferred, but no fee invoice has been issued. Amounts are transferred to trade receivables when an invoice has been issued. Other receivables are initially recognised at fair value and subsequently at amortised cost, less any loss allowance as described in note 17. When a receivable is no longer expected to be recovered, the full amount is written off. We will continue to seek recovery and any subsequent amounts recovered against amounts previously written off are recognised in the income statement. See note 16.2 for the net investment in leases accounting policy, when the Group sub-lets property right-of-use assets to a third-party. The Group has a tax indemnity agreement with Thomson Reuters for any tax liabilities incurred and tax receivables due before Refinitiv (previously the Thomson Reuters Financial & Risk Business) separated from Thomson Reuters on 1 October 2018. The tax indemnity receivable is recognised for and measured on the same basis as the corresponding indemnified tax liabilities. The indemnified tax liabilities are recognised within current tax payable in the balance sheet. When there is a change in the indemnified tax liabilities, which is recognised within tax (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity receivable. This change is recognised within operating expenses in the income statement and classified as non-underlying. (The tax indemnity payable is described in note 15.) Contract assets are recognised when the Group has a conditional right to consideration from a customer in exchange for goods or services transferred. Contract assets are transferred to trade receivables when the entitlement to payment becomes unconditional and only the passage of time is required before payment is due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-683": { "value": "Provision for expected credit losses Movements in the Group's provision for expected credit losses on trade receivables and fees receivable are as follows:
2023 2022
\u00a3m \u00a3m
1 January
9
7
New provisions for expected credit losses
14
6
Amounts written off as uncollectible
(9)
(3)
Foreign exchange translation
(1)
(1)
31 December
13
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "value": "
14. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, short-term deposits,
money market funds and other instruments and structures that are
readily convertible to known amounts of cash and are subject to
insignificant risk of changes in value.
2023 2022
Note \u00a3m \u00a3m
Cash at bank
755
922
Cash equivalents
2,825
2,287
Total cash and cash equivalents
classified as financial assets
17.1
3,580
3,209
1
1 At 31 December 2023, cash and cash equivalents include \u00a31,329 million (2022: \u00a31,219 million)
of amounts held by regulated entities for regulatory and operational purposes. Cash held by
subsidiaries which operate in countries where exchange controls or other legal restrictions
apply, and which is therefore not available for general use by the Group, has been fully
provided against. Cash and cash equivalents do not include amounts held by the CCPs
on behalf of their clearing members.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-684": { "value": "15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued. They also include social security and other amounts due in relation to the Group\u2019s role as an employer. Accounting policy Trade payables are initially recognised at fair value, which is usually the amount invoiced. They are subsequently measured at amortised cost. Accrued expenses are recognised for goods and services received before the end of the year for which no invoice has been received. They are measured at amortised cost. Contingent consideration, resulting from business combinations sometimes arises when additional consideration to the sellers will need to be paid if certain performance targets for the business are achieved. Contingent consideration is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value through the income statement at each reporting date. The fair value gain or loss is classified as a non-underlying transaction cost in the income statement (see note 2.3). The fair value is calculated based on discounted cash flows. The key assumptions in calculating the fair value include the probability of meeting each performance target and the discount factor. Trade and other payables include the Tradeweb tax receivable agreement liability. In connection with Tradeweb's initial public offering (IPO), Tradeweb entered into a tax receivable agreement with the owners of Tradeweb Markets LLC (the \u201cLLC Owners\u201d) immediately prior to Tradeweb\u2019s IPO. Under the agreement, Tradeweb is required to make cash payments to the LLC Owners equal to 50% of the amount of any tax savings that Tradeweb realises as a result of certain future tax benefits to which it is entitled. The Tradeweb tax receivable agreement liability is measured at amortised cost. As described in note 13, the Group has a tax indemnity agreement with Thomson Reuters. The Group has a tax indemnity payable to Thomson Reuters against a matching tax receivable which is recognised within current tax receivable in the balance sheet. The tax indemnity payable is measured on the same basis as the indemnified tax receivable. When there is a change in the indemnified tax receivable, which is recognised within tax (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity payable. This change is recognised within operating expenses in the income statement and classified as non-underlying.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Contingent consideration payable
21
38
Tradeweb tax receivable
agreement liability
312
323
Tax indemnity payable
242
264
Other payables
5
24
Non-current payables
classified as financial liabilities
17.2
580
649
Deferred compensation
21
\u2013
Total non-current payables
601
649
Current
Trade payables
258
413
Share buyback obligation
\u2013
200
Accrued expenses
1,024
1,049
Other payables
459
266
Current payables classified as
financial liabilities
17.2
1,741
1,928
Social security and other taxes
155
76
Total current trade and
other payables
1,896
2,004
Total payables
2,497
2,653
1 2 1 For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively (see note 16) to better reflect the nature of the liability. 2 Other payables include \u00a3276 million (2022: \u00a39 million) from matched principal trades within the Group's Tradeweb business that had passed their settlement date. An equivalent amount of \u00a3299 million (2022: \u00a310 million) is shown within other receivables in note 13. All trades were settled within a short period after the balance sheet date. Other payables also includes nil (2022: \u00a3127 million) as margin payable on reverse repurchase contracts within the Group\u2019s Post Trade business ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued. They also include social security and other amounts due in relation to the Group\u2019s role as an employer. Accounting policy Trade payables are initially recognised at fair value, which is usually the amount invoiced. They are subsequently measured at amortised cost. Accrued expenses are recognised for goods and services received before the end of the year for which no invoice has been received. They are measured at amortised cost. Contingent consideration, resulting from business combinations sometimes arises when additional consideration to the sellers will need to be paid if certain performance targets for the business are achieved. Contingent consideration is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value through the income statement at each reporting date. The fair value gain or loss is classified as a non-underlying transaction cost in the income statement (see note 2.3). The fair value is calculated based on discounted cash flows. The key assumptions in calculating the fair value include the probability of meeting each performance target and the discount factor. Trade and other payables include the Tradeweb tax receivable agreement liability. In connection with Tradeweb's initial public offering (IPO), Tradeweb entered into a tax receivable agreement with the owners of Tradeweb Markets LLC (the \u201cLLC Owners\u201d) immediately prior to Tradeweb\u2019s IPO. Under the agreement, Tradeweb is required to make cash payments to the LLC Owners equal to 50% of the amount of any tax savings that Tradeweb realises as a result of certain future tax benefits to which it is entitled. The Tradeweb tax receivable agreement liability is measured at amortised cost. As described in note 13, the Group has a tax indemnity agreement with Thomson Reuters. The Group has a tax indemnity payable to Thomson Reuters against a matching tax receivable which is recognised within current tax receivable in the balance sheet. The tax indemnity payable is measured on the same basis as the indemnified tax receivable. When there is a change in the indemnified tax receivable, which is recognised within tax (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity payable. This change is recognised within operating expenses in the income statement and classified as non-underlying.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Contingent consideration payable
21
38
Tradeweb tax receivable
agreement liability
312
323
Tax indemnity payable
242
264
Other payables
5
24
Non-current payables
classified as financial liabilities
17.2
580
649
Deferred compensation
21
\u2013
Total non-current payables
601
649
Current
Trade payables
258
413
Share buyback obligation
\u2013
200
Accrued expenses
1,024
1,049
Other payables
459
266
Current payables classified as
financial liabilities
17.2
1,741
1,928
Social security and other taxes
155
76
Total current trade and
other payables
1,896
2,004
Total payables
2,497
2,653
1 2 1 For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively (see note 16) to better reflect the nature of the liability. 2 Other payables include \u00a3276 million (2022: \u00a39 million) from matched principal trades within the Group's Tradeweb business that had passed their settlement date. An equivalent amount of \u00a3299 million (2022: \u00a310 million) is shown within other receivables in note 13. All trades were settled within a short period after the balance sheet date. Other payables also includes nil (2022: \u00a3127 million) as margin payable on reverse repurchase contracts within the Group\u2019s Post Trade business .", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "Accounting policy Trade payables are initially recognised at fair value, which is usually the amount invoiced. They are subsequently measured at amortised cost. Accrued expenses are recognised for goods and services received before the end of the year for which no invoice has been received. They are measured at amortised cost. Contingent consideration, resulting from business combinations sometimes arises when additional consideration to the sellers will need to be paid if certain performance targets for the business are achieved. Contingent consideration is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value through the income statement at each reporting date. The fair value gain or loss is classified as a non-underlying transaction cost in the income statement (see note 2.3). The fair value is calculated based on discounted cash flows. The key assumptions in calculating the fair value include the probability of meeting each performance target and the discount factor. Trade and other payables include the Tradeweb tax receivable agreement liability. In connection with Tradeweb's initial public offering (IPO), Tradeweb entered into a tax receivable agreement with the owners of Tradeweb Markets LLC (the \u201cLLC Owners\u201d) immediately prior to Tradeweb\u2019s IPO. Under the agreement, Tradeweb is required to make cash payments to the LLC Owners equal to 50% of the amount of any tax savings that Tradeweb realises as a result of certain future tax benefits to which it is entitled. The Tradeweb tax receivable agreement liability is measured at amortised cost. As described in note 13, the Group has a tax indemnity agreement with Thomson Reuters. The Group has a tax indemnity payable to Thomson Reuters against a matching tax receivable which is recognised within current tax receivable in the balance sheet. The tax indemnity payable is measured on the same basis as the indemnified tax receivable. When there is a change in the indemnified tax receivable, which is recognised within tax (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity payable. This change is recognised within operating expenses in the income statement and classified as non-underlying. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "
16. Borrowings, lease liabilities and net debt
The Group\u2019s sources of borrowing for funding and liquidity purposes
include a range of committed bank facilities and long-term and
short-term issuances in the capital markets including commercial paper
and bonds. Liabilities arising from the Group\u2019s lease arrangements
are also reported in borrowings. Net debt comprises cash and cash
equivalents less lease liabilities and borrowings, adjusted for derivative
financial instruments.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
(8)
(5)
Bonds
7,022
6,860
Trade finance loans
1
1
Lease liabilities
518
533
Total non-current borrowings
7,533
7,389
Current
Bank borrowings
17
1,295
Commercial paper
1,206
\u2013
Bonds
825
\u2013
Lease liabilities
118
139
Total current borrowings
2,166
1,434
Total borrowings
9,699
8,823
Total borrowings excluding
lease liabilities
16.1
9,063
8,151
Lease liabilities
16.2
636
672
Total borrowings
9,699
8,823
1
2
1 For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of
\u00a3533 million had been presented as trade and other payables. These have been reclassified
to current borrowings and non-current borrowings respectively to better reflect the nature
of the liability.
2 Balances are shown net of capitalised arrangement fees. Where there are no amounts
borrowed on a particular facility, this gives rise to a negative balance.
16.2 Lease liabilities and net investments in leases
The Group leases assets from other parties (the Group is a lessee)
and also leases assets to other parties (the Group is a lessor). This note
describes how the Group accounts for leases and provides details
about its lease arrangements.
Accounting policy
Group as lessee
When the Group leases an asset, at the lease commencement
date a right-of-use asset is recognised for the leased item
(see note 10) and a lease liability is recognised for any lease
payments to be paid over the lease term.
Lease liabilities
Lease liabilities are recognised at the net present value of the
remaining future payments to be made over the lease term.
The net present value is determined using a discount rate
equivalent to the incremental borrowing rate of the leasing
entity unless there is a rate implicit within the lease agreement.
Subsequently, the value of the discount is recognised over the
life of the lease on a reducing balance basis as lease interest in
finance cost.
The Group leases many properties around the world and lease
terms vary from monthly up to 15 years. Many of these leases
contain option clauses to extend the lease or break clauses to
terminate the lease. The lease term recognised is the non-
cancellable period of the lease plus any periods for which the
Group is reasonably certain of exercising any extension options.
The Group values its right-of-use assets and lease liabilities
based on its intentions at the balance sheet date. Any change in
these intentions is accounted for as a lease modification and the
assets and liabilities are amended accordingly. Any resulting
effect on the net assets of the Group would not be significant.
Variable lease payments based on an index are estimated at the
commencement date and revalued on an annual basis.
Lease payments due within 12 months are classified as current
liabilities. Payments due after 12 months are classified as
non-current liabilities.
Short-term leases and leases of low value assets
Rental costs for leased assets that are for less than 12 months
or are for assets with an individual value of less than \u00a35,000 are
recognised directly in the income statement on a straight-line
basis over the life of the lease.
Group as lessor
Finance leases
Where the Group sub-lets a property right-of-use asset for
substantially all the useful life of that asset, this is recognised
as a finance lease. On commencement of a finance sub-lease,
the property right-of-use asset is treated as disposed of and
a net investment in lease, equivalent to the net present value
of the future rent receipts is recognised as a receivable on
the balance sheet (see note 13). The value of the discount is
recognised over the life of the sub-lease on a reducing balance
basis as interest income in finance income.
Where the value of the receipts from the sub-lease is lower than
the amount payable on the head-lease, we recognise a loss
on disposal of the right-of-use asset in the income statement.
Operating leases
A right-of-use asset that is sub-let for less than its expected useful
life is recognised as an operating lease and rental income is
recognised as received in other income. We continue to
recognise the property right-of-use asset on the consolidated
balance sheet.
Movements in lease liabilities were as follows:
2023 2022
Notes \u00a3m \u00a3m
1 January
672
715
Lease liabilities assumed on
acquisition of subsidiaries
21
1
1
Lease liabilities derecognised on
disposal of business
\u2013
(22)
Leases terminated early
(2)
(2)
New lease contracts
66
80
Lease modifications
74
16
Lease interest expense
5.2
17
15
Lease payments \u2013 principal
(156)
(150)
Lease payments \u2013 interest
(17)
(15)
Foreign exchange translation
(19)
34
31 December
636
672
Current lease liabilities
118
139
Non-current lease liabilities
518
533
Total lease liabilities
636
672
The maturity of the Group\u2019s lease commitments is disclosed within
the risk management note (see note 17.5). The potential future lease
payments, should the Group exercise extension and termination options,
would result in an increase in right-of-use assets and lease liabilities
of up to \u00a3245 million.
The weighted average discount rate used by the Group for lease
liabilities was 2.9% (2022: 2.3%).
A limited number of the Group\u2019s leases are subject to variable lease
payments linked to publicly available indexes. Adjustments to the value
of the lease liabilities and associated assets are made annually, but do
not have a material impact on the Group\u2019s net assets.
16.4 Liabilities from financing activities Movement in the Group's financial liabilities arising from financing activities:
Trade
Bank Commercial finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
1,347
6,306
\u2013
1
715
8,369
Cash flows from financing activities
(209)
\u2013
\u2013
\u2013
(150)
(359)
Other movements
4
5
\u2013
\u2013
73
82
Foreign exchange
148
549
\u2013
\u2013
34
731
31 December 2022
1,290
6,860
\u2013
1
672
8,823
Cash flows from financing activities
(1,244)
1,206
1,166
\u2013
(156)
972
Arrangement fees paid
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
51
34
\u2013
139
227
Foreign exchange
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
2 1 2 1 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities. 2 Other movements comprise non-cash movements relating to amortisation of commercial paper interest of \u00a334 million (2022: nil), amortisation of arrangement fees of \u00a39 million (2022: \u00a39 million), bond fair value adjustment of \u00a345 million (2022: nil) and movements in lease liabilities (see note 16.2).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-698": { "value": "16. Borrowings, lease liabilities and net debt The Group\u2019s sources of borrowing for funding and liquidity purposes include a range of committed bank facilities and long-term and short-term issuances in the capital markets including commercial paper and bonds. Liabilities arising from the Group\u2019s lease arrangements are also reported in borrowings. Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
(8)
(5)
Bonds
7,022
6,860
Trade finance loans
1
1
Lease liabilities
518
533
Total non-current borrowings
7,533
7,389
Current
Bank borrowings
17
1,295
Commercial paper
1,206
\u2013
Bonds
825
\u2013
Lease liabilities
118
139
Total current borrowings
2,166
1,434
Total borrowings
9,699
8,823
Total borrowings excluding
lease liabilities
16.1
9,063
8,151
Lease liabilities
16.2
636
672
Total borrowings
9,699
8,823
1 2 1 For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively to better reflect the nature of the liability. 2 Balances are shown net of capitalised arrangement fees. Where there are no amounts borrowed on a particular facility, this gives rise to a negative balance.
16.3 Net debt
Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Bank borrowings
16.1
8
5
Bonds
16.1
(7,022)
(6,860)
Trade finance loans
16.1
(1)
(1)
Lease liabilities
16.2
(518)
(533)
Derivative financial assets
17.1
94
12
Derivative financial liabilities
17.2
(22)
(87)
Total due after one year
(7,461)
(7,464)
Current
Cash and cash equivalents
14
3,580
3,209
Bank borrowings
16.1
(17)
(1,295)
Commercial paper
16.1
(1,206)
\u2013
Bonds
16.1
(825)
\u2013
Lease liabilities
16.2
(118)
(139)
Derivative financial assets
17.1
11
36
Derivative financial liabilities
17.2
(60)
(9)
Total due within one year
1,365
1,802
Net debt
(6,096)
(5,662)
16.4 Liabilities from financing activities
Movement in the Group's financial liabilities arising from financing activities:
Trade
Bank Commercial finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
1,347
6,306
\u2013
1
715
8,369
Cash flows from financing activities
(209)
\u2013
\u2013
\u2013
(150)
(359)
Other movements
4
5
\u2013
\u2013
73
82
Foreign exchange
148
549
\u2013
\u2013
34
731
31 December 2022
1,290
6,860
\u2013
1
672
8,823
Cash flows from financing activities
(1,244)
1,206
1,166
\u2013
(156)
972
Arrangement fees paid
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
51
34
\u2013
139
227
Foreign exchange
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
2
1
2
1 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities.
2 Other movements comprise non-cash movements relating to amortisation of commercial paper interest of \u00a334 million (2022: nil), amortisation of arrangement fees of \u00a39 million (2022: \u00a39 million),
bond fair value adjustment of \u00a345 million (2022: nil) and movements in lease liabilities (see note 16.2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-685": { "value": "16. Borrowings, lease liabilities and net debt The Group\u2019s sources of borrowing for funding and liquidity purposes include a range of committed bank facilities and long-term and short-term issuances in the capital markets including commercial paper and bonds. Liabilities arising from the Group\u2019s lease arrangements are also reported in borrowings. Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.
2023 2022
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
(8)
(5)
Bonds
7,022
6,860
Trade finance loans
1
1
Lease liabilities
518
533
Total non-current borrowings
7,533
7,389
Current
Bank borrowings
17
1,295
Commercial paper
1,206
\u2013
Bonds
825
\u2013
Lease liabilities
118
139
Total current borrowings
2,166
1,434
Total borrowings
9,699
8,823
Total borrowings excluding
lease liabilities
16.1
9,063
8,151
Lease liabilities
16.2
636
672
Total borrowings
9,699
8,823
1 2 1 For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively to better reflect the nature of the liability. 2 Balances are shown net of capitalised arrangement fees. Where there are no amounts borrowed on a particular facility, this gives rise to a negative balance. 16.1 Borrowings (excluding lease liabilities) Accounting policy Borrowings are initially recorded at the fair value of amounts received, net of capitalised direct issue costs and arrangement fees (including upfront facility fees). Subsequently, these liabilities are carried at amortised cost. Interest payable on borrowings, direct issue costs and arrangement fees (including upfront facility fees) are recognised in the income statement over the period of the borrowings using the effective interest method. Where borrowings are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 17).
The Group has the following committed bank facilities and term loans, commercial paper, unsecured bonds, bank overdrafts and trade finance loans:
Carrying value
Facility/
Maturity bond 2023 2022 Interest rate
date \u00a3m \u00a3m \u00a3m %
Committed bank facilities
Multi-currency revolving credit facility
Dec 2027
1,925
(5)
(2)
see note
Multi-currency revolving credit facility
Dec 2027
1,075
(3)
(3)
see note
Total committed bank facilities
3,000
(8)
(5)
Commercial paper
1,206
\u2013
0.952
Committed term loans
$2,000 million term loan
Dec 2023
\u2013
1,295
see note
Total committed term loans
\u2013
1,295
Bonds
$500 million bond, issued April 2021
Apr 2024
392
392
415
0.650
\u20ac500 million bond, issued September 2017
Sep 2024
433
433
443
0.875
\u20ac500 million bond, issued April 2021
Apr 2025
433
433
443
\u2013
$1,000 million bond, issued April 2021
Apr 2026
784
782
828
1.375
\u20ac700 million bond, issued September 2023
Sep 2026
622
620
\u2013
4.125
\u20ac500 million bond, issued December 2018
Dec 2027
433
431
441
1.750
\u20ac500 million bond, issued April 2021
Apr 2028
433
431
441
0.250
$1,000 million bond, issued April 2021
Apr 2028
784
781
828
2.000
\u20ac500 million bond, issued September 2017
Sep 2029
433
431
441
1.750
\u00a3500 million bond, issued April 2021
Apr 2030
500
495
494
1.625
\u20ac700 million bond, issued September 2023
Sep 2030
636
634
\u2013
4.231
$1,250 million bond, issued April 2021
Apr 2031
981
976
1,033
2.500
\u20ac500 million bond, issued April 2021
Apr 2033
433
428
438
0.750
$750 million bond, issued April 2021
Apr 2041
588
580
615
3.200
Total bonds
7,885
7,847
6,860
Trade finance loans
Nov 2025
1
1
7.274
Bank overdraft
17
\u2013
Total borrowings excluding lease liabilities
9,063
8,151
2
2
1
2
1 Negative balances represent the value of unamortised arrangement fees.
2 As part of the IBOR Reform, a Credit Adjustment Spread (CAS) has been applied where US dollar and sterling LIBOR rates were replaced with SOFR and SONIA rates respectively in the bank
facilities. The CAS is variable and depends on the tenor and currency of the borrowings.
Committed bank facilities: Multi-currency revolving credit facilities
In November 2023, the Group amended its \u00a31,425 million revolving
credit facility, increasing the facility amount to \u00a31,925 million and
extending the maturity to December 2027. The Group retained access
to its \u00a31,075 million revolving credit facility, which also matures in
December 2027. No amounts were outstanding on either facility
as at 31 December 2023.
Committed term loan
US dollar term loan repayments totalling $1,560 million were made
during the year, with the term loan being fully repaid in October 2023.
Commercial paper
During the year, the Group updated its US Commercial Paper
(USCP) Programme and Euro Commercial Paper (ECP) Programme,
increasing the limits to $2.5 billion and \u00a31.5 billion respectively.
As at 31 December 2023, $937 million (\u00a3735 million) was outstanding
under the USCP Programme, and \u20ac353 million (\u00a3306 million) and
\u00a3165 million under the ECP Programme (2022: nil).
Bonds
In September 2023, the Group issued \u20ac1.4 billion of bonds under
its \u00a34 billion Euro Medium Term Note Programme (EMTN). The issue
consisted of two tranches of \u20ac700 million each, maturing in 2026 and
2030. The Group entered into a series of euro interest rate swaps to
swap fixed interest obligations to floating interest obligations. The bonds
and interest rate swaps have been designated as hedged items and
hedging instruments in a fair value hedging relationship (see note 17.4c).
The carrying values of the bonds have been adjusted for fair value
movements attributable to interest rate risk. The Group also entered into
a series of cross-currency interest rate swaps to swap the euro debt into
US dollar debt (see note 17.4d).
Other Group facilities
In accordance with the Committee on Payments and Market
Infrastructures, the International Organisation of Securities Commissions
and Principles for Financial Market Infrastructures, many central
banks allow CCPs to apply for access to certain central bank facilities.
In addition, a number of Group entities have access to uncommitted
operational, money market and overdraft facilities which support
post trade activities and day-to-day liquidity requirements. These
facilities were drawn down during the year and fully repaid as at
31 December 2023.
Fair values
All the Group\u2019s borrowings are recognised at amortised cost on the
balance sheet, except where the borrowing has been designated
as a hedged item in a fair value hedge relationship. In some cases,
amortised cost may differ from their fair value.
Bonds are classified as Level 1 of the fair value hierarchy for determining
and disclosing the fair value of financial instruments (as described in
the accounting policy of note 17). Bond fair values are as quoted in the
relevant fixed income markets.
Bank borrowings and commercial paper are classified as Level 2 (see
definition in note 17). The fair values of these instruments are based on
cash flows which are discounted using a rate based on borrowing cost.
The fair values of the Group's borrowings, excluding lease liabilities, are as follows:
2023
2022
Carrying Fair Carrying Fair
value value value value
Group \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
7,015
6,390
6,856
5,903
Current
2,048
2,034
1,295
1,301
Total borrowings excluding lease liabilities
9,063
8,424
8,151
7,204
The carrying amounts of the Group's borrowings, excluding lease liabilities, are denominated in the following currencies:
2023
2022
Drawn
Swapped
1
Effective Drawn Swapped Effective
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
652
\u2013
652
485
\u2013
485
Euro
4,148
(1,818)
2,330
2,652
(695)
1,957
US dollar
4,263
1,818
6,081
5,014
695
5,709
Total borrowings excluding lease liabilities
9,063
\u2013
9,063
8,151
\u2013
8,151
1 1 Euro borrowings have been swapped to US dollar borrowings by entering into cross-currency interest rate swaps 16.4 Liabilities from financing activities Movement in the Group's financial liabilities arising from financing activities:
Trade
Bank Commercial finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
1,347
6,306
\u2013
1
715
8,369
Cash flows from financing activities
(209)
\u2013
\u2013
\u2013
(150)
(359)
Other movements
4
5
\u2013
\u2013
73
82
Foreign exchange
148
549
\u2013
\u2013
34
731
31 December 2022
1,290
6,860
\u2013
1
672
8,823
Cash flows from financing activities
(1,244)
1,206
1,166
\u2013
(156)
972
Arrangement fees paid
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
51
34
\u2013
139
227
Foreign exchange
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
2 1 2 1 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities. 2 Other movements comprise non-cash movements relating to amortisation of commercial paper interest of \u00a334 million (2022: nil), amortisation of arrangement fees of \u00a39 million (2022: \u00a39 million), bond fair value adjustment of \u00a345 million (2022: nil) and movements in lease liabilities (see note 16.2).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "Accounting policy Borrowings are initially recorded at the fair value of amounts received, net of capitalised direct issue costs and arrangement fees (including upfront facility fees). Subsequently, these liabilities are carried at amortised cost. Interest payable on borrowings, direct issue costs and arrangement fees (including upfront facility fees) are recognised in the income statement over the period of the borrowings using the effective interest method. Where borrowings are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 17). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "Accounting policy Group as lessee When the Group leases an asset, at the lease commencement date a right-of-use asset is recognised for the leased item (see note 10) and a lease liability is recognised for any lease payments to be paid over the lease term. Lease liabilities Lease liabilities are recognised at the net present value of the remaining future payments to be made over the lease term. The net present value is determined using a discount rate equivalent to the incremental borrowing rate of the leasing entity unless there is a rate implicit within the lease agreement. Subsequently, the value of the discount is recognised over the life of the lease on a reducing balance basis as lease interest in finance cost. The Group leases many properties around the world and lease terms vary from monthly up to 15 years. Many of these leases contain option clauses to extend the lease or break clauses to terminate the lease. The lease term recognised is the non- cancellable period of the lease plus any periods for which the Group is reasonably certain of exercising any extension options. The Group values its right-of-use assets and lease liabilities based on its intentions at the balance sheet date. Any change in these intentions is accounted for as a lease modification and the assets and liabilities are amended accordingly. Any resulting effect on the net assets of the Group would not be significant. Variable lease payments based on an index are estimated at the commencement date and revalued on an annual basis. Lease payments due within 12 months are classified as current liabilities. Payments due after 12 months are classified as non-current liabilities. Short-term leases and leases of low value assets Rental costs for leased assets that are for less than 12 months or are for assets with an individual value of less than \u00a35,000 are recognised directly in the income statement on a straight-line basis over the life of the lease. Group as lessor Finance leases Where the Group sub-lets a property right-of-use asset for substantially all the useful life of that asset, this is recognised as a finance lease. On commencement of a finance sub-lease, the property right-of-use asset is treated as disposed of and a net investment in lease, equivalent to the net present value of the future rent receipts is recognised as a receivable on the balance sheet (see note 13). The value of the discount is recognised over the life of the sub-lease on a reducing balance basis as interest income in finance income. Where the value of the receipts from the sub-lease is lower than the amount payable on the head-lease, we recognise a loss on disposal of the right-of-use asset in the income statement. Operating leases A right-of-use asset that is sub-let for less than its expected useful life is recognised as an operating lease and rental income is recognised as received in other income. We continue to recognise the property right-of-use asset on the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "value": "17. Financial assets and financial liabilities The Group has a number of financial assets and financial liabilities. Financial assets mainly consist of clearing member assets, trade and other receivables, and cash and cash equivalents. Financial liabilities are mainly clearing member balances, trade and other payables, and borrowings. This note also details our financial risk management strategy, such as how we manage our exposure to capital, credit, country, liquidity and market risk. Accounting policy Recognition and measurement Financial assets and financial liabilities are initially recognised at fair value. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). The classification depends on the Group\u2019s business model for managing its financial instruments and whether or not the cash flows generated are \u201csolely payments of principal and interest\u201d. Financial assets \u2014 Financial assets at amortised cost are financial assets that are held in order to collect the contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. These include: cash and cash equivalents; trade and other receivables; clearing member trading balances relating to certain collateralised transactions; and other receivables from clearing members of the CCP businesses. \u2014 Financial assets at FVOCI \u2013 debt instruments are assets where the objective is achieved by both collecting the contractual cash flows and selling the asset. The contractual cash flows received are solely payments of principal and interest. They include quoted debt instruments (predominantly government bonds) held by the CCP businesses, which are used under the business model to both collect the contractual cash flows and, on occasion, to profit from their sale. Interest received from these assets is recognised in the income statement as finance income. Where negative interest rates apply, the interest is recognised in finance expense. Any accumulated profit or loss previously recognised in other comprehensive income is recycled to the income statement on derecognition of the asset. \u2014 Financial assets at FVOCI \u2013 equity instruments are strategic equity investments which are held for the long-term but do not give the Group control or significant influence. The Group has irrevocably elected to classify these investments as FVOCI. Dividends received from these investments are recognised in the income statement within other income when the right of receipt has been established. Accumulated gains or losses on equity instruments remain in equity on derecognition and are not recycled through the income statement. \u2014 Financial assets at FVPL include all other financial assets not classified as amortised cost or FVOCI. They include CCP businesses\u2019 clearing member trading balances comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis. Financial liabilities \u2014 Financial liabilities at FVPL include the CCP businesses\u2019 clearing member trading balances, comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis. \u2014 Financial liabilities at amortised cost are all financial liabilities that are not classified as financial liabilities at FVPL. They include trade and other payables, borrowings and other payables to clearing members. Impairment The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the expected cash flows are lower than the contractual cash flows due. The difference is discounted at the asset\u2019s original effective interest rate and recognised as an impairment of the original value of the asset. \u2014 Financial assets at amortised cost \u2013 the ECL for trade receivables (including fees receivable), contract assets, and lease receivables is derived using the simplified approach in IFRS 9 Financial Instruments to calculate a lifetime ECL. The allowance is based on historical experience of collection rates, adjusted for forward-looking factors specific to each counterparty and the economic environment at large, to create an expected loss matrix. The ECL on other financial assets held at amortised cost is measured using the general approach. An allowance is calculated based on the 12-month ECL at each reporting date unless there is a significant increase in the financial instrument\u2019s credit risk, in which case a loss allowance based on the lifetime ECL is calculated. \u2014 Financial assets at FVOCI \u2013 debt instruments held at FVOCI comprise high-quality government bonds that have a low credit risk. The Group\u2019s policy is to calculate a 12-month ECL on these assets. If there is a significant increase in credit risk, then a lifetime ECL will be recognised. A significant increase in credit risk is considered to have occurred when contractual payments are more than 30 days past due. \u2014 Financial assets at FVOCI \u2013 equity instruments are revalued to fair value on a regular basis. \u2014 Financial assets at FVPL \u2013 no ECL is calculated for assets held at FVPL as any expected loss is already recognised in the recorded fair value of the asset. Offsetting Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. Fair value hierarchy The Group uses the following valuation hierarchy for determining and disclosing the fair value of financial instruments: \u2014 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; \u2014 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2014 Level 3: techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For Level 1, the fair value is based on market price quotations at the reporting date. For assets and liabilities classified as Level 2, the fair value is calculated using one or more valuation techniques (e.g. the market approach or the income approach) with market observable inputs. The selection of the appropriate valuation techniques may be affected by the availability and reliability of the relevant inputs. The inputs may include currency rates, interest rates, forward rate curves, and net asset values. When observable market data is not available, the Group uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used in estimating the fair value of Level 3 financial instruments typically include expected timing and amount of future cash flows, timing of settlement, discount rates and the net asset values of certain investments. The Group determines whether a transfer between levels has occurred by reviewing the categorisation of assets and liabilities at the end of each reporting period, based on the lowest level input that is significant to the valuation. Derivative financial instruments and hedging activities Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group uses foreign exchange forward contracts to manage its foreign exchange risk. It enters into a series of exchange contracts to purchase or sell certain currencies against sterling and US dollars in the future at fixed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative instruments to convert a portion of its fixed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement. In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. We document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion of any hedge in order to verify that it continues to satisfy all the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income or expense. Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example, when the forecast transaction that is hedged takes place). When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve: it is only recognised in the income statement when the forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement. The profit or loss on a derivative which is not designated as a hedging instrument is recognised directly in the income statement.
17.1 Financial assets
Amortised
cost FVOCI FVPL Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Clearing member trading assets
\u2013
\u2013
652,593
652,593
\u2014 Other receivables from clearing members
7,139
\u2013
\u2013
7,139
\u2014 Other financial assets
\u2013
17,275
\u2013
17,275
\u2014 Clearing member cash and cash equivalents
86,528
\u2013
\u2013
86,528
Total clearing member assets
93,667
17,275
652,593
763,535
Trade and other receivables
1,980
\u2013
15
1,995
Cash and cash equivalents
3,580
\u2013
\u2013
3,580
Investments in financial assets \u2013 equity instruments
\u2013
372
\u2013
372
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
\u2013
47
47
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
\u2013
45
45
\u2014 Foreign exchange forward contracts
\u2013
\u2013
7
7
\u2014 Embedded foreign exchange contracts
\u2013
\u2013
6
6
Total derivative financial instruments
\u2013
\u2013
105
105
Total financial assets
99,227
17,647
652,713
769,587
1
2
2
3
1 At 31 December 2023, there are no provisions for expected credit losses in relation to any of the CCP businesses\u2019 financial assets held at amortised cost or FVOCI (2022: nil). The Group closely
monitors its CCP investment portfolio and invests only in government debt and other collateralised instruments where the risk of loss is minimal. There was no increase in credit risk in the year
and none of the assets are past due (2022: nil).
2 Clearing member cash and cash equivalents represents amounts received from the clearing members to cover initial and variation margins, and default fund contributions that are not invested in
bonds. These amounts are deposited with banks, including central banks, or invested securely in short-term reverse repurchase contracts (reverse repos). Other financial assets represent the
CCP investment in government bonds.
3 Prepayments of \u00a3230 million and contract assets of \u00a34 million within trade and other receivables are not classified as financial instruments.
Amortised cost FVOCI FVPL Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Clearing member trading assets
1,997
\u2013
661,370
663,367
\u2014 Other receivables from clearing members
5,945
\u2013
\u2013
5,945
\u2014 Other financial assets
\u2013
18,415
\u2013
18,415
\u2014 Clearing member cash and cash equivalents
104,707
\u2013
\u2013
104,707
Total clearing member assets
112,649
18,415
661,370
792,434
Trade and other receivables
1,344
\u2013
12
1,356
Cash and cash equivalents
3,209
\u2013
\u2013
3,209
Investments in financial assets \u2013 debt instruments
\u2013
226
\u2013
226
Investments in financial assets \u2013 equity instruments
\u2013
394
\u2013
394
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
\u2013
14
14
\u2014 Embedded foreign exchange contracts
\u2013
\u2013
34
34
Total derivative financial instruments
\u2013
\u2013
48
48
Total financial assets
117,202
19,035
661,430
797,667
1
1 Prepayments of \u00a3214 million and contract assets of \u00a33 million within trade and other receivables are not classified as financial instruments.
17.2 Financial liabilities
Amortised
cost FVPL Total
31 December 2023 \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Clearing member trading liabilities
\u2013
652,593
652,593
\u2014 Other payables to clearing members
111,448
\u2013
111,448
Total clearing member financial liabilities
111,448
652,593
764,041
Trade and other payables
2,300
21
2,321
Borrowings
9,699
\u2013
9,699
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
52
52
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
11
11
\u2014 Embedded foreign exchange contracts
\u2013
19
19
Total derivative financial instruments
\u2013
82
82
Total financial liabilities
123,447
652,696
776,143
1
1 Social security and other taxes of \u00a3155 million and deferred compensation of \u00a321 million within trade and other payables are not classified as financial instruments.
Amortised
cost FVPL Total
31 December 2022 \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Clearing member trading liabilities
1,997
661,370
663,367
\u2014 Other payables to clearing members
129,227
\u2013
129,227
Total clearing member financial liabilities
131,224
661,370
792,594
Trade and other payables
2,539
38
2,577
Borrowings
8,823
\u2013
8,823
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
84
84
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
6
6
\u2014 Embedded foreign exchange contracts
\u2013
6
6
Total derivative financial instruments
\u2013
96
96
Total financial liabilities
142,586
661,504
804,090
1
1
1,2
1
1 For 2022, lease liabilities of \u00a3672 million were presented as trade and other payables. These have been reclassified to borrowings (see note 16) to better reflect the nature of the liability.
2 Social security and other tax liabilities of \u00a376 million within trade and other payables are not classified as financial instruments.
17.3 Fair values
Other than borrowings, we have assessed that the fair values of financial assets and financial liabilities categorised as being at amortised cost
approximate to their carrying values. The fair values of the Group\u2019s borrowings are disclosed in note 16.1.
Fair value measurement hierarchy
The Group\u2019s financial assets and financial liabilities held at fair value consist largely of securities which are restricted in use for the operations of the
Group\u2019s CCPs as managers of their respective clearing and guarantee systems.
The following tables provide the fair value measurement hierarchy of the Group\u2019s financial assets and financial liabilities measured at fair value.
Financial assets
31 December 2023
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
10
7,271
\u2013
7,281
\u2014 Non-derivative instruments
\u2013
645,312
\u2013
645,312
\u2014 Other financial assets
17,275
\u2013
\u2013
17,275
17,285
652,583
\u2013
669,868
Investments in financial assets \u2013 equity
\u2013
\u2013
372
372
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
47
\u2013
47
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
45
\u2013
45
\u2014 Foreign exchange forward contracts
\u2013
7
\u2013
7
\u2014 Embedded foreign exchange contracts
\u2013
6
\u2013
6
\u2014 Trade and other receivables \u2013 other
\u2013
\u2013
15
15
Total financial assets measured at fair value
17,285
652,688
387
670,360
1
1 There were no transfers between levels during the year.
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
98
7,418
\u2013
7,516
\u2014 Non-derivative instruments
\u2013
653,854
\u2013
653,854
\u2014 Other financial assets
18,415
\u2013
\u2013
18,415
18,513
661,272
\u2013
679,785
Investments in financial assets \u2013 debt
226
\u2013
\u2013
226
Investments in financial assets \u2013 equity
\u2013
\u2013
394
394
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
14
\u2013
14
\u2014 Embedded foreign exchange contracts
\u2013
34
\u2013
34
\u2014 Trade and other receivables \u2013 convertible loan notes
\u2013
\u2013
12
12
Total financial assets measured at fair value
18,739
661,320
406
680,465
1
1 There were no transfers between levels during 2022.
Financial liabilities
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
10
7,271
\u2013
7,281
\u2014 Non-derivative instruments
\u2013
645,312
\u2013
645,312
10
652,583
\u2013
652,593
Contingent consideration payable
\u2013
\u2013
21
21
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
52
\u2013
52
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
11
\u2013
11
\u2014 Embedded foreign exchange contracts
\u2013
19
\u2013
19
Total financial liabilities measured at fair value
10
652,665
21
652,696
1
1 There were no transfers between levels during the year.
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
98
7,418
\u2013
7,516
\u2014 Non-derivative instruments
\u2013
653,854
\u2013
653,854
98
661,272
\u2013
661,370
Contingent consideration payable
\u2013
\u2013
38
38
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
84
\u2013
84
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
6
\u2013
6
\u2014 Embedded foreign exchange contracts
\u2013
6
\u2013
6
Total financial liabilities measured at fair value
98
661,368
38
661,504
1
1 There were no transfers between levels during 2022.
17.4 Hedging activities and derivatives The Group hedges its exposure to foreign exchange and interest rate movements using derivative instruments. The Group applies hedge accounting where appropriate, and has designated some derivatives as net investment hedges, fair value hedges and cash flow hedges. The Group also has some derivatives which do not qualify for hedge accounting or have not been designated as hedges. 17.4a Net investment hedges The Group uses net investment hedges to hedge the currency risk arising from its investment in foreign operations. The Group has designated some of its euro borrowings and cross-currency interest rate swaps, used to swap a portion of its euro borrowings into US dollar debt, as net investment hedges. There is an economic relationship between the hedged items and the hedging instruments (the borrowings) as the euro and US dollar borrowings are matched by the Group\u2019s investments in euro and US dollar assets. The Group has established a ratio of 1:1 for the hedging relationships as the underlying foreign exchange risk of the borrowings is identical to the investments. To ensure the hedge is effective, the Group makes sure that the borrowings are always less than the value of the investments. Hedge ineffectiveness only arises if the value of the hedging instrument exceeds the value of the underlying net investment. The hedging instruments are detailed below. Cross-currency interest rate swaps In 2017, the Group entered into cross-currency interest rate swaps in order to more closely match the Group\u2019s currency of borrowing to the currency of its net assets and earnings. As disclosed in note 16.1, two \u20ac500 million bonds (maturing in 2024 and 2029) were issued in 2017. \u20ac700 million of these bonds were swapped into $836 million through a series of cross-currency interest rate swaps which mature on the same dates as the bonds. These instruments effectively exchange some of the obligations and coupons of the bonds from euros into US dollars. These swaps have been designated as a hedge of the Group\u2019s net investments in its US dollar reporting subsidiaries and qualify for hedge accounting.
\u20ac700 million cross-currency interest rate swap
2023
2022
Fair value of derivative liability on the
balance sheet
(\u00a352m)
(\u00a384m)
Nominal value of hedging instrument
$836m
$836m
Hedge ratio
1:1
1:1
Hedge effectiveness
100%
100%
Change in fair value of derivative
\u00a332m
(\u00a340m)
Change in value of net investment
(\u00a332m)
\u00a340m
Cumulative amount held in hedging reserve
(\u00a352m)
(\u00a384m)
Non-derivative hedges Non-derivative hedges relate to euro borrowings which are matched against the Group\u2019s investments in euro denominated subsidiaries. The remaining \u20ac300 million of the two \u20ac500 million bonds issued in 2017 which were not swapped into US dollars, together with the \u20ac500 million bond issued in 2018 (see note 16.1), qualify as hedging instruments against euro denominated subsidiaries and qualify for hedge accounting. The \u20ac700 million that has been swapped is included below and is netted against the fair value movement of the US dollar derivative in the hedging reserve.
Euro denominated bonds
2023
2022
Carrying value of debt on the balance sheet
(\u00a31,295m)
(\u00a31,326m)
Nominal value of hedging instrument
\u20ac1,500m
\u20ac1,500m
Hedge ratio
1:1
1:1
Hedge effectiveness
100%
100%
Change in carrying value of hedging instrument
\u00a331m
(\u00a373m)
Change in value of net investment
(\u00a331m)
\u00a373m
Cumulative amount held in hedging reserve
\u00a329m
(\u00a32m)
The Group has not drawn down on its committed bank facilities in euros or US dollars during the year. In 2022, the Group drew down on both facilities, but these drawings were not designated as net investment hedges. As at 31 December 2023 and 31 December 2022, there were no amounts outstanding on these facilities. During the year, the Group issued euro and US dollar commercial paper, but these issuances were not designated as net investment hedges. There were no issuances of commercial paper during 2022. As at 31 December 2023, $937 million (\u00a3735 million) and \u20ac353 million (\u00a3306 million) were outstanding (31 December 2022: \u00a3nil).
Revolving credit facility, bridge facility and
commercial paper
2023
2022
Change in carrying value of hedging instruments
\u2013
\u2013
Change in value of net investments
\u2013
\u2013
Cumulative amount held in hedging reserve
\u00a38m
\u00a38m
17.4b Cash flow hedges The Group uses cash flow hedges to manage the interest rate risk on cash flows of highly probable forecast transactions. Interest rate swaps In 2021, the Group entered into a series of US dollar interest rate swaps with tenures of 3, 5 and 10 years, with aggregate principal amounts of $500 million, $1,000 million and $1,250 million respectively. The interest rate swaps were designated as cash flow hedges with the hedged item being planned bond issuances that were deemed highly probable at the time and related to the Refinitiv acquisition. The interest rate swaps were settled in March and April 2021 when the new bonds were issued (see note 16.1). At the date of settlement, a gain of $31 million (\u00a322 million) was recognised in the hedging reserve, representing the effective portion of the gain on the hedging instrument. This will be recycled to the income statement over the term of the debt. During the year \u00a33 million (2022: \u00a33 million) was recycled to the income statement.
17.4c Fair value hedges
The Group uses fair value hedges to hedge the risk of changes
in the fair value of its fixed rate borrowings resulting from interest
rate movements.
Interest rate swaps
In September 2023, the Group issued two \u20ac700 million fixed rate
bonds, maturing in 2026 and 2030, as disclosed in note 16.1. On the
same day, the Group entered into a series of euro interest rate swaps
with tenures of 3 and 7 years, each with aggregate notional amounts of
\u20ac700 million. As a result of the swaps, the Group receives a fixed rate of
interest and pays floating rate interest based on the Euro Short-Term
Rate (ESTR) plus a spread. Interest has been swapped from fixed to
floating as part of the Group\u2019s interest rate management policy
(see note 17.5).
The bonds and interest rate swaps have been designated as the
hedged items and hedging instruments in a fair value hedging
relationship. The interest rate swaps are used to hedge the exposure
to changes in the fair value of the bonds. There is an economic
relationship between the hedged items and hedging instruments as
the terms of the fixed leg of the interest rate swaps match the terms
of the bonds, such as notional amounts, interest rates and maturity
dates. The Group has established a hedge ratio of 1:1 for the hedging
relationships as the underlying interest rate risk of the derivatives is
identical to the hedged risk component.
To assess hedge effectiveness, the Group uses regression analysis
for its retrospective hedge effectiveness testing to ensure the hedge
remained highly effective. The Group uses the critical terms match
approach for its prospective hedge effectiveness testing to ensure
the hedge is expected to remain highly effective. Sources of hedge
ineffectiveness include counterparty credit risk, which impacts fair value
movements of the hedging instruments but not the hedged items.
\u20ac1,400 million interest rate swaps
2023
2022
Fair value of derivative asset on the
balance sheet
\u00a347m
\u2013
Change in fair value of the derivative
\u00a347m
\u2013
Nominal value of the hedging instruments
\u20ac1,400m
\u2013
Hedge ratio
1:1
\u2013
Carrying amount of the borrowings on the
balance sheet
(\u00a31,254m)
\u2013
Accumulated amounts of fair value adjustment
on the hedged items
(\u00a345m)
\u2013
Change in value of hedged items
(\u00a345m)
\u2013
Hedge ineffectiveness recorded in net finance
income in the income statement
(\u00a32m)
\u2013
17.4d Derivatives not designated as hedges
Cross-currency interest rate swaps
As part of the bond issuance and in addition to the interest rate swaps
entered into in September 2023, as noted in 17.4c, the Group entered
into a series of cross-currency interest rate swaps to swap the two
\u20ac700 million bonds to $740 million, with a tenure of three years,
and $742 million, with a tenure of seven years. These instruments
effectively exchange the obligations and coupons of the bonds and
interest rate swaps from euros to US dollars, in accordance with the
Group\u2019s foreign exchange risk management policy (see note 17.5).
As a result of the swaps, the Group receives euro floating rate interest
based on ESTR plus a spread and pays US dollar floating rate interest
based on the Secured Overnight Financing Rate (SOFR) plus a spread.
The cross-currency interest rate swaps have not been designated as
hedges. This is because a portion of their fair value movements offset
with income statement movements arising on other financial assets
and liabilities, resulting in a natural hedge.
Foreign currency forwards
The Group uses foreign exchange contracts to manage foreign
exchange risk. It enters into a series of exchange contracts to purchase
or sell certain currencies against sterling and US dollars in the future at
fixed amounts. The cumulative sterling notional amounts of contracts
outstanding as at 31 December 2023 and 31 December 2022 were
as follows:
Traded against
Traded against sterling US dollars
2023 2022 2023 2022
Sell/(buy) \u00a3m \u00a3m \u00a3m \u00a3m
Euro
(598)
(784)
97
48
US dollar
635
(40)
\u2013
\u2013
Sterling
\u2013
\u2013
\u2013
(309)
Hong Kong dollar
(32)
\u2013
\u2013
\u2013
Japanese yen
(29)
\u2013
\u2013
(36)
Singapore dollar
(22)
\u2013
\u2013
(32)
Romanian leu
(22)
\u2013
\u2013
\u2013
Australian dollar
(20)
\u2013
\u2013
(22)
Canadian dollar
(13)
\u2013
\u2013
(14)
Swiss franc
(8)
\u2013
\u2013
(8)
Other currencies
(10)
\u2013
\u2013
\u2013
17.4e Hedging reserve
2023 2022
Note \u00a3m \u00a3m
1 January
(102)
14
Amounts recycled to the
income statement
18.2
(3)
(3)
Foreign exchange translation
2
\u2013
Net gains/(losses) on net
investment hedges
18.2
63
(113)
31 December
(40)
(102)
As at 31 December 2023, \u00a340 million of losses (2022: \u00a340 million of
losses) remain in reserves that have not been recycled to the income
statement, as the Group continues to hold the underlying investments.
17.5 Financial risk management The Group seeks to protect its financial performance and the value of its business from various risks including exposure to capital, credit, concentration, country, liquidity, settlement, custodial and market risks. Details of these risks, which should be read in conjunction with the Principal Risks and Uncertainties on pages 79 to 88, are provided below.
Capital risk
Risk description
Risk management approach
Capital risk relates to the Group\u2019s ability to The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash
meet regulatory capital requirements and generative. It can manage its capital structure (which consists of equity and debt capital) and react to
minimum internal investment returns. changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or
There is a risk that the Group\u2019s entities may reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the
not maintain, or have access to, sufficient Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019s capital
structure is presented below:
high-quality capital to meet their regulatory,
or other obligations. This could result in a loss
2023 2022
of regulatory approvals and/or the imposition Book value of capital \u00a3m \u00a3m
of financial sanctions.
Total shareholders\u2019 funds
23,807
25,996
The main capital risks faced by the Group are:
Group borrowings excluding lease liabilities
9,063
8,151
\u2014 An increased regulatory capital requirement
of its regulated companies The Group maintains a Capital Management Policy, the execution of which is overseen by the Group\u2019s
\u2014 Negative yields on its investments Financial, Investment and Capital Committee. The Group seeks to allocate capital in order to maintain a strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders.
\u2014 An inability to raise debt or equity Regulated entities within the Group monitor compliance with policy and the capital requirements set by their
financing as a result of its own poor financial respective regulatory authorities.
performance, or poor financing conditions Regulatory and operational capital represents:
\u2014 Amounts held as cash and cash equivalents and investments in financial assets by regulated entities to
satisfy their local regulatory capital requirements
\u2014 Letters of credit issued by the Group to customers and suppliers
The Group\u2019s total regulatory and operational capital is shown below:
2023 2022
Regulatory and operational capital \u00a3m \u00a3m
Total regulatory and operational capital
1,348
1,427
Amount included in cash and cash equivalents
1,329
1,219
1
Includes investments in financial assets of \u00a3nil (2022: \u00a3191 million) and letters of credit totalling \u00a319 million (2022: \u00a317 million).
To ensure ongoing financial strength, access to new capital at a reasonable cost, and to sustain an
investment grade credit rating, the Group monitors its leverage ratio against a target range of 1.5-2.5 times
(moving from a target range of 1.0-2.0 times during 2023). Leverage is calculated as operating net debt
(i.e. net debt after excluding lease liabilities and amounts set aside for regulatory and operational purposes)
to adjusted EBITDA before foreign exchange gains or losses (Group adjusted earnings from continuing
operations before net finance costs, tax, depreciation, amortisation and impairment and before foreign
exchange gains or losses). At 31 December 2023, leverage was 1.8 times (2022: 1.8 times).
While the Group\u2019s bank borrowing facilities do not include financial covenants, the Group takes into account
certain financial metrics (including liquidity headroom and the leverage ratio) when considering whether to
increase the size of its borrowings and net debt. The Group seeks to maintain a strong investment grade
credit rating and will always seek to return leverage to its target range if it rises temporarily.
1
Credit and concentration risk
Risk description
Risk management approach
Credit risk relates to the potential for Group
a Group counterparty (including CCP Credit risk is governed by policies set by the Group Risk function. Limits and thresholds for credit and
members, and any counterparty where concentration risk are reviewed regularly.
there is exposure through payment, clearing Group companies make judgements on the credit quality of their clients. This is based on the client\u2019s financial
or settlement processes) to be unable to position, the recurring nature of billing and collection arrangements and historical evidence relating to the
meet its financial obligations to the Group client\u2019s ability to meet its financial liabilities as they fall due. The Group is exposed to a large number of
when due. clients and so we deem concentration risk on the Group\u2019s receivables to be low.
Credit concentration risk may arise through The Group\u2019s main credit risk exposure arises on the financial assets shown earlier in note 17.1. There have
been no significant increases in credit risk for these assets and no estimated credit losses have been
Group entities having large individual recognised on other financial instruments.
or connected exposures to groups of Non-CCP entities
counterparties whose likelihood of default The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with
is driven by common underlying factors. which the Group deposits cash. The Group manages its credit risk by outlining the maximum financial
exposure that may be taken against any one counterparty, based on an assessment of the counterparty\u2019s
credit quality.
Cash and cash equivalents are held with authorised counterparties of a high credit standing. Cash is held in
unsecured interest-bearing current and call accounts. Cash equivalents comprise short-term deposits and
AAA-rated money market funds.
Derivative transactions (and other treasury receivable structures) must be in line with the Group\u2019s policy
framework and may only be undertaken with highly rated counterparties.
CCPs
The principal source of CCP credit risk lies in the potential for one or more clearing members to default.
Group CCPs manage this risk through robust financial risk management. Clearing members are selected
based on an assessment of their supervisory capital as well as their technical and organisational strength.
Each member must pay margins to the relevant Group CCP. The margins are in the form of cash and highly
liquid securities. Clearing members also contribute to default funds managed by the Group CCPs. These
aim to protect the integrity of the markets in the event of multiple defaults in extreme market circumstances.
Group CCPs use stress tests to determine the appropriate margin and default fund requirements. These are
reviewed by CCP risk committees who can take action as appropriate.
CCPs are required by regulation to hold a minimum amount of capital (regulatory capital). Each of the Group\u2019s
CCPs maintains this regulatory capital requirement, together with an additional holding of its own capital. This
additional capital is to help manage credit risk during a significant market stress event or member default.
The total clearing member contributions of margin and default funds across the Group CCPs is shown below:
2023 2022
Total collateral held \u00a3bn \u00a3bn
Collateral security
Cash received
110
127
Non-cash pledged
172
147
Guarantees pledged
2
2
Total collateral as at 31 December
284
276
Maximum collateral held during the year
312
310
Group CCPs manage the credit risk associated with margin and default fund contributions by investing
the cash element in instruments or structures deemed \u201csecure\u201d by the relevant regulatory bodies. This
includes: direct investments in highly rated, \u201cregulatory qualifying\u201d sovereign bonds and supra-national
debt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as
collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is
invested unsecured is placed for short durations with highly rated counterparties where limits are applied
with respect to credit quality, concentration and tenor.
2023 2022
\u00a3bn \u00a3bn
Total investment portfolio
104
123
Maximum portfolio size during the year
147
157
Additional portfolio information:
Amount invested securely
99.99%
99.99%
Weighted average maturity (days)
65
53
Risk description
Risk management approach
Associated liquidity risks are considered in the investment mix and discussed further below in the Liquidity,
Settlement and Custodial risk section.
To address concentration risk, the Group maintains a diversified portfolio of high-quality, liquid investments
and uses a broad range of custodians, payment and settlement banks and agents. The largest concentration
of treasury exposures as at 31 December 2023 was with the French Government with an aggregate
exposure of 43% of the total investment portfolio (2022: 40% with the French Government).
Trade receivables (including fees receivable)
An impairment analysis of trade and fees receivable is performed monthly using a provision matrix to
measure expected credit losses based on factors such as the counterparty\u2019s historic payment practices,
expected future payments and the economic environment at large. The calculation reflects current conditions
together with forecasts of future economic conditions. None of the Group\u2019s trade receivables are material by
individual counterparty.
Trade receivables
Fees
receivable <180 days >180 days Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
14.2%
Total receivables
244
870
71
1,185
Expected credit loss
\u2013
(3)
(10)
(13)
Net trade and fees receivables
244
867
61
1,172
Trade receivables
Fees
receivable <180 days >180 days Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
11.2%
Total receivables
263
706
60
1,029
Expected credit loss
\u2013
(2)
(7)
(9)
Net trade and fees receivables
263
704
53
1,020
Country risk
Risk description
Risk management approach
Country risk relates to those risks that are The Group maintains a country risk framework to help assess and monitor the risk of doing business with,
inherent when doing business with, or
operating in, a country.
or operating in, a country.
Group CCPs have specific risk management frameworks that address country risk for both clearing and
Some governments may be unable or find it margin operations. Contained in these frameworks are a suite of stress scenarios that consider deterioration
difficult to service their debts. This could have of sovereign credit quality as well as other risk factors. These scenarios support CCPs in developing and
adverse effects, particularly on the Group\u2019s maintaining the appropriate country risk measurement, monitoring and mitigation tools. Risk Committees
CCPs, potentially impacting cleared products, oversee these risks and the associated policy frameworks to protect the Group against a potentially adverse
margin collateral, investments, the clearing impact arising from volatility in the sovereign debt markets.
membership and the financial industry The Group CCPs\u2019 sovereign exposures at the end of the financial reporting periods were:
as a whole.
In addition, geopolitical events could impact 2023 2022
our ability to operate in a country or impact the Country/organisation \u00a3bn \u00a3bn
value of our assets in that country. We may
France
22
30
even need to relocate activities or change
USA
13
15
our operating model in response.
UK
11
7
European Union (supranational)
2
20
Other
2
2
Liquidity, settlement and custodial risk
Risk description
Risk management approach
The Group\u2019s liquidity risk relates to its ability Group
to meet its short- and long-term payment The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not
obligations as they fall due. significantly impacted by seasonal variations. The Group maintains sufficient liquid resources to meet its
Additionally, the Group\u2019s CCPs, and certain financial obligations as they fall due, and to invest in capital expenditure, pay dividends, meet its pension
other Group entities, must maintain a level commitments and support or fund acquisitions or repay borrowings. Subject to regulatory constraints
of liquidity (consistent with regulatory impacting certain entities, funds can (generally) be lent across the Group and cash earnings can be remitted
requirements) to make sure their services through regular dividend payments by subsidiary companies. This is an important component of the Group
Treasury cash management policy and approach.
operate smoothly and to be able to
continue to operate in the event of
Management monitors the Group\u2019s cash flow forecasts and overlays sensitivities to these forecasts to reflect
a significant stress event. assumptions about more challenging market conditions or stress events. The Group will take the appropriate
The Group\u2019s settlement and custodial actions to satisfy working capital requirements when committing to large scale acquisitions, including making
sure there is comfortable liquidity headroom projected over a reasonable time frame.
risks relate to the potential for a partner
firm to default on its obligations in respect Non-CCP entities
of custody, settlement, payment or other The Group Treasury Policy requires the Group to maintain adequate credit facilities provided by a diversified
administration activities, or that no action lending group to cover its expected funding requirements and ensure a minimum level of headroom for at
is taken by the Group to mitigate these least the next 24 months. The financial strength of the Group\u2019s lenders is monitored regularly.
risks. This also includes the risk that For full details of the Group\u2019s borrowings and facilities, see note 16.1.
client assets are immobilised as a result CCPs
of a third-party bankruptcy. In order to meet the cash requirements of the clearing and settlement cycle, the Group\u2019s CCPs maintain
sufficient cash and cash equivalents and, in certain jurisdictions, have access to central bank refinancing or
commercial bank credit lines. Regulations require CCPs to ensure that appropriate levels of back-up liquidity
are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the
maximum potential outflow under extreme market conditions is covered (see credit and concentration risk
section above).
In the event of a member default, Group CCPs can liquidate the defaulting member\u2019s portfolio to cover both
losses associated with the default and settlement of any other financial obligations of the defaulting member.
In addition, certain Group companies, including the CCPs, maintain commercial bank facilities which support
management of intraday and overnight liquidity.
Custodians are subject to minimum eligibility requirements, ongoing credit assessments and robust
contractual arrangements. They are also required to have appropriate contingency arrangements in place.
Financial liability maturity
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table reflect the contractual undiscounted cash flows. The borrowings and lease liabilities include future
interest that has not been accrued at the balance sheet date.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
2,166
581
3,394
3,930
10,071
Trade and other payables
1,896
\u2013
\u2013
\u2013
1,896
Lease liabilities
137
113
235
253
738
Clearing member liabilities
764,041
\u2013
\u2013
\u2013
764,041
Derivative financial instruments
60
6
\u2013
16
82
Other non-current payables
\u2013
55
314
241
610
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
1,440
967
2,008
4,754
9,169
Trade and other payables
2,004
\u2013
\u2013
\u2013
2,004
Lease liabilities
158
110
216
283
767
Clearing member liabilities
792,594
\u2013
\u2013
\u2013
792,594
Derivative financial instruments
9
57
\u2013
30
96
Other non-current payables
\u2013
64
338
247
649
Market risk \u2013 foreign exchange risk
Risk description
Risk management approach
The Group operates globally with primary Translational risk
centres in the UK, Europe and North America. The Group manages its translational risk, where possible, by matching the currency of its debt to the
It also has growing and strategically important currency of its earnings, to make sure certain key financial metrics are protected from material foreign
businesses in Asia. The Group\u2019s principal exchange rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order
currencies of operation are sterling, US dollars, to mitigate the impact of unfavourable currency exchange rate movements on earnings and net assets,
and the euro. non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency.
The Group is exposed to transactional foreign Where required, currency of debt is re-balanced using cross-currency swaps to better match the currency
of debt to the overall currency of earnings.
exchange risk and translational risk.
Transactional risk arises when we buy or sell A material proportion of the Group's debt is held in or swapped into euros and US dollars as noted below:
goods or services in a currency other than
our entities\u2019 functional currencies. We may
2023 2022
be exposed to movements in that currency. Currency of debt \u00a3m \u00a3m
Translational risk arises from the translation
Euro denominated drawn debt
4,148
2,652
of account balances recorded in an entity\u2019s
Euro denominated cross-currency interest rate swaps
(1,818)
(695)
functional currency into the Group's reporting
currency for the purpose of statutory reporting.
US dollar denominated drawn debt
4,263
5,014
Transactional foreign exchange risk may
US dollar denominated cross-currency interest rate swaps
1,818
695
present itself in payment of intragroup The cross-currency interest rate swaps are directly linked to euro fixed debt. A proportion of the euro and
dividends or when interest obligations, which US dollar denominated debt, including the cross-currency swaps, provide a hedge against the Group\u2019s net
are in a different currency, are due. However,
both of these operations play their part in
investment in euro and US dollar denominated entities.
controlling the level of translational foreign At 31 December 2023, the Group\u2019s designated hedges of its net investments were effective.
exchange exposure the Group faces. Transactional risk
Transactional foreign exchange risk may also While transactional foreign exchange exposure is limited, the Group mitigates this by either hedging material
arise when investing in, or divesting from, transactions with appropriate derivative instruments or by settling currency payables or receivables within
operations denominated in currencies a short timeframe. The Group Treasury Policy requires cash flows of single transactions or a series of linked
other than sterling. transactions of more than \u00a32 million or equivalent per annum to be hedged. The risk is also minimised
In addition, the Group has some contracts/ by the periodic exchange of cash into each Group entity\u2019s functional currency. Where appropriate, hedge
cash flow profiles with a foreign exchange accounting for derivatives is considered in order to mitigate material levels of income statement volatility.
component that could trigger embedded Governance and sensitivity
derivative recognition and, as such, The Group\u2019s Risk Committee reviewed the approach to foreign exchange risk management during the
fair value accounting treatment. quarter ended 31 December 2023.
In addition to projecting and analysing its earnings and debt profile by currency, the Group reviews
sensitivities to movements in exchange rates. The Group has considered movements in the euro and the
US dollar over 2023 and 2022 and, based on actual market observations between its principal currency
pairs, has concluded that a 10% movement in rates is a reasonable level to illustrate the risk to the Group.
The impact on profit after tax and equity is set out in the table below:
2022
2023
Profit Profit
after tax Equity after tax Equity
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
Sterling weakens
5
(68)
6
(71)
Sterling strengthens
(4)
64
(5)
64
US dollar
Sterling weakens
7
(66)
18
(68)
Sterling strengthens
(6)
60
(16)
61
The sensitivity of profit after tax reflects foreign exchange gains or losses on translation of financial assets
and financial liabilities, including cash and borrowings but excluding hedged balances.
The sensitivity of equity reflects the foreign exchange gains or losses on translation of euro and US dollar
borrowings that have been designated as hedges of a net investment in foreign operations.
Market risk \u2013 interest rate risk
Risk description
Risk management approach
The Group\u2019s interest rate risk arises from the The Group\u2019s interest rate management policy focuses on protecting the Group\u2019s credit rating and limiting the
impact of changes in interest rates on cash impact of interest rate increases on Group earnings. To support this objective, the Group targets a maximum
held and investments in financial assets, debt floating rate component of 50%. This approach reflects the broad natural hedge of floating rate
and on borrowings held at floating rates. borrowings provided by the significant balances of cash and cash equivalents held effectively at floating
rates of interest.
The Group may also face future interest rate
exposure connected to M&A transactions At 31 December 2023 the floating rate component of total debt was 26% (2022: 16%).
where significant debt financing is involved. Where the Group has committed to M&A transactions and is exposed to prospective interest rate risk on
The Group\u2019s CCPs have member liabilities, and borrowings, the Group Treasury function will assess the exposure and consider hedging solutions that
separately achieve returns which support the conform with policy and seek to limit future interest costs.
payment of these liabilities. A CCP\u2019s interest In the Group\u2019s CCPs, interest-bearing assets are generally invested in secured instruments or structures.
rate risk can increase if the reference rates These tend to be for a longer term than interest-bearing liabilities, whose interest rate is reset daily. This
used to calculate liabilities increase while the makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight
reference rates that underpin investment and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite
returns decrease (or do not increase by parameters against which sensitivities are monitored daily.
the same amount). In our review of the sensitivities to potential movements in interest rates, we have considered interest rate
Group companies that offer guaranteed volatility over the last year and prospects for rates over the next 12 months. We have concluded that a
settlement of traded securities can also 1 percentage point downward movement (with a limited prospect of material upward movement) reflects
be exposed to latent interest rate risk a reasonable level of risk to current rates. If interest rates on cash and cash equivalents and borrowings had
(and market risk more generally) in the
event of a counterparty default.
been 1 percentage point lower, with all other variables held constant, profit after tax for 2023 would have
been \u00a39 million lower (2022: \u00a38 million higher, based on interest rates being 1 percentage point higher)
mainly as a result of lower interest income on floating rate cash and cash equivalents, partially offset by
lower interest expense on floating rate borrowings.
At the CCP level (in aggregate), if interest rates on the common interest-bearing member liability benchmarks
of EONIA, Fed Funds and SONIA, (for euro, US dollar and sterling liabilities respectively), had been
1 percentage point lower, with all other variables held constant, the Group\u2019s profit after tax would have
been \u00a31 million higher (2022: \u00a31 million lower, based on interest rates being 1 percentage point higher).
17.6 Offsetting financial assets and financial liabilities Accounting policy The Group reports financial assets and financial liabilities on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously . The Group applies the rules of legal right of set off and intent to net settle within its clearing member balances. The carrying values of the balances are offset at an appropriate level to arrive at the net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect the net assets of the Group.
The following tables show the impact of netting arrangements on all financial assets and financial liabilities that are reported net on the balance
sheet and where balances have not been netted but there is a right to offset in the event of default:
Amounts
Amount not netted,
as reported in but available
Gross Amount the balance in event Net
amount offset sheet of default amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Repurchase agreements
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Reverse repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
1
2,3
2
4
2,3
4
Amounts
Amount not netted,
as reported in but available
Gross Amount the balance in event Net
amount offset sheet of default amount
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,404,794
(2,397,255)
7,539
(7,539)
\u2013
Repurchase agreements
798,844
(145,013)
653,831
(653,831)
\u2013
Derivative financial instruments
15
15
(6)
9
Total assets
3,203,653
(2,542,268)
661,385
(661,376)
9
Other financial liabilities
(2,413,095)
2,405,556
(7,539)
7,539
\u2013
Reverse repurchase agreements
2
(798,844)
145,013
(653,831)
653,831
\u2013
Derivative financial instruments
(96)
\u2013
(96)
6
(90)
Total liabilities
(3,212,035)
2,550,569
(661,466)
661,376
(90)
1
2,3
2
4
2,3
4
1 The Group\u2019s CCP companies act as principal and sit in the middle of members\u2019 transactions and hold default funds and margin amounts as a contingency against the default of a member. As such,
further amounts are available to offset in the event of a default reducing the asset and liability to nil. The Group is subject to master netting arrangements in force with financial counterparties with
whom the Group trades derivatives. The master netting arrangements determine the proceedings should either party default on their obligations. In the event of default, the non-defaulting party
will calculate the sum of the replacement cost of outstanding transactions and amounts to be settled.
2 Offset amounts are clearing member trading assets and trading liabilities within the Group\u2019s CCP businesses\u2019 financial instruments.
3 The imbalance between assets and liability for gross and offset amounts is caused by the exclusion of settled to market (\u201cSTM\u201d) amounts from the gross balance on the ground that these trades
are settled.
4 Balance includes accrued interest, which has been recorded in Trade and Other Receivables and Trade and Other Payables and excludes embedded derivatives .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "value": "Accounting policy Recognition and measurement Financial assets and financial liabilities are initially recognised at fair value. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). The classification depends on the Group\u2019s business model for managing its financial instruments and whether or not the cash flows generated are \u201csolely payments of principal and interest\u201d. \u2014 Financial assets at FVPL include all other financial assets not classified as amortised cost or FVOCI. They include CCP businesses\u2019 clearing member trading balances comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis. \u2014 Financial liabilities at FVPL include the CCP businesses\u2019 clearing member trading balances, comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "Accounting policy Recognition and measurement Financial assets and financial liabilities are initially recognised at fair value. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). The classification depends on the Group\u2019s business model for managing its financial instruments and whether or not the cash flows generated are \u201csolely payments of principal and interest\u201d. Financial assets \u2014 Financial assets at amortised cost are financial assets that are held in order to collect the contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. These include: cash and cash equivalents; trade and other receivables; clearing member trading balances relating to certain collateralised transactions; and other receivables from clearing members of the CCP businesses. \u2014 Financial assets at FVOCI \u2013 debt instruments are assets where the objective is achieved by both collecting the contractual cash flows and selling the asset. The contractual cash flows received are solely payments of principal and interest. They include quoted debt instruments (predominantly government bonds) held by the CCP businesses, which are used under the business model to both collect the contractual cash flows and, on occasion, to profit from their sale. Interest received from these assets is recognised in the income statement as finance income. Where negative interest rates apply, the interest is recognised in finance expense. Any accumulated profit or loss previously recognised in other comprehensive income is recycled to the income statement on derecognition of the asset. \u2014 Financial assets at FVOCI \u2013 equity instruments are strategic equity investments which are held for the long-term but do not give the Group control or significant influence. The Group has irrevocably elected to classify these investments as FVOCI. Dividends received from these investments are recognised in the income statement within other income when the right of receipt has been established. Accumulated gains or losses on equity instruments remain in equity on derecognition and are not recycled through the income statement. \u2014 Financial assets at FVPL include all other financial assets not classified as amortised cost or FVOCI. They include CCP businesses\u2019 clearing member trading balances comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis. Financial liabilities \u2014 Financial liabilities at FVPL include the CCP businesses\u2019 clearing member trading balances, comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis. \u2014 Financial liabilities at amortised cost are all financial liabilities that are not classified as financial liabilities at FVPL. They include trade and other payables, borrowings and other payables to clearing members. Impairment The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the expected cash flows are lower than the contractual cash flows due. The difference is discounted at the asset\u2019s original effective interest rate and recognised as an impairment of the original value of the asset. \u2014 Financial assets at amortised cost \u2013 the ECL for trade receivables (including fees receivable), contract assets, and lease receivables is derived using the simplified approach in IFRS 9 Financial Instruments to calculate a lifetime ECL. The allowance is based on historical experience of collection rates, adjusted for forward-looking factors specific to each counterparty and the economic environment at large, to create an expected loss matrix. The ECL on other financial assets held at amortised cost is measured using the general approach. An allowance is calculated based on the 12-month ECL at each reporting date unless there is a significant increase in the financial instrument\u2019s credit risk, in which case a loss allowance based on the lifetime ECL is calculated. \u2014 Financial assets at FVOCI \u2013 debt instruments held at FVOCI comprise high-quality government bonds that have a low credit risk. The Group\u2019s policy is to calculate a 12-month ECL on these assets. If there is a significant increase in credit risk, then a lifetime ECL will be recognised. A significant increase in credit risk is considered to have occurred when contractual payments are more than 30 days past due. \u2014 Financial assets at FVOCI \u2013 equity instruments are revalued to fair value on a regular basis. \u2014 Financial assets at FVPL \u2013 no ECL is calculated for assets held at FVPL as any expected loss is already recognised in the recorded fair value of the asset. Offsetting Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. Fair value hierarchy The Group uses the following valuation hierarchy for determining and disclosing the fair value of financial instruments: \u2014 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; \u2014 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2014 Level 3: techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For Level 1, the fair value is based on market price quotations at the reporting date. For assets and liabilities classified as Level 2, the fair value is calculated using one or more valuation techniques (e.g. the market approach or the income approach) with market observable inputs. The selection of the appropriate valuation techniques may be affected by the availability and reliability of the relevant inputs. The inputs may include currency rates, interest rates, forward rate curves, and net asset values. When observable market data is not available, the Group uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used in estimating the fair value of Level 3 financial instruments typically include expected timing and amount of future cash flows, timing of settlement, discount rates and the net asset values of certain investments. The Group determines whether a transfer between levels has occurred by reviewing the categorisation of assets and liabilities at the end of each reporting period, based on the lowest level input that is significant to the valuation. Derivative financial instruments and hedging activities Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group uses foreign exchange forward contracts to manage its foreign exchange risk. It enters into a series of exchange contracts to purchase or sell certain currencies against sterling and US dollars in the future at fixed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative instruments to convert a portion of its fixed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement. In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. We document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion of any hedge in order to verify that it continues to satisfy all the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income or expense. Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example, when the forecast transaction that is hedged takes place). When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve: it is only recognised in the income statement when the forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement. The profit or loss on a derivative which is not designated as a hedging instrument is recognised directly in the income statement. Accounting policy The Group reports financial assets and financial liabilities on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously . The Group applies the rules of legal right of set off and intent to net settle within its clearing member balances. The carrying values of the balances are offset at an appropriate level to arrive at the net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect the net assets of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "value": "Financial liabilities \u2014 Financial liabilities at FVPL include the CCP businesses\u2019 clearing member trading balances, comprising derivatives, as well as equity and debt instruments that are marked to market on a daily basis. \u2014 Financial liabilities at amortised cost are all financial liabilities that are not classified as financial liabilities at FVPL. They include trade and other payables, borrowings and other payables to clearing members. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "value": "Impairment The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the expected cash flows are lower than the contractual cash flows due. The difference is discounted at the asset\u2019s original effective interest rate and recognised as an impairment of the original value of the asset. \u2014 Financial assets at amortised cost \u2013 the ECL for trade receivables (including fees receivable), contract assets, and lease receivables is derived using the simplified approach in IFRS 9 Financial Instruments to calculate a lifetime ECL. The allowance is based on historical experience of collection rates, adjusted for forward-looking factors specific to each counterparty and the economic environment at large, to create an expected loss matrix. The ECL on other financial assets held at amortised cost is measured using the general approach. An allowance is calculated based on the 12-month ECL at each reporting date unless there is a significant increase in the financial instrument\u2019s credit risk, in which case a loss allowance based on the lifetime ECL is calculated. \u2014 Financial assets at FVOCI \u2013 debt instruments held at FVOCI comprise high-quality government bonds that have a low credit risk. The Group\u2019s policy is to calculate a 12-month ECL on these assets. If there is a significant increase in credit risk, then a lifetime ECL will be recognised. A significant increase in credit risk is considered to have occurred when contractual payments are more than 30 days past due. \u2014 Financial assets at FVOCI \u2013 equity instruments are revalued to fair value on a regular basis. \u2014 Financial assets at FVPL \u2013 no ECL is calculated for assets held at FVPL as any expected loss is already recognised in the recorded fair value of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "value": "Offsetting Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. Accounting policy The Group reports financial assets and financial liabilities on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously The Group applies the rules of legal right of set off and intent to net settle within its clearing member balances. The carrying values of the balances are offset at an appropriate level to arrive at the net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect the net assets of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "value": "Fair value hierarchy The Group uses the following valuation hierarchy for determining and disclosing the fair value of financial instruments: \u2014 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; \u2014 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2014 Level 3: techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For Level 1, the fair value is based on market price quotations at the reporting date. For assets and liabilities classified as Level 2, the fair value is calculated using one or more valuation techniques (e.g. the market approach or the income approach) with market observable inputs. The selection of the appropriate valuation techniques may be affected by the availability and reliability of the relevant inputs. The inputs may include currency rates, interest rates, forward rate curves, and net asset values. When observable market data is not available, the Group uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used in estimating the fair value of Level 3 financial instruments typically include expected timing and amount of future cash flows, timing of settlement, discount rates and the net asset values of certain investments. The Group determines whether a transfer between levels has occurred by reviewing the categorisation of assets and liabilities at the end of each reporting period, based on the lowest level input that is significant to the valuation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "Derivative financial instruments and hedging activities Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group uses foreign exchange forward contracts to manage its foreign exchange risk. It enters into a series of exchange contracts to purchase or sell certain currencies against sterling and US dollars in the future at fixed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative instruments to convert a portion of its fixed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement. In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. We document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion of any hedge in order to verify that it continues to satisfy all the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income or expense. Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example, when the forecast transaction that is hedged takes place). When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve: it is only recognised in the income statement when the forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement. The profit or loss on a derivative which is not designated as a hedging instrument is recognised directly in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "value": "Derivative financial instruments and hedging activities Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged. The Group uses foreign exchange forward contracts to manage its foreign exchange risk. It enters into a series of exchange contracts to purchase or sell certain currencies against sterling and US dollars in the future at fixed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative instruments to convert a portion of its fixed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement. In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. We document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion of any hedge in order to verify that it continues to satisfy all the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income or expense. Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example, when the forecast transaction that is hedged takes place). When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve: it is only recognised in the income statement when the forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement. The profit or loss on a derivative which is not designated as a hedging instrument is recognised directly in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-686": { "value": "17.1 Financial assets
Amortised
cost FVOCI FVPL Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Clearing member trading assets
\u2013
\u2013
652,593
652,593
\u2014 Other receivables from clearing members
7,139
\u2013
\u2013
7,139
\u2014 Other financial assets
\u2013
17,275
\u2013
17,275
\u2014 Clearing member cash and cash equivalents
86,528
\u2013
\u2013
86,528
Total clearing member assets
93,667
17,275
652,593
763,535
Trade and other receivables
1,980
\u2013
15
1,995
Cash and cash equivalents
3,580
\u2013
\u2013
3,580
Investments in financial assets \u2013 equity instruments
\u2013
372
\u2013
372
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
\u2013
47
47
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
\u2013
45
45
\u2014 Foreign exchange forward contracts
\u2013
\u2013
7
7
\u2014 Embedded foreign exchange contracts
\u2013
\u2013
6
6
Total derivative financial instruments
\u2013
\u2013
105
105
Total financial assets
99,227
17,647
652,713
769,587
1 2 2 3 1 At 31 December 2023, there are no provisions for expected credit losses in relation to any of the CCP businesses\u2019 financial assets held at amortised cost or FVOCI (2022: nil). The Group closely monitors its CCP investment portfolio and invests only in government debt and other collateralised instruments where the risk of loss is minimal. There was no increase in credit risk in the year and none of the assets are past due (2022: nil). 2 Clearing member cash and cash equivalents represents amounts received from the clearing members to cover initial and variation margins, and default fund contributions that are not invested in bonds. These amounts are deposited with banks, including central banks, or invested securely in short-term reverse repurchase contracts (reverse repos). Other financial assets represent the CCP investment in government bonds. 3 Prepayments of \u00a3230 million and contract assets of \u00a34 million within trade and other receivables are not classified as financial instruments.
Amortised cost FVOCI FVPL Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Clearing member trading assets
1,997
\u2013
661,370
663,367
\u2014 Other receivables from clearing members
5,945
\u2013
\u2013
5,945
\u2014 Other financial assets
\u2013
18,415
\u2013
18,415
\u2014 Clearing member cash and cash equivalents
104,707
\u2013
\u2013
104,707
Total clearing member assets
112,649
18,415
661,370
792,434
Trade and other receivables
1,344
\u2013
12
1,356
Cash and cash equivalents
3,209
\u2013
\u2013
3,209
Investments in financial assets \u2013 debt instruments
\u2013
226
\u2013
226
Investments in financial assets \u2013 equity instruments
\u2013
394
\u2013
394
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
\u2013
14
14
\u2014 Embedded foreign exchange contracts
\u2013
\u2013
34
34
Total derivative financial instruments
\u2013
\u2013
48
48
Total financial assets
117,202
19,035
661,430
797,667
1 1 Prepayments of \u00a3214 million and contract assets of \u00a33 million within trade and other receivables are not classified as financial instruments. 17.2 Financial liabilities
Amortised
cost FVPL Total
31 December 2023 \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Clearing member trading liabilities
\u2013
652,593
652,593
\u2014 Other payables to clearing members
111,448
\u2013
111,448
Total clearing member financial liabilities
111,448
652,593
764,041
Trade and other payables
2,300
21
2,321
Borrowings
9,699
\u2013
9,699
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
52
52
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
11
11
\u2014 Embedded foreign exchange contracts
\u2013
19
19
Total derivative financial instruments
\u2013
82
82
Total financial liabilities
123,447
652,696
776,143
1 1 Social security and other taxes of \u00a3155 million and deferred compensation of \u00a321 million within trade and other payables are not classified as financial instruments.
Amortised
cost FVPL Total
31 December 2022 \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Clearing member trading liabilities
1,997
661,370
663,367
\u2014 Other payables to clearing members
129,227
\u2013
129,227
Total clearing member financial liabilities
131,224
661,370
792,594
Trade and other payables
2,539
38
2,577
Borrowings
8,823
\u2013
8,823
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
84
84
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
6
6
\u2014 Embedded foreign exchange contracts
\u2013
6
6
Total derivative financial instruments
\u2013
96
96
Total financial liabilities
142,586
661,504
804,090
1 1 1,2 1 1 For 2022, lease liabilities of \u00a3672 million were presented as trade and other payables. These have been reclassified to borrowings (see note 16) to better reflect the nature of the liability. 2 Social security and other tax liabilities of \u00a376 million within trade and other payables are not classified as financial instruments. 17.3 Fair values Other than borrowings, we have assessed that the fair values of financial assets and financial liabilities categorised as being at amortised cost approximate to their carrying values. The fair values of the Group\u2019s borrowings are disclosed in note 16.1. Fair value measurement hierarchy The Group\u2019s financial assets and financial liabilities held at fair value consist largely of securities which are restricted in use for the operations of the Group\u2019s CCPs as managers of their respective clearing and guarantee systems. The following tables provide the fair value measurement hierarchy of the Group\u2019s financial assets and financial liabilities measured at fair value. Financial assets 31 December 2023
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
\u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
10
7,271
\u2013
7,281
\u2014 Non-derivative instruments
\u2013
645,312
\u2013
645,312
\u2014 Other financial assets
17,275
\u2013
\u2013
17,275
17,285
652,583
\u2013
669,868
Investments in financial assets \u2013 equity
\u2013
\u2013
372
372
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
47
\u2013
47
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
45
\u2013
45
\u2014 Foreign exchange forward contracts
\u2013
7
\u2013
7
\u2014 Embedded foreign exchange contracts
\u2013
6
\u2013
6
\u2014 Trade and other receivables \u2013 other
\u2013
\u2013
15
15
Total financial assets measured at fair value
17,285
652,688
387
670,360
1 1 There were no transfers between levels during the year.
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
98
7,418
\u2013
7,516
\u2014 Non-derivative instruments
\u2013
653,854
\u2013
653,854
\u2014 Other financial assets
18,415
\u2013
\u2013
18,415
18,513
661,272
\u2013
679,785
Investments in financial assets \u2013 debt
226
\u2013
\u2013
226
Investments in financial assets \u2013 equity
\u2013
\u2013
394
394
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
14
\u2013
14
\u2014 Embedded foreign exchange contracts
\u2013
34
\u2013
34
\u2014 Trade and other receivables \u2013 convertible loan notes
\u2013
\u2013
12
12
Total financial assets measured at fair value
18,739
661,320
406
680,465
1 1 There were no transfers between levels during 2022. Financial liabilities
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
10
7,271
\u2013
7,281
\u2014 Non-derivative instruments
\u2013
645,312
\u2013
645,312
10
652,583
\u2013
652,593
Contingent consideration payable
\u2013
\u2013
21
21
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
52
\u2013
52
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
11
\u2013
11
\u2014 Embedded foreign exchange contracts
\u2013
19
\u2013
19
Total financial liabilities measured at fair value
10
652,665
21
652,696
1 1 There were no transfers between levels during the year.
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
98
7,418
\u2013
7,516
\u2014 Non-derivative instruments
\u2013
653,854
\u2013
653,854
98
661,272
\u2013
661,370
Contingent consideration payable
\u2013
\u2013
38
38
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
84
\u2013
84
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
6
\u2013
6
\u2014 Embedded foreign exchange contracts
\u2013
6
\u2013
6
Total financial liabilities measured at fair value
98
661,368
38
661,504
1 1 There were no transfers between levels during 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-687": { "value": "
17.4 Hedging activities and derivatives
The Group hedges its exposure to foreign exchange and interest rate
movements using derivative instruments. The Group applies hedge
accounting where appropriate, and has designated some derivatives
as net investment hedges, fair value hedges and cash flow hedges.
The Group also has some derivatives which do not qualify for hedge
accounting or have not been designated as hedges.
17.4a Net investment hedges
The Group uses net investment hedges to hedge the currency risk
arising from its investment in foreign operations. The Group has
designated some of its euro borrowings and cross-currency interest rate
swaps, used to swap a portion of its euro borrowings into US dollar
debt, as net investment hedges.
There is an economic relationship between the hedged items and
the hedging instruments (the borrowings) as the euro and US dollar
borrowings are matched by the Group\u2019s investments in euro and US
dollar assets. The Group has established a ratio of 1:1 for the hedging
relationships as the underlying foreign exchange risk of the borrowings
is identical to the investments. To ensure the hedge is effective, the
Group makes sure that the borrowings are always less than the value
of the investments. Hedge ineffectiveness only arises if the value of the
hedging instrument exceeds the value of the underlying net investment.
The hedging instruments are detailed below.
Cross-currency interest rate swaps
In 2017, the Group entered into cross-currency interest rate swaps in
order to more closely match the Group\u2019s currency of borrowing to the
currency of its net assets and earnings.
As disclosed in note 16.1, two \u20ac500 million bonds (maturing in 2024 and
2029) were issued in 2017. \u20ac700 million of these bonds were swapped
into $836 million through a series of cross-currency interest rate swaps
which mature on the same dates as the bonds. These instruments
effectively exchange some of the obligations and coupons of the
bonds from euros into US dollars. These swaps have been designated
as a hedge of the Group\u2019s net investments in its US dollar reporting
subsidiaries and qualify for hedge accounting.
\u20ac700 million cross-currency interest rate swap
2023
2022
Fair value of derivative liability on the
balance sheet
(\u00a352m)
(\u00a384m)
Nominal value of hedging instrument
$836m
$836m
Hedge ratio
1:1
1:1
Hedge effectiveness
100%
100%
Change in fair value of derivative
\u00a332m
(\u00a340m)
Change in value of net investment
(\u00a332m)
\u00a340m
Cumulative amount held in hedging reserve
(\u00a352m)
(\u00a384m)
Non-derivative hedges
Non-derivative hedges relate to euro borrowings which are matched
against the Group\u2019s investments in euro denominated subsidiaries.
The remaining \u20ac300 million of the two \u20ac500 million bonds issued in
2017 which were not swapped into US dollars, together with the
\u20ac500 million bond issued in 2018 (see note 16.1), qualify as hedging
instruments against euro denominated subsidiaries and qualify for
hedge accounting. The \u20ac700 million that has been swapped is included
below and is netted against the fair value movement of the US dollar
derivative in the hedging reserve.
Euro denominated bonds
2023
2022
Carrying value of debt on the balance sheet
(\u00a31,295m)
(\u00a31,326m)
Nominal value of hedging instrument
\u20ac1,500m
\u20ac1,500m
Hedge ratio
1:1
1:1
Hedge effectiveness
100%
100%
Change in carrying value of hedging instrument
\u00a331m
(\u00a373m)
Change in value of net investment
(\u00a331m)
\u00a373m
Cumulative amount held in hedging reserve
\u00a329m
(\u00a32m)
The Group has not drawn down on its committed bank facilities in euros
or US dollars during the year. In 2022, the Group drew down on both
facilities, but these drawings were not designated as net investment
hedges. As at 31 December 2023 and 31 December 2022, there were
no amounts outstanding on these facilities.
During the year, the Group issued euro and US dollar commercial paper,
but these issuances were not designated as net investment hedges.
There were no issuances of commercial paper during 2022. As at
31 December 2023, $937 million (\u00a3735 million) and \u20ac353 million
(\u00a3306 million) were outstanding (31 December 2022: \u00a3nil).
Revolving credit facility, bridge facility and
commercial paper
2023
2022
Change in carrying value of hedging instruments
\u2013
\u2013
Change in value of net investments
\u2013
\u2013
Cumulative amount held in hedging reserve
\u00a38m
\u00a38m
17.4b Cash flow hedges
The Group uses cash flow hedges to manage the interest rate risk on
cash flows of highly probable forecast transactions.
Interest rate swaps
In 2021, the Group entered into a series of US dollar interest rate
swaps with tenures of 3, 5 and 10 years, with aggregate principal
amounts of $500 million, $1,000 million and $1,250 million respectively.
The interest rate swaps were designated as cash flow hedges with
the hedged item being planned bond issuances that were deemed
highly probable at the time and related to the Refinitiv acquisition.
The interest rate swaps were settled in March and April 2021 when
the new bonds were issued (see note 16.1). At the date of settlement,
a gain of $31 million (\u00a322 million) was recognised in the hedging
reserve, representing the effective portion of the gain on the hedging
instrument. This will be recycled to the income statement over the term
of the debt. During the year \u00a33 million (2022: \u00a33 million) was recycled
to the income statement.
17.4c Fair value hedges The Group uses fair value hedges to hedge the risk of changes in the fair value of its fixed rate borrowings resulting from interest rate movements. Interest rate swaps In September 2023, the Group issued two \u20ac700 million fixed rate bonds, maturing in 2026 and 2030, as disclosed in note 16.1. On the same day, the Group entered into a series of euro interest rate swaps with tenures of 3 and 7 years, each with aggregate notional amounts of \u20ac700 million. As a result of the swaps, the Group receives a fixed rate of interest and pays floating rate interest based on the Euro Short-Term Rate (ESTR) plus a spread. Interest has been swapped from fixed to floating as part of the Group\u2019s interest rate management policy (see note 17.5). The bonds and interest rate swaps have been designated as the hedged items and hedging instruments in a fair value hedging relationship. The interest rate swaps are used to hedge the exposure to changes in the fair value of the bonds. There is an economic relationship between the hedged items and hedging instruments as the terms of the fixed leg of the interest rate swaps match the terms of the bonds, such as notional amounts, interest rates and maturity dates. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying interest rate risk of the derivatives is identical to the hedged risk component. To assess hedge effectiveness, the Group uses regression analysis for its retrospective hedge effectiveness testing to ensure the hedge remained highly effective. The Group uses the critical terms match approach for its prospective hedge effectiveness testing to ensure the hedge is expected to remain highly effective. Sources of hedge ineffectiveness include counterparty credit risk, which impacts fair value movements of the hedging instruments but not the hedged items.
\u20ac1,400 million interest rate swaps
2023
2022
Fair value of derivative asset on the
balance sheet
\u00a347m
\u2013
Change in fair value of the derivative
\u00a347m
\u2013
Nominal value of the hedging instruments
\u20ac1,400m
\u2013
Hedge ratio
1:1
\u2013
Carrying amount of the borrowings on the
balance sheet
(\u00a31,254m)
\u2013
Accumulated amounts of fair value adjustment
on the hedged items
(\u00a345m)
\u2013
Change in value of hedged items
(\u00a345m)
\u2013
Hedge ineffectiveness recorded in net finance
income in the income statement
(\u00a32m)
\u2013
17.4d Derivatives not designated as hedges Cross-currency interest rate swaps As part of the bond issuance and in addition to the interest rate swaps entered into in September 2023, as noted in 17.4c, the Group entered into a series of cross-currency interest rate swaps to swap the two \u20ac700 million bonds to $740 million, with a tenure of three years, and $742 million, with a tenure of seven years. These instruments effectively exchange the obligations and coupons of the bonds and interest rate swaps from euros to US dollars, in accordance with the Group\u2019s foreign exchange risk management policy (see note 17.5). As a result of the swaps, the Group receives euro floating rate interest based on ESTR plus a spread and pays US dollar floating rate interest based on the Secured Overnight Financing Rate (SOFR) plus a spread. The cross-currency interest rate swaps have not been designated as hedges. This is because a portion of their fair value movements offset with income statement movements arising on other financial assets and liabilities, resulting in a natural hedge. Foreign currency forwards The Group uses foreign exchange contracts to manage foreign exchange risk. It enters into a series of exchange contracts to purchase or sell certain currencies against sterling and US dollars in the future at fixed amounts. The cumulative sterling notional amounts of contracts outstanding as at 31 December 2023 and 31 December 2022 were as follows:
Traded against
Traded against sterling US dollars
2023 2022 2023 2022
Sell/(buy) \u00a3m \u00a3m \u00a3m \u00a3m
Euro
(598)
(784)
97
48
US dollar
635
(40)
\u2013
\u2013
Sterling
\u2013
\u2013
\u2013
(309)
Hong Kong dollar
(32)
\u2013
\u2013
\u2013
Japanese yen
(29)
\u2013
\u2013
(36)
Singapore dollar
(22)
\u2013
\u2013
(32)
Romanian leu
(22)
\u2013
\u2013
\u2013
Australian dollar
(20)
\u2013
\u2013
(22)
Canadian dollar
(13)
\u2013
\u2013
(14)
Swiss franc
(8)
\u2013
\u2013
(8)
Other currencies
(10)
\u2013
\u2013
\u2013
17.4e Hedging reserve
2023 2022
Note \u00a3m \u00a3m
1 January
(102)
14
Amounts recycled to the
income statement
18.2
(3)
(3)
Foreign exchange translation
2
\u2013
Net gains/(losses) on net
investment hedges
18.2
63
(113)
31 December
(40)
(102)
As at 31 December 2023, \u00a340 million of losses (2022: \u00a340 million of losses) remain in reserves that have not been recycled to the income statement, as the Group continues to hold the underlying investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-688": { "value": "
17.5 Financial risk management
The Group seeks to protect its financial performance and the value of its business from various risks including exposure to capital, credit,
concentration, country, liquidity, settlement, custodial and market risks. Details of these risks, which should be read in conjunction with the Principal
Risks and Uncertainties on pages 79 to 88, are provided below.
Capital risk
Risk description
Risk management approach
Capital risk relates to the Group\u2019s ability to The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash
meet regulatory capital requirements and generative. It can manage its capital structure (which consists of equity and debt capital) and react to
minimum internal investment returns. changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or
There is a risk that the Group\u2019s entities may reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the
not maintain, or have access to, sufficient Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019s capital
structure is presented below:
high-quality capital to meet their regulatory,
or other obligations. This could result in a loss
2023 2022
of regulatory approvals and/or the imposition Book value of capital \u00a3m \u00a3m
of financial sanctions.
Total shareholders\u2019 funds
23,807
25,996
The main capital risks faced by the Group are:
Group borrowings excluding lease liabilities
9,063
8,151
\u2014 An increased regulatory capital requirement
of its regulated companies The Group maintains a Capital Management Policy, the execution of which is overseen by the Group\u2019s
\u2014 Negative yields on its investments Financial, Investment and Capital Committee. The Group seeks to allocate capital in order to maintain a strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders.
\u2014 An inability to raise debt or equity Regulated entities within the Group monitor compliance with policy and the capital requirements set by their
financing as a result of its own poor financial respective regulatory authorities.
performance, or poor financing conditions Regulatory and operational capital represents:
\u2014 Amounts held as cash and cash equivalents and investments in financial assets by regulated entities to
satisfy their local regulatory capital requirements
\u2014 Letters of credit issued by the Group to customers and suppliers
The Group\u2019s total regulatory and operational capital is shown below:
2023 2022
Regulatory and operational capital \u00a3m \u00a3m
Total regulatory and operational capital
1,348
1,427
Amount included in cash and cash equivalents
1,329
1,219
1
Includes investments in financial assets of \u00a3nil (2022: \u00a3191 million) and letters of credit totalling \u00a319 million (2022: \u00a317 million).
To ensure ongoing financial strength, access to new capital at a reasonable cost, and to sustain an
investment grade credit rating, the Group monitors its leverage ratio against a target range of 1.5-2.5 times
(moving from a target range of 1.0-2.0 times during 2023). Leverage is calculated as operating net debt
(i.e. net debt after excluding lease liabilities and amounts set aside for regulatory and operational purposes)
to adjusted EBITDA before foreign exchange gains or losses (Group adjusted earnings from continuing
operations before net finance costs, tax, depreciation, amortisation and impairment and before foreign
exchange gains or losses). At 31 December 2023, leverage was 1.8 times (2022: 1.8 times).
While the Group\u2019s bank borrowing facilities do not include financial covenants, the Group takes into account
certain financial metrics (including liquidity headroom and the leverage ratio) when considering whether to
increase the size of its borrowings and net debt. The Group seeks to maintain a strong investment grade
credit rating and will always seek to return leverage to its target range if it rises temporarily.
1
Credit and concentration risk
Risk description
Risk management approach
Credit risk relates to the potential for Group
a Group counterparty (including CCP Credit risk is governed by policies set by the Group Risk function. Limits and thresholds for credit and
members, and any counterparty where concentration risk are reviewed regularly.
there is exposure through payment, clearing Group companies make judgements on the credit quality of their clients. This is based on the client\u2019s financial
or settlement processes) to be unable to position, the recurring nature of billing and collection arrangements and historical evidence relating to the
meet its financial obligations to the Group client\u2019s ability to meet its financial liabilities as they fall due. The Group is exposed to a large number of
when due. clients and so we deem concentration risk on the Group\u2019s receivables to be low.
Credit concentration risk may arise through The Group\u2019s main credit risk exposure arises on the financial assets shown earlier in note 17.1. There have
been no significant increases in credit risk for these assets and no estimated credit losses have been
Group entities having large individual recognised on other financial instruments.
or connected exposures to groups of Non-CCP entities
counterparties whose likelihood of default The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with
is driven by common underlying factors. which the Group deposits cash. The Group manages its credit risk by outlining the maximum financial
exposure that may be taken against any one counterparty, based on an assessment of the counterparty\u2019s
credit quality.
Cash and cash equivalents are held with authorised counterparties of a high credit standing. Cash is held in
unsecured interest-bearing current and call accounts. Cash equivalents comprise short-term deposits and
AAA-rated money market funds.
Derivative transactions (and other treasury receivable structures) must be in line with the Group\u2019s policy
framework and may only be undertaken with highly rated counterparties.
CCPs
The principal source of CCP credit risk lies in the potential for one or more clearing members to default.
Group CCPs manage this risk through robust financial risk management. Clearing members are selected
based on an assessment of their supervisory capital as well as their technical and organisational strength.
Each member must pay margins to the relevant Group CCP. The margins are in the form of cash and highly
liquid securities. Clearing members also contribute to default funds managed by the Group CCPs. These
aim to protect the integrity of the markets in the event of multiple defaults in extreme market circumstances.
Group CCPs use stress tests to determine the appropriate margin and default fund requirements. These are
reviewed by CCP risk committees who can take action as appropriate.
CCPs are required by regulation to hold a minimum amount of capital (regulatory capital). Each of the Group\u2019s
CCPs maintains this regulatory capital requirement, together with an additional holding of its own capital. This
additional capital is to help manage credit risk during a significant market stress event or member default.
The total clearing member contributions of margin and default funds across the Group CCPs is shown below:
2023 2022
Total collateral held \u00a3bn \u00a3bn
Collateral security
Cash received
110
127
Non-cash pledged
172
147
Guarantees pledged
2
2
Total collateral as at 31 December
284
276
Maximum collateral held during the year
312
310
Group CCPs manage the credit risk associated with margin and default fund contributions by investing
the cash element in instruments or structures deemed \u201csecure\u201d by the relevant regulatory bodies. This
includes: direct investments in highly rated, \u201cregulatory qualifying\u201d sovereign bonds and supra-national
debt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as
collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is
invested unsecured is placed for short durations with highly rated counterparties where limits are applied
with respect to credit quality, concentration and tenor.
2023 2022
\u00a3bn \u00a3bn
Total investment portfolio
104
123
Maximum portfolio size during the year
147
157
Additional portfolio information:
Amount invested securely
99.99%
99.99%
Weighted average maturity (days)
65
53
Risk description
Risk management approach
Associated liquidity risks are considered in the investment mix and discussed further below in the Liquidity,
Settlement and Custodial risk section.
To address concentration risk, the Group maintains a diversified portfolio of high-quality, liquid investments
and uses a broad range of custodians, payment and settlement banks and agents. The largest concentration
of treasury exposures as at 31 December 2023 was with the French Government with an aggregate
exposure of 43% of the total investment portfolio (2022: 40% with the French Government).
Trade receivables (including fees receivable)
An impairment analysis of trade and fees receivable is performed monthly using a provision matrix to
measure expected credit losses based on factors such as the counterparty\u2019s historic payment practices,
expected future payments and the economic environment at large. The calculation reflects current conditions
together with forecasts of future economic conditions. None of the Group\u2019s trade receivables are material by
individual counterparty.
Trade receivables
Fees
receivable <180 days >180 days Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
14.2%
Total receivables
244
870
71
1,185
Expected credit loss
\u2013
(3)
(10)
(13)
Net trade and fees receivables
244
867
61
1,172
Trade receivables
Fees
receivable <180 days >180 days Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
11.2%
Total receivables
263
706
60
1,029
Expected credit loss
\u2013
(2)
(7)
(9)
Net trade and fees receivables
263
704
53
1,020
Country risk
Risk description
Risk management approach
Country risk relates to those risks that are The Group maintains a country risk framework to help assess and monitor the risk of doing business with,
inherent when doing business with, or
operating in, a country.
or operating in, a country.
Group CCPs have specific risk management frameworks that address country risk for both clearing and
Some governments may be unable or find it margin operations. Contained in these frameworks are a suite of stress scenarios that consider deterioration
difficult to service their debts. This could have of sovereign credit quality as well as other risk factors. These scenarios support CCPs in developing and
adverse effects, particularly on the Group\u2019s maintaining the appropriate country risk measurement, monitoring and mitigation tools. Risk Committees
CCPs, potentially impacting cleared products, oversee these risks and the associated policy frameworks to protect the Group against a potentially adverse
margin collateral, investments, the clearing impact arising from volatility in the sovereign debt markets.
membership and the financial industry The Group CCPs\u2019 sovereign exposures at the end of the financial reporting periods were:
as a whole.
In addition, geopolitical events could impact 2023 2022
our ability to operate in a country or impact the Country/organisation \u00a3bn \u00a3bn
value of our assets in that country. We may
France
22
30
even need to relocate activities or change
USA
13
15
our operating model in response.
UK
11
7
European Union (supranational)
2
20
Other
2
2
Liquidity, settlement and custodial risk
Risk description
Risk management approach
The Group\u2019s liquidity risk relates to its ability Group
to meet its short- and long-term payment The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not
obligations as they fall due. significantly impacted by seasonal variations. The Group maintains sufficient liquid resources to meet its
Additionally, the Group\u2019s CCPs, and certain financial obligations as they fall due, and to invest in capital expenditure, pay dividends, meet its pension
other Group entities, must maintain a level commitments and support or fund acquisitions or repay borrowings. Subject to regulatory constraints
of liquidity (consistent with regulatory impacting certain entities, funds can (generally) be lent across the Group and cash earnings can be remitted
requirements) to make sure their services through regular dividend payments by subsidiary companies. This is an important component of the Group
Treasury cash management policy and approach.
operate smoothly and to be able to
continue to operate in the event of
Management monitors the Group\u2019s cash flow forecasts and overlays sensitivities to these forecasts to reflect
a significant stress event. assumptions about more challenging market conditions or stress events. The Group will take the appropriate
The Group\u2019s settlement and custodial actions to satisfy working capital requirements when committing to large scale acquisitions, including making
sure there is comfortable liquidity headroom projected over a reasonable time frame.
risks relate to the potential for a partner
firm to default on its obligations in respect Non-CCP entities
of custody, settlement, payment or other The Group Treasury Policy requires the Group to maintain adequate credit facilities provided by a diversified
administration activities, or that no action lending group to cover its expected funding requirements and ensure a minimum level of headroom for at
is taken by the Group to mitigate these least the next 24 months. The financial strength of the Group\u2019s lenders is monitored regularly.
risks. This also includes the risk that For full details of the Group\u2019s borrowings and facilities, see note 16.1.
client assets are immobilised as a result CCPs
of a third-party bankruptcy. In order to meet the cash requirements of the clearing and settlement cycle, the Group\u2019s CCPs maintain
sufficient cash and cash equivalents and, in certain jurisdictions, have access to central bank refinancing or
commercial bank credit lines. Regulations require CCPs to ensure that appropriate levels of back-up liquidity
are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the
maximum potential outflow under extreme market conditions is covered (see credit and concentration risk
section above).
In the event of a member default, Group CCPs can liquidate the defaulting member\u2019s portfolio to cover both
losses associated with the default and settlement of any other financial obligations of the defaulting member.
In addition, certain Group companies, including the CCPs, maintain commercial bank facilities which support
management of intraday and overnight liquidity.
Custodians are subject to minimum eligibility requirements, ongoing credit assessments and robust
contractual arrangements. They are also required to have appropriate contingency arrangements in place.
Financial liability maturity
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table reflect the contractual undiscounted cash flows. The borrowings and lease liabilities include future
interest that has not been accrued at the balance sheet date.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
2,166
581
3,394
3,930
10,071
Trade and other payables
1,896
\u2013
\u2013
\u2013
1,896
Lease liabilities
137
113
235
253
738
Clearing member liabilities
764,041
\u2013
\u2013
\u2013
764,041
Derivative financial instruments
60
6
\u2013
16
82
Other non-current payables
\u2013
55
314
241
610
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
1,440
967
2,008
4,754
9,169
Trade and other payables
2,004
\u2013
\u2013
\u2013
2,004
Lease liabilities
158
110
216
283
767
Clearing member liabilities
792,594
\u2013
\u2013
\u2013
792,594
Derivative financial instruments
9
57
\u2013
30
96
Other non-current payables
\u2013
64
338
247
649
Market risk \u2013 foreign exchange risk
Risk description
Risk management approach
The Group operates globally with primary Translational risk
centres in the UK, Europe and North America. The Group manages its translational risk, where possible, by matching the currency of its debt to the
It also has growing and strategically important currency of its earnings, to make sure certain key financial metrics are protected from material foreign
businesses in Asia. The Group\u2019s principal exchange rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order
currencies of operation are sterling, US dollars, to mitigate the impact of unfavourable currency exchange rate movements on earnings and net assets,
and the euro. non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency.
The Group is exposed to transactional foreign Where required, currency of debt is re-balanced using cross-currency swaps to better match the currency
of debt to the overall currency of earnings.
exchange risk and translational risk.
Transactional risk arises when we buy or sell A material proportion of the Group's debt is held in or swapped into euros and US dollars as noted below:
goods or services in a currency other than
our entities\u2019 functional currencies. We may
2023 2022
be exposed to movements in that currency. Currency of debt \u00a3m \u00a3m
Translational risk arises from the translation
Euro denominated drawn debt
4,148
2,652
of account balances recorded in an entity\u2019s
Euro denominated cross-currency interest rate swaps
(1,818)
(695)
functional currency into the Group's reporting
currency for the purpose of statutory reporting.
US dollar denominated drawn debt
4,263
5,014
Transactional foreign exchange risk may
US dollar denominated cross-currency interest rate swaps
1,818
695
present itself in payment of intragroup The cross-currency interest rate swaps are directly linked to euro fixed debt. A proportion of the euro and
dividends or when interest obligations, which US dollar denominated debt, including the cross-currency swaps, provide a hedge against the Group\u2019s net
are in a different currency, are due. However,
both of these operations play their part in
investment in euro and US dollar denominated entities.
controlling the level of translational foreign At 31 December 2023, the Group\u2019s designated hedges of its net investments were effective.
exchange exposure the Group faces. Transactional risk
Transactional foreign exchange risk may also While transactional foreign exchange exposure is limited, the Group mitigates this by either hedging material
arise when investing in, or divesting from, transactions with appropriate derivative instruments or by settling currency payables or receivables within
operations denominated in currencies a short timeframe. The Group Treasury Policy requires cash flows of single transactions or a series of linked
other than sterling. transactions of more than \u00a32 million or equivalent per annum to be hedged. The risk is also minimised
In addition, the Group has some contracts/ by the periodic exchange of cash into each Group entity\u2019s functional currency. Where appropriate, hedge
cash flow profiles with a foreign exchange accounting for derivatives is considered in order to mitigate material levels of income statement volatility.
component that could trigger embedded Governance and sensitivity
derivative recognition and, as such, The Group\u2019s Risk Committee reviewed the approach to foreign exchange risk management during the
fair value accounting treatment. quarter ended 31 December 2023.
In addition to projecting and analysing its earnings and debt profile by currency, the Group reviews
sensitivities to movements in exchange rates. The Group has considered movements in the euro and the
US dollar over 2023 and 2022 and, based on actual market observations between its principal currency
pairs, has concluded that a 10% movement in rates is a reasonable level to illustrate the risk to the Group.
The impact on profit after tax and equity is set out in the table below:
2022
2023
Profit Profit
after tax Equity after tax Equity
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
Sterling weakens
5
(68)
6
(71)
Sterling strengthens
(4)
64
(5)
64
US dollar
Sterling weakens
7
(66)
18
(68)
Sterling strengthens
(6)
60
(16)
61
The sensitivity of profit after tax reflects foreign exchange gains or losses on translation of financial assets
and financial liabilities, including cash and borrowings but excluding hedged balances.
The sensitivity of equity reflects the foreign exchange gains or losses on translation of euro and US dollar
borrowings that have been designated as hedges of a net investment in foreign operations.
Market risk \u2013 interest rate risk
Risk description
Risk management approach
The Group\u2019s interest rate risk arises from the The Group\u2019s interest rate management policy focuses on protecting the Group\u2019s credit rating and limiting the
impact of changes in interest rates on cash impact of interest rate increases on Group earnings. To support this objective, the Group targets a maximum
held and investments in financial assets, debt floating rate component of 50%. This approach reflects the broad natural hedge of floating rate
and on borrowings held at floating rates. borrowings provided by the significant balances of cash and cash equivalents held effectively at floating
rates of interest.
The Group may also face future interest rate
exposure connected to M&A transactions At 31 December 2023 the floating rate component of total debt was 26% (2022: 16%).
where significant debt financing is involved. Where the Group has committed to M&A transactions and is exposed to prospective interest rate risk on
The Group\u2019s CCPs have member liabilities, and borrowings, the Group Treasury function will assess the exposure and consider hedging solutions that
separately achieve returns which support the conform with policy and seek to limit future interest costs.
payment of these liabilities. A CCP\u2019s interest In the Group\u2019s CCPs, interest-bearing assets are generally invested in secured instruments or structures.
rate risk can increase if the reference rates These tend to be for a longer term than interest-bearing liabilities, whose interest rate is reset daily. This
used to calculate liabilities increase while the makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight
reference rates that underpin investment and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite
returns decrease (or do not increase by parameters against which sensitivities are monitored daily.
the same amount). In our review of the sensitivities to potential movements in interest rates, we have considered interest rate
Group companies that offer guaranteed volatility over the last year and prospects for rates over the next 12 months. We have concluded that a
settlement of traded securities can also 1 percentage point downward movement (with a limited prospect of material upward movement) reflects
be exposed to latent interest rate risk a reasonable level of risk to current rates. If interest rates on cash and cash equivalents and borrowings had
(and market risk more generally) in the
event of a counterparty default.
been 1 percentage point lower, with all other variables held constant, profit after tax for 2023 would have
been \u00a39 million lower (2022: \u00a38 million higher, based on interest rates being 1 percentage point higher)
mainly as a result of lower interest income on floating rate cash and cash equivalents, partially offset by
lower interest expense on floating rate borrowings.
At the CCP level (in aggregate), if interest rates on the common interest-bearing member liability benchmarks
of EONIA, Fed Funds and SONIA, (for euro, US dollar and sterling liabilities respectively), had been
1 percentage point lower, with all other variables held constant, the Group\u2019s profit after tax would have
been \u00a31 million higher (2022: \u00a31 million lower, based on interest rates being 1 percentage point higher).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-699": { "value": "
Capital risk
Risk description
Risk management approach
Capital risk relates to the Group\u2019s ability to The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash
meet regulatory capital requirements and generative. It can manage its capital structure (which consists of equity and debt capital) and react to
minimum internal investment returns. changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or
There is a risk that the Group\u2019s entities may reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the
not maintain, or have access to, sufficient Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019s capital
structure is presented below:
high-quality capital to meet their regulatory,
or other obligations. This could result in a loss
2023 2022
of regulatory approvals and/or the imposition Book value of capital \u00a3m \u00a3m
of financial sanctions.
Total shareholders\u2019 funds
23,807
25,996
The main capital risks faced by the Group are:
Group borrowings excluding lease liabilities
9,063
8,151
\u2014 An increased regulatory capital requirement
of its regulated companies The Group maintains a Capital Management Policy, the execution of which is overseen by the Group\u2019s
\u2014 Negative yields on its investments Financial, Investment and Capital Committee. The Group seeks to allocate capital in order to maintain a strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders.
\u2014 An inability to raise debt or equity Regulated entities within the Group monitor compliance with policy and the capital requirements set by their
financing as a result of its own poor financial respective regulatory authorities.
performance, or poor financing conditions Regulatory and operational capital represents:
\u2014 Amounts held as cash and cash equivalents and investments in financial assets by regulated entities to
satisfy their local regulatory capital requirements
\u2014 Letters of credit issued by the Group to customers and suppliers
The Group\u2019s total regulatory and operational capital is shown below:
2023 2022
Regulatory and operational capital \u00a3m \u00a3m
Total regulatory and operational capital
1,348
1,427
Amount included in cash and cash equivalents
1,329
1,219
1
Includes investments in financial assets of \u00a3nil (2022: \u00a3191 million) and letters of credit totalling \u00a319 million (2022: \u00a317 million).
To ensure ongoing financial strength, access to new capital at a reasonable cost, and to sustain an
investment grade credit rating, the Group monitors its leverage ratio against a target range of 1.5-2.5 times
(moving from a target range of 1.0-2.0 times during 2023). Leverage is calculated as operating net debt
(i.e. net debt after excluding lease liabilities and amounts set aside for regulatory and operational purposes)
to adjusted EBITDA before foreign exchange gains or losses (Group adjusted earnings from continuing
operations before net finance costs, tax, depreciation, amortisation and impairment and before foreign
exchange gains or losses). At 31 December 2023, leverage was 1.8 times (2022: 1.8 times).
While the Group\u2019s bank borrowing facilities do not include financial covenants, the Group takes into account
certain financial metrics (including liquidity headroom and the leverage ratio) when considering whether to
increase the size of its borrowings and net debt. The Group seeks to maintain a strong investment grade
credit rating and will always seek to return leverage to its target range if it rises temporarily.
1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-700": { "value": "
Credit and concentration risk
Risk description
Risk management approach
Credit risk relates to the potential for Group
a Group counterparty (including CCP Credit risk is governed by policies set by the Group Risk function. Limits and thresholds for credit and
members, and any counterparty where concentration risk are reviewed regularly.
there is exposure through payment, clearing Group companies make judgements on the credit quality of their clients. This is based on the client\u2019s financial
or settlement processes) to be unable to position, the recurring nature of billing and collection arrangements and historical evidence relating to the
meet its financial obligations to the Group client\u2019s ability to meet its financial liabilities as they fall due. The Group is exposed to a large number of
when due. clients and so we deem concentration risk on the Group\u2019s receivables to be low.
Credit concentration risk may arise through The Group\u2019s main credit risk exposure arises on the financial assets shown earlier in note 17.1. There have
been no significant increases in credit risk for these assets and no estimated credit losses have been
Group entities having large individual recognised on other financial instruments.
or connected exposures to groups of Non-CCP entities
counterparties whose likelihood of default The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with
is driven by common underlying factors. which the Group deposits cash. The Group manages its credit risk by outlining the maximum financial
exposure that may be taken against any one counterparty, based on an assessment of the counterparty\u2019s
credit quality.
Cash and cash equivalents are held with authorised counterparties of a high credit standing. Cash is held in
unsecured interest-bearing current and call accounts. Cash equivalents comprise short-term deposits and
AAA-rated money market funds.
Derivative transactions (and other treasury receivable structures) must be in line with the Group\u2019s policy
framework and may only be undertaken with highly rated counterparties.
CCPs
The principal source of CCP credit risk lies in the potential for one or more clearing members to default.
Group CCPs manage this risk through robust financial risk management. Clearing members are selected
based on an assessment of their supervisory capital as well as their technical and organisational strength.
Each member must pay margins to the relevant Group CCP. The margins are in the form of cash and highly
liquid securities. Clearing members also contribute to default funds managed by the Group CCPs. These
aim to protect the integrity of the markets in the event of multiple defaults in extreme market circumstances.
Group CCPs use stress tests to determine the appropriate margin and default fund requirements. These are
reviewed by CCP risk committees who can take action as appropriate.
CCPs are required by regulation to hold a minimum amount of capital (regulatory capital). Each of the Group\u2019s
CCPs maintains this regulatory capital requirement, together with an additional holding of its own capital. This
additional capital is to help manage credit risk during a significant market stress event or member default.
The total clearing member contributions of margin and default funds across the Group CCPs is shown below:
2023 2022
Total collateral held \u00a3bn \u00a3bn
Collateral security
Cash received
110
127
Non-cash pledged
172
147
Guarantees pledged
2
2
Total collateral as at 31 December
284
276
Maximum collateral held during the year
312
310
Group CCPs manage the credit risk associated with margin and default fund contributions by investing
the cash element in instruments or structures deemed \u201csecure\u201d by the relevant regulatory bodies. This
includes: direct investments in highly rated, \u201cregulatory qualifying\u201d sovereign bonds and supra-national
debt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as
collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is
invested unsecured is placed for short durations with highly rated counterparties where limits are applied
with respect to credit quality, concentration and tenor.
2023 2022
\u00a3bn \u00a3bn
Total investment portfolio
104
123
Maximum portfolio size during the year
147
157
Additional portfolio information:
Amount invested securely
99.99%
99.99%
Weighted average maturity (days)
65
53
Risk description
Risk management approach
Associated liquidity risks are considered in the investment mix and discussed further below in the Liquidity,
Settlement and Custodial risk section.
To address concentration risk, the Group maintains a diversified portfolio of high-quality, liquid investments
and uses a broad range of custodians, payment and settlement banks and agents. The largest concentration
of treasury exposures as at 31 December 2023 was with the French Government with an aggregate
exposure of 43% of the total investment portfolio (2022: 40% with the French Government).
Trade receivables (including fees receivable)
An impairment analysis of trade and fees receivable is performed monthly using a provision matrix to
measure expected credit losses based on factors such as the counterparty\u2019s historic payment practices,
expected future payments and the economic environment at large. The calculation reflects current conditions
together with forecasts of future economic conditions. None of the Group\u2019s trade receivables are material by
individual counterparty.
Trade receivables
Fees
receivable <180 days >180 days Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
14.2%
Total receivables
244
870
71
1,185
Expected credit loss
\u2013
(3)
(10)
(13)
Net trade and fees receivables
244
867
61
1,172
Trade receivables
Fees
receivable <180 days >180 days Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
11.2%
Total receivables
263
706
60
1,029
Expected credit loss
\u2013
(2)
(7)
(9)
Net trade and fees receivables
263
704
53
1,020
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-701": { "value": "
Liquidity, settlement and custodial risk
Risk description
Risk management approach
The Group\u2019s liquidity risk relates to its ability Group
to meet its short- and long-term payment The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not
obligations as they fall due. significantly impacted by seasonal variations. The Group maintains sufficient liquid resources to meet its
Additionally, the Group\u2019s CCPs, and certain financial obligations as they fall due, and to invest in capital expenditure, pay dividends, meet its pension
other Group entities, must maintain a level commitments and support or fund acquisitions or repay borrowings. Subject to regulatory constraints
of liquidity (consistent with regulatory impacting certain entities, funds can (generally) be lent across the Group and cash earnings can be remitted
requirements) to make sure their services through regular dividend payments by subsidiary companies. This is an important component of the Group
Treasury cash management policy and approach.
operate smoothly and to be able to
continue to operate in the event of
Management monitors the Group\u2019s cash flow forecasts and overlays sensitivities to these forecasts to reflect
a significant stress event. assumptions about more challenging market conditions or stress events. The Group will take the appropriate
The Group\u2019s settlement and custodial actions to satisfy working capital requirements when committing to large scale acquisitions, including making
sure there is comfortable liquidity headroom projected over a reasonable time frame.
risks relate to the potential for a partner
firm to default on its obligations in respect Non-CCP entities
of custody, settlement, payment or other The Group Treasury Policy requires the Group to maintain adequate credit facilities provided by a diversified
administration activities, or that no action lending group to cover its expected funding requirements and ensure a minimum level of headroom for at
is taken by the Group to mitigate these least the next 24 months. The financial strength of the Group\u2019s lenders is monitored regularly.
risks. This also includes the risk that For full details of the Group\u2019s borrowings and facilities, see note 16.1.
client assets are immobilised as a result CCPs
of a third-party bankruptcy. In order to meet the cash requirements of the clearing and settlement cycle, the Group\u2019s CCPs maintain
sufficient cash and cash equivalents and, in certain jurisdictions, have access to central bank refinancing or
commercial bank credit lines. Regulations require CCPs to ensure that appropriate levels of back-up liquidity
are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the
maximum potential outflow under extreme market conditions is covered (see credit and concentration risk
section above).
In the event of a member default, Group CCPs can liquidate the defaulting member\u2019s portfolio to cover both
losses associated with the default and settlement of any other financial obligations of the defaulting member.
In addition, certain Group companies, including the CCPs, maintain commercial bank facilities which support
management of intraday and overnight liquidity.
Custodians are subject to minimum eligibility requirements, ongoing credit assessments and robust
contractual arrangements. They are also required to have appropriate contingency arrangements in place.
Financial liability maturity
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table reflect the contractual undiscounted cash flows. The borrowings and lease liabilities include future
interest that has not been accrued at the balance sheet date.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
2,166
581
3,394
3,930
10,071
Trade and other payables
1,896
\u2013
\u2013
\u2013
1,896
Lease liabilities
137
113
235
253
738
Clearing member liabilities
764,041
\u2013
\u2013
\u2013
764,041
Derivative financial instruments
60
6
\u2013
16
82
Other non-current payables
\u2013
55
314
241
610
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
1,440
967
2,008
4,754
9,169
Trade and other payables
2,004
\u2013
\u2013
\u2013
2,004
Lease liabilities
158
110
216
283
767
Clearing member liabilities
792,594
\u2013
\u2013
\u2013
792,594
Derivative financial instruments
9
57
\u2013
30
96
Other non-current payables
\u2013
64
338
247
649
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-702": { "value": "
Market risk \u2013 foreign exchange risk
Risk description
Risk management approach
The Group operates globally with primary Translational risk
centres in the UK, Europe and North America. The Group manages its translational risk, where possible, by matching the currency of its debt to the
It also has growing and strategically important currency of its earnings, to make sure certain key financial metrics are protected from material foreign
businesses in Asia. The Group\u2019s principal exchange rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order
currencies of operation are sterling, US dollars, to mitigate the impact of unfavourable currency exchange rate movements on earnings and net assets,
and the euro. non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency.
The Group is exposed to transactional foreign Where required, currency of debt is re-balanced using cross-currency swaps to better match the currency
of debt to the overall currency of earnings.
exchange risk and translational risk.
Transactional risk arises when we buy or sell A material proportion of the Group's debt is held in or swapped into euros and US dollars as noted below:
goods or services in a currency other than
our entities\u2019 functional currencies. We may
2023 2022
be exposed to movements in that currency. Currency of debt \u00a3m \u00a3m
Translational risk arises from the translation
Euro denominated drawn debt
4,148
2,652
of account balances recorded in an entity\u2019s
Euro denominated cross-currency interest rate swaps
(1,818)
(695)
functional currency into the Group's reporting
currency for the purpose of statutory reporting.
US dollar denominated drawn debt
4,263
5,014
Transactional foreign exchange risk may
US dollar denominated cross-currency interest rate swaps
1,818
695
present itself in payment of intragroup The cross-currency interest rate swaps are directly linked to euro fixed debt. A proportion of the euro and
dividends or when interest obligations, which US dollar denominated debt, including the cross-currency swaps, provide a hedge against the Group\u2019s net
are in a different currency, are due. However,
both of these operations play their part in
investment in euro and US dollar denominated entities.
controlling the level of translational foreign At 31 December 2023, the Group\u2019s designated hedges of its net investments were effective.
exchange exposure the Group faces. Transactional risk
Transactional foreign exchange risk may also While transactional foreign exchange exposure is limited, the Group mitigates this by either hedging material
arise when investing in, or divesting from, transactions with appropriate derivative instruments or by settling currency payables or receivables within
operations denominated in currencies a short timeframe. The Group Treasury Policy requires cash flows of single transactions or a series of linked
other than sterling. transactions of more than \u00a32 million or equivalent per annum to be hedged. The risk is also minimised
In addition, the Group has some contracts/ by the periodic exchange of cash into each Group entity\u2019s functional currency. Where appropriate, hedge
cash flow profiles with a foreign exchange accounting for derivatives is considered in order to mitigate material levels of income statement volatility.
component that could trigger embedded Governance and sensitivity
derivative recognition and, as such, The Group\u2019s Risk Committee reviewed the approach to foreign exchange risk management during the
fair value accounting treatment. quarter ended 31 December 2023.
In addition to projecting and analysing its earnings and debt profile by currency, the Group reviews
sensitivities to movements in exchange rates. The Group has considered movements in the euro and the
US dollar over 2023 and 2022 and, based on actual market observations between its principal currency
pairs, has concluded that a 10% movement in rates is a reasonable level to illustrate the risk to the Group.
The impact on profit after tax and equity is set out in the table below:
2022
2023
Profit Profit
after tax Equity after tax Equity
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
Sterling weakens
5
(68)
6
(71)
Sterling strengthens
(4)
64
(5)
64
US dollar
Sterling weakens
7
(66)
18
(68)
Sterling strengthens
(6)
60
(16)
61
The sensitivity of profit after tax reflects foreign exchange gains or losses on translation of financial assets
and financial liabilities, including cash and borrowings but excluding hedged balances.
The sensitivity of equity reflects the foreign exchange gains or losses on translation of euro and US dollar
borrowings that have been designated as hedges of a net investment in foreign operations.
Market risk \u2013 interest rate risk
Risk description
Risk management approach
The Group\u2019s interest rate risk arises from the The Group\u2019s interest rate management policy focuses on protecting the Group\u2019s credit rating and limiting the
impact of changes in interest rates on cash impact of interest rate increases on Group earnings. To support this objective, the Group targets a maximum
held and investments in financial assets, debt floating rate component of 50%. This approach reflects the broad natural hedge of floating rate
and on borrowings held at floating rates. borrowings provided by the significant balances of cash and cash equivalents held effectively at floating
rates of interest.
The Group may also face future interest rate
exposure connected to M&A transactions At 31 December 2023 the floating rate component of total debt was 26% (2022: 16%).
where significant debt financing is involved. Where the Group has committed to M&A transactions and is exposed to prospective interest rate risk on
The Group\u2019s CCPs have member liabilities, and borrowings, the Group Treasury function will assess the exposure and consider hedging solutions that
separately achieve returns which support the conform with policy and seek to limit future interest costs.
payment of these liabilities. A CCP\u2019s interest In the Group\u2019s CCPs, interest-bearing assets are generally invested in secured instruments or structures.
rate risk can increase if the reference rates These tend to be for a longer term than interest-bearing liabilities, whose interest rate is reset daily. This
used to calculate liabilities increase while the makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight
reference rates that underpin investment and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite
returns decrease (or do not increase by parameters against which sensitivities are monitored daily.
the same amount). In our review of the sensitivities to potential movements in interest rates, we have considered interest rate
Group companies that offer guaranteed volatility over the last year and prospects for rates over the next 12 months. We have concluded that a
settlement of traded securities can also 1 percentage point downward movement (with a limited prospect of material upward movement) reflects
be exposed to latent interest rate risk a reasonable level of risk to current rates. If interest rates on cash and cash equivalents and borrowings had
(and market risk more generally) in the
event of a counterparty default.
been 1 percentage point lower, with all other variables held constant, profit after tax for 2023 would have
been \u00a39 million lower (2022: \u00a38 million higher, based on interest rates being 1 percentage point higher)
mainly as a result of lower interest income on floating rate cash and cash equivalents, partially offset by
lower interest expense on floating rate borrowings.
At the CCP level (in aggregate), if interest rates on the common interest-bearing member liability benchmarks
of EONIA, Fed Funds and SONIA, (for euro, US dollar and sterling liabilities respectively), had been
1 percentage point lower, with all other variables held constant, the Group\u2019s profit after tax would have
been \u00a31 million higher (2022: \u00a31 million lower, based on interest rates being 1 percentage point higher).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-703": { "value": "17.6 Offsetting financial assets and financial liabilities Accounting policy The Group reports financial assets and financial liabilities on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously . The Group applies the rules of legal right of set off and intent to net settle within its clearing member balances. The carrying values of the balances are offset at an appropriate level to arrive at the net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect the net assets of the Group. The following tables show the impact of netting arrangements on all financial assets and financial liabilities that are reported net on the balance sheet and where balances have not been netted but there is a right to offset in the event of default:
Amounts
Amount not netted,
as reported in but available
Gross Amount the balance in event Net
amount offset sheet of default amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Repurchase agreements
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Reverse repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
1 2,3 2 4 2,3 4
Amounts
Amount not netted,
as reported in but available
Gross Amount the balance in event Net
amount offset sheet of default amount
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,404,794
(2,397,255)
7,539
(7,539)
\u2013
Repurchase agreements
798,844
(145,013)
653,831
(653,831)
\u2013
Derivative financial instruments
15
15
(6)
9
Total assets
3,203,653
(2,542,268)
661,385
(661,376)
9
Other financial liabilities
(2,413,095)
2,405,556
(7,539)
7,539
\u2013
Reverse repurchase agreements
2
(798,844)
145,013
(653,831)
653,831
\u2013
Derivative financial instruments
(96)
\u2013
(96)
6
(90)
Total liabilities
(3,212,035)
2,550,569
(661,466)
661,376
(90)
1 2,3 2 4 2,3 4 1 The Group\u2019s CCP companies act as principal and sit in the middle of members\u2019 transactions and hold default funds and margin amounts as a contingency against the default of a member. As such, further amounts are available to offset in the event of a default reducing the asset and liability to nil. The Group is subject to master netting arrangements in force with financial counterparties with whom the Group trades derivatives. The master netting arrangements determine the proceedings should either party default on their obligations. In the event of default, the non-defaulting party will calculate the sum of the replacement cost of outstanding transactions and amounts to be settled. 2 Offset amounts are clearing member trading assets and trading liabilities within the Group\u2019s CCP businesses\u2019 financial instruments. 3 The imbalance between assets and liability for gross and offset amounts is caused by the exclusion of settled to market (\u201cSTM\u201d) amounts from the gross balance on the ground that these trades are settled. 4 Balance includes accrued interest, which has been recorded in Trade and Other Receivables and Trade and Other Payables and excludes embedded derivatives ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-689": { "value": "17.6 Offsetting financial assets and financial liabilities Accounting policy The Group reports financial assets and financial liabilities on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously . The Group applies the rules of legal right of set off and intent to net settle within its clearing member balances. The carrying values of the balances are offset at an appropriate level to arrive at the net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect the net assets of the Group. The following tables show the impact of netting arrangements on all financial assets and financial liabilities that are reported net on the balance sheet and where balances have not been netted but there is a right to offset in the event of default:
Amounts
Amount not netted,
as reported in but available
Gross Amount the balance in event Net
amount offset sheet of default amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Repurchase agreements
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Reverse repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
1 2,3 2 4 2,3 4
Amounts
Amount not netted,
as reported in but available
Gross Amount the balance in event Net
amount offset sheet of default amount
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,404,794
(2,397,255)
7,539
(7,539)
\u2013
Repurchase agreements
798,844
(145,013)
653,831
(653,831)
\u2013
Derivative financial instruments
15
15
(6)
9
Total assets
3,203,653
(2,542,268)
661,385
(661,376)
9
Other financial liabilities
(2,413,095)
2,405,556
(7,539)
7,539
\u2013
Reverse repurchase agreements
2
(798,844)
145,013
(653,831)
653,831
\u2013
Derivative financial instruments
(96)
\u2013
(96)
6
(90)
Total liabilities
(3,212,035)
2,550,569
(661,466)
661,376
(90)
1 2,3 2 4 2,3 4 1 The Group\u2019s CCP companies act as principal and sit in the middle of members\u2019 transactions and hold default funds and margin amounts as a contingency against the default of a member. As such, further amounts are available to offset in the event of a default reducing the asset and liability to nil. The Group is subject to master netting arrangements in force with financial counterparties with whom the Group trades derivatives. The master netting arrangements determine the proceedings should either party default on their obligations. In the event of default, the non-defaulting party will calculate the sum of the replacement cost of outstanding transactions and amounts to be settled. 2 Offset amounts are clearing member trading assets and trading liabilities within the Group\u2019s CCP businesses\u2019 financial instruments. 3 The imbalance between assets and liability for gross and offset amounts is caused by the exclusion of settled to market (\u201cSTM\u201d) amounts from the gross balance on the ground that these trades are settled. 4 Balance includes accrued interest, which has been recorded in Trade and Other Receivables and Trade and Other Payables and excludes embedded derivatives .", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "value": "18. Share capital, share premium and other reserves This note details our share capital, share premium and other reserves. During the year, a number of shares were repurchased under our share buyback programmes. Accounting policy The share capital of the Company is the number of shares in issue at their par value. It consists of balances relating to the Company\u2019s ordinary equity shares, own shares held by the Employee Benefit Trust (EBT) and any treasury shares held by the Company. Shares acquired by the Company from the open market as part of share buyback programmes are referred to as treasury shares and are held by the Company. The consideration payable is deducted from retained earnings. The par value of purchased treasury shares is recorded as a transfer from the Company\u2019s ordinary equity shares to treasury shares within share capital. No gain or loss is recognised by the Company in the income statement on the purchase, sale, issue or cancellation of the Company\u2019s treasury shares or of own shares held by the EBT . When the Company issues new shares to the EBT at par, the share capital of the Company is increased by the par value of these own shares, and a corresponding deduction or debit is recorded in the share-based payment reserve. The Company may also issue new shares to the EBT to satisfy vesting of specific employee share schemes. These shares may be issued at a subscription price above par value, reflecting the option cost payable by the participant in the employee share scheme. In such instances, the share capital of the Company is increased by the par value of these own shares and the difference between the subscription price and the par value is recorded in share premium. A corresponding deduction or debit is recognised in the share-based payment reserve.
18.1 Ordinary share capital issued and fully paid
Number of Ordinary Share
shares share capital
premium
2
Total
millions \u00a3m \u00a3m \u00a3m
1 January 2022
557
39
978
1,017
Issue of shares to the Employee Benefit Trust
1
\u2013
\u2013
\u2013
Share buyback
(4)
\u2013
\u2013
\u2013
31 December 2022
554
39
978
1,017
Issue of shares to the Employee Benefit Trust
2
\u2013
\u2013
\u2013
Share buyback
(15)
(1)
\u2013
(1)
31 December 2023
541
38
978
1,016
1
1
3
3
1 Ordinary share capital consists of 548,841,716 ordinary shares of 6
79/86
pence. At 31 December 2023, the Group held 7,632,733 (2022: 3,797,344) treasury shares which were acquired as part of its
share buyback programme.
2 Share premium is the amount subscribed for share capital in excess of par value.
3 The Board approved the allotment and issue of 98,158 ordinary shares at par to the EBT (2022: 883,174 ordinary shares at par) and the transfer of 1,904,252 treasury shares (2022: nil) to settle
employee share plans.
Share buyback
In 2023, the company repurchased 15.2 million (2022: 3.8 million) of
its own shares. As shown in the consolidated statement of changes
in equity, retained earnings have therefore reduced by \u00a31,007 million
(2022: \u00a3503 million).
During 2023, as part of its 12-month \u00a3750 million share buyback
programme launched in 2022, the Company repurchased
5.7 million of its own shares for \u00a3450 million (2022: \u00a3300 million)
of which \u00a3200 million had been irrevocably committed to as at
31 December 2022. The deduction from retained earnings of
\u00a3253 million (2022: \u00a3503 million) reflects:
\u2014 the \u00a3250 million (2022: \u00a3300 million) to repurchase 3 million of its
own shares from the market;
\u2014 an irrevocable commitment of \u00a3nil (2022: \u00a3200 million) to purchase
shares during the close period; and
\u2014 total costs directly attributable to this share buyback programme of
\u00a33 million (2022: \u00a33 million).
In September 2023, the Group completed the off-market
purchase of limited voting ordinary shares from York Holdings II
Limited and York Holdings III Limited. The Shares repurchased
were cancelled immediately. The deduction from retained earnings
of \u00a3754 million reflects:
\u2014 the \u00a3750 million to repurchase 9.5 million limited voting ordinary
shares; and
\u2014 total costs directly attributable to this repurchase of \u00a34 million.
18.2 Other reserves
1
2
3
4
Foreign
Merger Capital Reverse exchange
relief redemption acquisition Hedging translation
reserve reserve reserve reserve reserve Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
18,286
514
(512)
14
505
18,807
Changes in fair value recognised
\u2013
\u2013
\u2013
(113)
\u2013
(113)
Amount recycled to income statement
\u2013
\u2013
\u2013
(3)
\u2013
(3)
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
\u2013
2,448
2,448
31 December 2022
18,286
514
(512)
(102)
2,953
21,139
Shares cancelled
\u2013
1
\u2013
\u2013
\u2013
1
Changes in fair value recognised
17.4
\u2013
\u2013
\u2013
63
\u2013
63
Amount recycled to income statement
17.4
\u2013
\u2013
\u2013
(3)
\u2013
(3)
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
2
(1,328)
(1,326)
31 December 2023
18,286
515
(512)
(40)
1,625
19,874
5
1 The merger relief reserve is a potentially distributable reserve arising as a result of shares issued to acquire subsidiaries.
2 The capital redemption reserve was set up as a result of a court approved capital reduction scheme and is non-distributable.
3 The reverse acquisition reserve arose as a result of the acquisition of London Stock Exchange plc in 2007. It is recognised on consolidation as a result of a capital reduction scheme and is
non-distributable.
4 The hedging reserve represents the cumulative fair value adjustments recognised in respect of net investment and cash flow hedges entered into in accordance with hedge accounting
principles. It is distributable under certain circumstances. Net gains and losses are recognised in other comprehensive income and balances remain in equity until both the hedging instrument
and the underlying instrument are derecognised. Gains realised on cash flow hedges during the year are amortised through the income statement over the life of the underlying instrument.
During the year, \u00a33 million (2022: \u00a33 million) was recycled back through the income statement.
5 The foreign exchange translation reserve records the cumulative impact of foreign exchange rate movements on the translation of non-sterling subsidiary companies into sterling. It is distributable
under certain circumstances. Net gains and losses on translation are recognised in other comprehensive income and amounts remain in equity until the subsidiary is derecognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "
The share capital of the Company is the number of shares in issue
at their par value. It consists of balances relating to the Company\u2019s
ordinary equity shares, own shares held by the Employee Benefit
Trust (EBT) and any treasury shares held by the Company.
When the Company issues new shares to the EBT at par, the share capital of the Company is increased by the par value of these own shares, and a corresponding deduction or debit is recorded in the share-based payment reserve", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "
Shares acquired by the Company from the open market as part of
share buyback programmes are referred to as treasury shares and
are held by the Company. The consideration payable is deducted
from retained earnings. The par value of purchased treasury shares
is recorded as a transfer from the Company\u2019s ordinary equity shares
to treasury shares within share capital. No gain or loss is recognised
by the Company in the income statement on the purchase, sale,
issue or cancellation of the Company\u2019s treasury shares or of own
shares held by the EBT .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-690": { "value": "18.1 Ordinary share capital issued and fully paid
Number of Ordinary Share
shares share capital
premium
2
Total
millions \u00a3m \u00a3m \u00a3m
1 January 2022
557
39
978
1,017
Issue of shares to the Employee Benefit Trust
1
\u2013
\u2013
\u2013
Share buyback
(4)
\u2013
\u2013
\u2013
31 December 2022
554
39
978
1,017
Issue of shares to the Employee Benefit Trust
2
\u2013
\u2013
\u2013
Share buyback
(15)
(1)
\u2013
(1)
31 December 2023
541
38
978
1,016
1 1 3 3 1 Ordinary share capital consists of 548,841,716 ordinary shares of 679/86 pence. At 31 December 2023, the Group held 7,632,733 (2022: 3,797,344) treasury shares which were acquired as part of its share buyback programme. 2 Share premium is the amount subscribed for share capital in excess of par value. 3 The Board approved the allotment and issue of 98,158 ordinary shares at par to the EBT (2022: 883,174 ordinary shares at par) and the transfer of 1,904,252 treasury shares (2022: nil) to settle employee share plans. Share buyback In 2023, the company repurchased 15.2 million (2022: 3.8 million) of its own shares. As shown in the consolidated statement of changes in equity, retained earnings have therefore reduced by \u00a31,007 million (2022: \u00a3503 million). During 2023, as part of its 12-month \u00a3750 million share buyback programme launched in 2022, the Company repurchased 5.7 million of its own shares for \u00a3450 million (2022: \u00a3300 million) of which \u00a3200 million had been irrevocably committed to as at 31 December 2022. The deduction from retained earnings of \u00a3253 million (2022: \u00a3503 million) reflects: \u2014 the \u00a3250 million (2022: \u00a3300 million) to repurchase 3 million of its own shares from the market; \u2014 an irrevocable commitment of \u00a3nil (2022: \u00a3200 million) to purchase shares during the close period; and \u2014 total costs directly attributable to this share buyback programme of \u00a33 million (2022: \u00a33 million). In September 2023, the Group completed the off-market purchase of limited voting ordinary shares from York Holdings II Limited and York Holdings III Limited. The Shares repurchased were cancelled immediately. The deduction from retained earnings of \u00a3754 million reflects: \u2014 the \u00a3750 million to repurchase 9.5 million limited voting ordinary shares; and \u2014 total costs directly attributable to this repurchase of \u00a34 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-691": { "value": "18.2 Other reserves 1 2 3 4
Foreign
Merger Capital Reverse exchange
relief redemption acquisition Hedging translation
reserve reserve reserve reserve reserve Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022
18,286
514
(512)
14
505
18,807
Changes in fair value recognised
\u2013
\u2013
\u2013
(113)
\u2013
(113)
Amount recycled to income statement
\u2013
\u2013
\u2013
(3)
\u2013
(3)
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
\u2013
2,448
2,448
31 December 2022
18,286
514
(512)
(102)
2,953
21,139
Shares cancelled
\u2013
1
\u2013
\u2013
\u2013
1
Changes in fair value recognised
17.4
\u2013
\u2013
\u2013
63
\u2013
63
Amount recycled to income statement
17.4
\u2013
\u2013
\u2013
(3)
\u2013
(3)
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
2
(1,328)
(1,326)
31 December 2023
18,286
515
(512)
(40)
1,625
19,874
5 1 The merger relief reserve is a potentially distributable reserve arising as a result of shares issued to acquire subsidiaries. 2 The capital redemption reserve was set up as a result of a court approved capital reduction scheme and is non-distributable. 3 The reverse acquisition reserve arose as a result of the acquisition of London Stock Exchange plc in 2007. It is recognised on consolidation as a result of a capital reduction scheme and is non-distributable. 4 The hedging reserve represents the cumulative fair value adjustments recognised in respect of net investment and cash flow hedges entered into in accordance with hedge accounting principles. It is distributable under certain circumstances. Net gains and losses are recognised in other comprehensive income and balances remain in equity until both the hedging instrument and the underlying instrument are derecognised. Gains realised on cash flow hedges during the year are amortised through the income statement over the life of the underlying instrument. During the year, \u00a33 million (2022: \u00a33 million) was recycled back through the income statement. 5 The foreign exchange translation reserve records the cumulative impact of foreign exchange rate movements on the translation of non-sterling subsidiary companies into sterling. It is distributable under certain circumstances. Net gains and losses on translation are recognised in other comprehensive income and amounts remain in equity until the subsidiary is derecognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "value": "19. Non-controlling interests A non-controlling interest arises when the Group does not own all of a subsidiary, but the Group retains control. Accounting policy Non-controlling interests The Group recognises non-controlling interests in a business either at fair value or at the non-controlling interest's proportionate share of the net assets. This treatment is determined on an acquisition-by-acquisition basis. After initial recognition, the carrying value of the non-controlling interest is adjusted for any changes in equity and the total comprehensive income attributable to the non-controlling interest holders, less dividends paid. Change in the ownership interest of a subsidiary company, without loss of control For acquisitions or disposals of non-controlling interests where control of the subsidiary remains with the Group, the difference between any consideration paid or received, and the relevant share of net assets acquired or sold, is recognised in equity .
Financial information for subsidiary entities or groups that have material
non-controlling interests is provided below:
Proportion of economic interest
held by non-controlling interests
2023
2022
Tradeweb group
49.0%
48.8%
LCH Group
17.4%
17.4%
Turquoise Global Holdings Limited
15.8%
15.8%
Profit from continuing
operations allocated to 2023 2022
non-controlling interests
Notes
\u00a3m \u00a3m
Tradeweb group
19.1
110
116
LCH Group
19.2
77
72
Other
\u2013
1
187
189
Accumulated balance of 2023 2022
non-controlling interests
Notes
\u00a3m \u00a3m
Tradeweb group
19.1
1,828
1,813
LCH Group
19.2
300
333
Other
9
9
2,137
2,155
1
1 During the year, the LCH Group acquired an additional 11% of LCH SA for \u00a395 million, taking
its ownership to 100%. The Group recognised a decrease in non-controlling interests of
\u00a353 million and a decrease in equity attributable to equity holders of \u00a342 million.
Summarised financial information for the Tradeweb and LCH groups is
provided below.
19.1 Tradeweb group
The Group has a 45.7% economic interest in Tradeweb Markets Inc,
a US company. Tradeweb Markets Inc is the parent company of
Tradeweb Markets LLC in which the Group holds a further direct
interest. This gives the Group an effective economic interest of 51.0%
in Tradeweb Markets LLC.
The Tradeweb group's summarised financial information below differs
from that reported by Tradeweb. The numbers disclosed here include
adjustments to bring their accounting policies in line with those used
by the Group and include the impact of acquisition accounting.
Summarised financial information 2023 2022
attributable to non-controlling interests \u00a3m \u00a3m
Profit for the year attributable to
non-controlling interests
110
116
Total comprehensive income for the year
attributable to non-controlling interests
3
308
Dividends paid to non-controlling interests
in the year
33
30
1
1 The summarised financial information includes any amortisation and impairment of goodwill
and purchased intangible assets, and the related deferred tax benefit attributable to
non-controlling interests.
1
2023 2022
Summarised balance sheet \u00a3m \u00a3m
Non-current assets
7,909
8,500
Current assets
1,846
1,245
Current liabilities
(540)
(212)
Non-current liabilities
(504)
(470)
Net assets
8,711
9,063
Attributable to:
Equity holders of the company
6,883
7,250
Non-controlling interests
1,828
1,813
Total equity
8,711
9,063
1 The summarised balance sheet includes goodwill and purchased intangible assets together
with associated amortisation, impairment and deferred tax.
Summarised total comprehensive 2023 2022
income
1
and cash flows
\u00a3m \u00a3m
Total income for the year
1,078
961
Total profit for the year
433
328
Total comprehensive income for the year
169
805
Net increase in cash and cash equivalents
288
331
1 The summarised total comprehensive income of the Tradeweb group excludes any
amortisation and impairment of goodwill and purchased intangible assets (together with any
associated deferred tax) attributable to non-controlling interests.
19.2 LCH Group
The Group owns 82.6% of LCH Group Holdings Limited, which is the
parent of LCH Limited, based in the UK, and LCH SA, based in France.
During the year, the LCH Group acquired the 11% non-controlling interest
in LCH SA, giving it a 100% interest in LCH SA.
Summarised financial information 2023 2022
attributable to non-controlling interests \u00a3m \u00a3m
Profit for the year attributable to
non-controlling interests
77
72
Total comprehensive income for the year
attributable to non-controlling interests
65
82
Dividends paid to non-controlling interests
in the year
47
50
1
1 The summarised financial information includes any amortisation and impairment of goodwill
and purchased intangible assets and the related deferred tax benefit attributable to
non-controlling interests.
1
2023 2022
Summarised balance sheet \u00a3m \u00a3m
Non-current assets
501
557
Current assets
765,621
794,130
Current liabilities
(764,511)
(793,064)
Non-current liabilities
(24)
(52)
Net assets
1,587
1,571
Attributable to:
Equity holders of the company
1,287
1,238
Non-controlling interests
300
333
Total equity
1,587
1,571
1 The summarised balance sheet includes goodwill and purchased intangible assets together
with associated amortisation, impairment and deferred tax.
Summarised total comprehensive income 2023 2022
and cash flows \u00a3m \u00a3m
Total income for the year
1,063
952
Total profit for the year
418
368
Total comprehensive income for the year
356
411
Net increase in cash and cash equivalents
239
126
1
1 The summarised total comprehensive income of the LCH Group excludes any amortisation
and impairment of goodwill and purchased intangible assets (together with any associated
deferred tax) attributable to non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "
Accounting policy
Non-controlling interests
The Group recognises non-controlling interests in a business
either at fair value or at the non-controlling interest's
proportionate share of the net assets. This treatment is
determined on an acquisition-by-acquisition basis. After initial
recognition, the carrying value of the non-controlling interest is
adjusted for any changes in equity and the total comprehensive
income attributable to the non-controlling interest holders,
less dividends paid.
Change in the ownership interest of a subsidiary company,
without loss of control
For acquisitions or disposals of non-controlling interests where
control of the subsidiary remains with the Group, the difference
between any consideration paid or received, and the relevant
share of net assets acquired or sold, is recognised in equity .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "20. Share-based payments We operate various employee share-based compensation plans which allow employees to receive or acquire shares in the Company in different ways. This note describes our main share plans. Accounting policy The Group issues equity-settled share-based awards to certain employees. The share-based payment expense recognised in the income statement is determined by the fair value (using a stochastic valuation model) of the options granted or shares awarded at the date of grant. The calculated expenses are recognised over the relevant vesting periods. The fair value of the awards granted: \u2014 includes any market performance conditions (for example, Total Shareholder Return (TSR)); and \u2014 excludes the impact of any service and non-market performance vesting conditions (for example, the need to remain an employee for a specified period of time). In the very few countries where the Group cannot issue equity-settled awards due to local restrictions, cash-settled share-based awards are issued instead. The charges arising from equity-settled share-based payment plans are as follows:
2023 2022
Continuing operations
Notes
\u00a3m \u00a3m
Group share plans
20.1
87
79
Shares issued to Management
Incentive Plan (MIP) participants
20.2
2
16
89
95
Tradeweb share schemes
(recognised in
non-controlling interests)
20.3
54
63
Total share-based payment expense
4.1
143
158
1 1 Charges of \u00a33 million (2022: \u00a31 million) relate to plans that are cash-settled as a result of local regulations. The following amounts were recognised in equity:
2023 2022
\u00a3m \u00a3m
Share-based payments
86
94
Cash receipts from employees on vesting
6
5
92
99
20.1 Group share plans The Group has the following share plans: \u2014 Save As You Earn and International Sharesave Plan 2018 (SAYE) The SAYE schemes provide for grants of options over the Company\u2019s shares to employees who enter into a savings contract. The options are granted at 20% below the market price on the date of grant and vest after three years, subject to continuing employment. The holders of the share options are not entitled to receive dividends declared during the vesting period. \u2014 Long-Term Incentive Plan 2014 (LTIP) Awards are granted at nil cost to employees. Vesting of LTIP awards is dependent on both market and non-market performance conditions. The performance conditions include achievement of relative TSR (40%) and adjusted EPS (60%) targets. The holders of LTIP awards are not entitled to receive dividends declared during the vesting period. \u2014 Restricted Share Award Plan 2018 (RSAP) The Group operates a restricted share plan, the RSAP. It consists of an award of restricted stock units and matching shares. Matching shares are linked to an investment by the employee in the Company\u2019s shares. Awards are granted at nil cost to employees and generally vest in tranches after one, two and three years, subject to continuing employment. The holders of RSAP awards are not entitled to receive dividends declared during the vesting period. \u2014 Deferred Bonus Plan (DBP) DBP awards are granted at nil cost to employees. Awards usually vest after two or three years, subject to continuing employment and malus and clawback provisions. The holders of the DBP awards are entitled to receive a cash amount equal to the aggregate amount of the dividends declared during the vesting period. \u2014 International Share Incentive Plan (ISIP) The ISIP is a scheme in which employees can buy shares in the Company monthly via salary deduction. For every four shares purchased (purchased shares) by the employee, the Group awards them one additional share (accumulated shares) which vests after completion of a three-year plan cycle. Accumulated shares are not entitled to receive dividends declared during the vesting period. Further details on the Group\u2019s share plans are provided in the Directors\u2019 Remuneration Report on pages 117 to 153. The Company has an Employee Benefit Trust (EBT) to administer the share plans and to acquire Company shares to meet the commitments to Group employees. At 31 December 2023, 1,178,957 Company shares were held by the trust (2022: 259,129). The EBT is fully funded by the Company via loans, cash gifts and the issue and transfer of shares. The cost of the Group\u2019s shares held by the EBT are recognised directly in equity
Movements in the number of share options and awards outstanding and
their weighted average exercise prices are as follows:
SAYE
LTIP/RSAP
ISIP
Weighted
average
exercise
price
Number
\u00a3
Number
Number
1 January 2022
582,174
56.57
2,846,434
1,018
Granted
150,359
63.71
1,527,435
14,662
Exercised
(127,662)
38.83
(1,038,073)
\u2013
Lapsed/forfeited
(70,601)
58.47
(250,125)
(828)
31 December 2022
534,270
62.57
3,085,671
14,852
Granted
185,579
65.97
1,567,358
18,619
Exercised
(115,432)
56.53
(978,175)
(351)
Lapsed/forfeited
(58,319)
62.78
(506,727)
(1,787)
31 December 2023
546,098
64.98
3,168,127
31,333
1,2
2
Exercisable at
31 December 2023
10,804
64.61
\u2013
\u2013
31 December 2022
3,183
63.39
\u2013
\u2013
1 At 31 December 2023, RSAP awards of 1,237,425 shares were outstanding (2022: 1,078,328).
2 The LTIP/RSAP and ISIP awards have a nil exercise price. 9,192 matching shares were granted
under the RSAP in the year (2022: 106,637).
The weighted average share price of London Stock Exchange Group plc
shares during the year was \u00a381.66 (2022: \u00a376.11).
The range of exercise prices and weighted average remaining
contractual life of awards and options outstanding are as follows:
2023
2022
Weighted Weighted
average average
remaining remaining
contractual contractual
Number life Number life
outstanding Years outstanding Years
SAYE
\u2014 Less than \u00a360
414
0.1
121,379
0.1
\u2014 Between
\u00a360 and \u00a365
364,237
1.3
412,891
1.7
\u2014 Between
\u00a365 and \u00a370
181,447
2.9
\u2013
\u2013
LTIP/RSAP
3,168,127
1.3
3,085,671
1.3
ISIP
31,333
1.7
14,852
2.1
Total
3,745,558
3,634,793
A Monte Carlo simulation was used to calculate the fair value of the 40%
of the LTIP awards granted during the year that are subject to a relative
TSR condition. The model simulates the TSR and compares it against
the constituents of the UK FTSE 100.
The Black-Scholes model was used to determine the related fair value
for the RSAP, SAYE and remaining 60% of LTIP awards that are subject
to adjusted EPS.
The inputs into both models include the share price at grant date,
expected volatility, dividend yields, annual risk-free interest rate and
expected life of the awards. The volatility assumption is based on the
historical three-year volatility of the Company\u2019s share price as at the
date of grant. The risk-free interest rate represents the yield available
on a UK zero-coupon government bond on the date of grant for a term
commensurate with the vesting period of the award. The expected life
refers to the time from the date of grant to the date the awards vest.
The key assumptions used in the valuations were as follows:
LTIP Performance
Shares
RSAP
Date of grant
17-Mar
13-Sep
17-Mar
16-Jun
13-Sep
14-Dec
Grant date share price (\u00a3)
73.26
83.34
73.26
87.66
83.34
93.22
Expected life (years)
from
3.0
3.0
0.50
0.46
0.22
0.23
to
4.0
\u2013
4.00
3.75
4.51
2.98
Exercise price (\u00a3)
nil
nil
nil
nil
nil
nil
Dividend yield (%)
from
1.05
1.13
1.03
1.04
1.06
1.17
to
\u2013
\u2013
1.35
1.34
1.32
1.33
Risk-free interest rate (%)
from
3.37
4.55
3.33
4.78
5.05
4.02
to
\u2013
\u2013
3.65
5.10
4.62
4.64
Volatility (%)
from
31.02
26.63
20.71
19.84
12.38
12.70
to
\u2013
\u2013
30.04
30.77
29.00
25.84
Fair value (\u00a3)
from
\u2013
\u2013
70.32
84.33
79.47
90.03
to
\u2013
\u2013
72.77
87.12
83.10
92.94
Fair value TSR (\u00a3)
from
35.33
46.86
\u2013
\u2013
\u2013
\u2013
to
34.98
\u2013
Fair value EPS (\u00a3)
from
70.32
80.58
to
70.99
\u2013
\u2013
\u2013
\u2013
\u2013
SAYE
DBP
ISIP
Date of grant
from
29-Sep
17-Mar
1-Jan
to
\u2013
\u2013
31-Dec
Grant date share price (\u00a3)
from
82.40
73.26
73.46
to
\u2013
\u2013
93.58
Expected life (years)
from
3.34
\u2013
2.28
to
\u2013
\u2013
3.12
Exercise price (\u00a3)
65.97
nil
nil
Dividend yield (%)
from
1.26
\u2013
1.01
to
\u2013
\u2013
1.24
Risk-free interest rate (%)
from
4.55
\u2013
3.25
to
\u2013
\u2013
5.09
Volatility (%)
from
27.23
\u2013
23.94
to
\u2013
\u2013
31.13
Fair value (\u00a3)
27.15
73.26
79.36
20.2 Management Incentive Plan (MIP)
Members of Refinitiv\u2019s senior management team participated in the MIP set
up by Refinitiv Holding Limited (now York Parent Limited). At the time of
the Refinitiv acquisition, 6,041,336 shares relating to MIP participants were
transferred to York Parent Limited as a part of the purchase consideration.
To improve the retention of the participants, amendments were made to the
MIP to include additional service vesting conditions. The Group recognises
the MIP as a share-based payment settled by an external shareholder
under IFRS 2 and recognises post combination compensation until the
end of the three-year vesting period. The MIP share-based payment
expense is classified as a non-underlying transaction cost.
20.3 Tradeweb share schemes
Tradeweb grants awards, including performance-based restricted share
units (PRSUs), performance share units (PSUs) stock options, restricted
stock units (RSUs) and dividend equivalent rights. The awards may have
performance-based and time-based vesting conditions. Stock options
have a maximum contractual term of 10 years.
\u2014 PRSUs (Equity-Settled)
PRSUs are promises to issue shares at the end of a three-year vesting
period. The number of shares a participant will receive upon vesting
is determined by a performance modifier, which is adjusted based on
Tradeweb\u2019s financial performance in the grant year. The fair value of
the equity-settled PRSUs is calculated as at the grant date using the
share price.
\u2014 PSUs (Equity-Settled)
PSUs are promises to issue shares at the end of a three-year vesting
period. The number of shares a participant will receive upon vesting
is determined by a performance modifier, which is adjusted based on
Tradeweb\u2019s total shareholder return over a three-year performance
period. The fair value of the equity-settled PSUs is calculated as at
the grant date using the Monte Carlo Simulation model.
\u2014 Options
Tradeweb awards options with a four-year graded vesting schedule,
one half vesting based solely on the passage of time and one half
vesting only if Tradeweb achieves certain performance targets.
Costs related to options are recognised as an expense in the income
statement over the service period.
The fair value of options is calculated as at the grant date using the
Black-Scholes model.
\u2014 RSUs
RSUs are promises to issue shares at the end of a vesting period.
RSUs granted to employees vest over a three-year period. RSUs
granted to non-employee directors vest after one year. The fair value
of the RSUs is calculated as at the grant date using the share price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "value": "Accounting policy The Group issues equity-settled share-based awards to certain employees. The share-based payment expense recognised in the income statement is determined by the fair value (using a stochastic valuation model) of the options granted or shares awarded at the date of grant. The calculated expenses are recognised over the relevant vesting periods. The fair value of the awards granted: \u2014 includes any market performance conditions (for example, Total Shareholder Return (TSR)); and \u2014 excludes the impact of any service and non-market performance vesting conditions (for example, the need to remain an employee for a specified period of time). In the very few countries where the Group cannot issue equity-settled awards due to local restrictions, cash-settled share-based awards are issued instead. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "value": "21. Business combinations During the year, the Group acquired the material businesses listed below. The results of the businesses have been consolidated since the date of acquisition: \u2014 AcadiaSoft, Inc. (Acadia) \u2014 Yieldbroker Pty Limited (Yieldbroker) Accounting policy Business combinations are accounted for using the acquisition method: \u2014 The cost of an acquisition is measured as the aggregate of the consideration transferred and any contingent consideration, which are measured at fair value, and the value of any non-controlling interests in the acquiree. \u2014 On an acquisition-by-acquisition basis, the Group elects whether to measure the non-controlling interests in the acquiree, if any, at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets (see note 19). \u2014 Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. \u2014 Goodwill is initially measured at the amount by which the aggregate of the consideration transferred and the amount recognised for non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. We evaluate the nature of any compensation for the selling shareholders' continuing employment to determine if any contingent payments are for post-combination employee services. These are excluded from consideration and together with other acquisition-related costs are classified as non-underlying transaction costs in the income statement (see note 2.3). Significant accounting estimates and assumptions See note 9 for the significant accounting estimates of intangible assets acquired as part of a business combination. The purchase price allocations (PPA) (shown in 21.2 below) have been prepared on a provisional basis in accordance with IFRS 3 Business Combinations. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, identifies adjustments to the amounts below or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.
21.1 Details of businesses acquired
Voting
equity
Acquisition interest
Acquired business
Description of business
Reason for acquisition
date acquired
Acadia
A leading provider of automated
With deep domain expertise in margining, collateral and 31 March 86%
uncleared margin processing and risk management, Acadia is complementary to LSEG\u2019s 2023
integrated risk and optimisation services Post Trade capabilities. The transaction will strengthen
for the global derivatives community. LSEG\u2019s provision of resilient and systemically important
financial markets infrastructure to our customers.
Yieldbroker
Operator of an Australian trading platform
With innovation relating to the electronification of fixed 31 August 100%
for Australian and New Zealand income markets, the acquisition of Yieldbroker aligns with 2023
government bonds and interest rate Tradeweb\u2019s capabilities and mission to make markets more
derivatives covering the institutional efficient. The acquisition will leverage the innovative trading
and wholesale client sectors. and industry experience of Yieldbroker to create more liquid,
transparent and efficient fixed income markets.
1
1 Prior to the acquisition LSEG held a 14% interest in Acadia and on 31 March 2023 recognised a \u00a369 million non-underlying remeasurement gain on this investment in associate (see note 2.3).
21.2 Consideration transferred, assets acquired and liabilities assumed, and resulting goodwill
Goodwill arising from the acquisitions has been recognised as follows:
Acadia Yieldbroker Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Purchase consideration
\u2014 Cash (including settlement of share options)
484
65
3
552
\u2014 Fair value of previous interest held
86
\u2013
\u2013
86
Total purchase consideration
570
65
3
638
Less: Fair value of identifiable net assets acquired
\u2014 Intangible assets: Customer and supplier relationships
(250)
(31)
\u2013
(281)
\u2014 Intangible assets: Software
(46)
\u2013
(1)
(47)
\u2014 Other non-current assets, excluding deferred tax assets
(2)
(2)
\u2013
(4)
\u2014 Cash and cash equivalents
(17)
(10)
(2)
(29)
\u2014 Other current assets
(16)
(2)
\u2013
(18)
\u2014 Total liabilities, excluding deferred tax liabilities
36
11
1
48
\u2014 Deferred tax liabilities/(assets)
66
(3)
\u2013
63
Fair value of identifiable net assets acquired
(229)
(37)
(2)
(268)
Goodwill
341
28
1
370
Allocated to cash-generating unit
Post Trade
Tradeweb
D&A
1
1
2
1 The fair values of the net assets acquired were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market and primarily
included significant unobservable inputs (Level 3 of the fair value hierarchy). The following valuation methodologies were used to determine fair value:
\u2013 Customer relationships: multi-period excess earnings method (MEEM) (income approach)
\u2013 Software: relief from royalty method (income approach)
2 The deferred tax liability mainly comprises the tax effect of the intangible assets.
The goodwill is attributable to the anticipated growth in the underlying business and future technology not yet developed.
None of the goodwill recognised is expected to be deductible for income tax purposes.
21.3 Revenue and profit contribution
From the respective acquisition dates, for the period ended
31 December 2023, the material acquired businesses contributed
revenue and profit before tax as follows:
2023
Acadia
Yieldbroker
Nine Four
months months
\u00a3m \u00a3m
Revenue
45
4
Adjusted EBITDA
12
\u2013
Loss before tax
(6)
(1)
If the acquisitions had all occurred on 1 January 2023, estimated Group
revenue and adjusted EBITDA would have been as follows:
2023
Pro-forma
Group
Continuing \u00a3m
Revenue
8,084
Adjusted EBITDA
3,781
21.4 Acquisition-related costs, including employment-linked
management incentive and earn-out arrangements
Acquisition-related costs are recognised as non-underlying items in the
income statement (see note 2.3). The Group incurred acquisition-related
costs as follows:
2023
Acadia Yieldbroker
\u00a3m \u00a3m
Transaction costs
7
3
Finance costs
\u2013
1
Acquisition-related costs
7
4
1
1 Transaction costs include retention bonuses and advisor and professional fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "value": "Accounting policy Business combinations are accounted for using the acquisition method: \u2014 The cost of an acquisition is measured as the aggregate of the consideration transferred and any contingent consideration, which are measured at fair value, and the value of any non-controlling interests in the acquiree. \u2014 On an acquisition-by-acquisition basis, the Group elects whether to measure the non-controlling interests in the acquiree, if any, at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets (see note 19). \u2014 Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. \u2014 Goodwill is initially measured at the amount by which the aggregate of the consideration transferred and the amount recognised for non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. We evaluate the nature of any compensation for the selling shareholders' continuing employment to determine if any contingent payments are for post-combination employee services. These are excluded from consideration and together with other acquisition-related costs are classified as non-underlying transaction costs in the income statement (see note 2.3). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "Accounting policy Business combinations are accounted for using the acquisition method: \u2014 The cost of an acquisition is measured as the aggregate of the consideration transferred and any contingent consideration, which are measured at fair value, and the value of any non-controlling interests in the acquiree. \u2014 On an acquisition-by-acquisition basis, the Group elects whether to measure the non-controlling interests in the acquiree, if any, at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets (see note 19). \u2014 Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. \u2014 Goodwill is initially measured at the amount by which the aggregate of the consideration transferred and the amount recognised for non-controlling interests (plus any previous interest held), exceeds the net identifiable assets acquired and liabilities assumed. We evaluate the nature of any compensation for the selling shareholders' continuing employment to determine if any contingent payments are for post-combination employee services. These are excluded from consideration and together with other acquisition-related costs are classified as non-underlying transaction costs in the income statement (see note 2.3). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "
22. Disposal of businesses and
discontinued operations
This year we made no material disposals of businesses. This note
therefore focuses on the disposal of BETA in 2022.
Accounting policy
An operation is regarded as a discontinued operation if it has
already been sold and comprised a major line of business or
geographical area of operation. Discontinued operations are
excluded from the results of continuing operations and are
presented as a single amount of profit or loss after tax from
discontinued operations in the income statement.
Disposal of BETA during the year ended 31 December 2022
On 1 July 2022, the Group disposed of BETA, Maxit and Digital Investor
(collectively BETA). For the year ended 31 December 2022 it was
presented as a discontinued operation and its results were excluded
from the continuing operations of the Group.
22.1 Profit and total comprehensive income from BETA
2022
Note \u00a3m
Total income
132
Cost of sales and operating expenses
(58)
Profit before tax
74
Tax
(16)
Profit after tax of discontinued operation
58
Profit on disposal of discontinued operation,
after tax (non-underlying)
22.2
454
Profit (and total comprehensive income)
from discontinued operation
512
22.2 Profit on disposal of discontinued operations, after tax
2022
\u00a3m
Proceeds from disposal
903
Carrying value of net assets disposed
(241)
Transaction costs
(44)
Profit on disposal of discontinued operation, before tax
618
Income tax on gain
(164)
Profit on disposal of discontinued operation, after tax
454
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-692": { "value": "22. Disposal of businesses and discontinued operations This year we made no material disposals of businesses. This note therefore focuses on the disposal of BETA in 2022. Accounting policy An operation is regarded as a discontinued operation if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement. Disposal of BETA during the year ended 31 December 2022 On 1 July 2022, the Group disposed of BETA, Maxit and Digital Investor (collectively BETA). For the year ended 31 December 2022 it was presented as a discontinued operation and its results were excluded from the continuing operations of the Group. 22.1 Profit and total comprehensive income from BETA
2022
Note \u00a3m
Total income
132
Cost of sales and operating expenses
(58)
Profit before tax
74
Tax
(16)
Profit after tax of discontinued operation
58
Profit on disposal of discontinued operation,
after tax (non-underlying)
22.2
454
Profit (and total comprehensive income)
from discontinued operation
512
22.2 Profit on disposal of discontinued operations, after tax
2022
\u00a3m
Proceeds from disposal
903
Carrying value of net assets disposed
(241)
Transaction costs
(44)
Profit on disposal of discontinued operation, before tax
618
Income tax on gain
(164)
Profit on disposal of discontinued operation, after tax
454
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "value": "Accounting policy An operation is regarded as a discontinued operation if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "value": "Accounting policy An operation is regarded as a discontinued operation if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "An operation is regarded as a discontinued operation if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "value": "
23. Transactions with related parties
The Group has a number of related parties including associates,
Directors and Executive Committee members (see note 4.1).
All significant transactions with related parties are carried out
on an arm\u2019s length basis.
Transactions with associates
During the year, the Group recognised the following transactions
with its associates:
2023 2022
\u00a3m \u00a3m
Amounts advanced to associates
15
\u2013
Transactions with other related parties
Other related party transactions include the \u00a3750 million directed
off-market purchase of limited voting ordinary shares from York Holdings
II Limited and York Holdings III Limited (see note 18.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-704": { "value": "23. Transactions with related parties The Group has a number of related parties including associates, Directors and Executive Committee members (see note 4.1). All significant transactions with related parties are carried out on an arm\u2019s length basis. Transactions with associates During the year, the Group recognised the following transactions with its associates:
2023 2022
\u00a3m \u00a3m
Amounts advanced to associates
15
\u2013
Transactions with other related parties Other related party transactions include the \u00a3750 million directed off-market purchase of limited voting ordinary shares from York Holdings II Limited and York Holdings III Limited (see note 18.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-693": { "value": "
24. Commitments and contingencies
A commitment is a contractual obligation to make a payment in the future. These amounts are not recorded in the balance sheet as we have not
yet received the related goods or services. The amounts below are the minimum amounts that we are committed to pay.
The Group has the following contracts in place for future expenditure which are not provided for in the consolidated financial statements:
Contract
Description
Minimum commitment
10-year strategic partnership with Microsoft
To architect LSEG\u2019s data infrastructure using
Minimum cloud-related spend of $2.8 billion
the Microsoft Cloud, and to jointly develop new
over the term of the partnership
1
products and services for data and analytics
Agreement with Reuters News, entered into
To receive news and editorial content
Minimum CPI adjusted payment, which was
in 2018,
for a 30-year term
$368 million for 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-672": { "value": "24. Commitments and contingencies A commitment is a contractual obligation to make a payment in the future. These amounts are not recorded in the balance sheet as we have not yet received the related goods or services. The amounts below are the minimum amounts that we are committed to pay. The Group has the following contracts in place for future expenditure which are not provided for in the consolidated financial statements:
Contract
Description
Minimum commitment
10-year strategic partnership with Microsoft
To architect LSEG\u2019s data infrastructure using
Minimum cloud-related spend of $2.8 billion
the Microsoft Cloud, and to jointly develop new
over the term of the partnership
1
products and services for data and analytics
Agreement with Reuters News, entered into
To receive news and editorial content
Minimum CPI adjusted payment, which was
in 2018,
for a 30-year term
$368 million for 2023
1 The remaining commitment at 31 December 2023 is $2.8 billion. In the normal course of business, the Group can receive legal claims and be involved in legal proceedings and dispute resolution processes including, for example, in relation to commercial matters, service and product quality or liability issues, employee matters and tax audits. The Group is also subject to periodic reviews, inspections and investigations by regulators in the UK and other jurisdictions in which it operates, any of which may result in fines, penalties, business restrictions and other sanctions. A provision for a liability is recognised when it is probable that an outflow of economic benefits will be required to settle a present obligation from past events and a reliable estimate can be made of the amount of the obligation. Any provision recognised is inherently subjective and based on judgement.
For many of these matters it is too early to determine the likely outcome,
or to reliably estimate the amount of any loss as a consequence and
therefore no provision is made. While the outcome of legal and
regulatory matters can be inherently difficult to assess and/or the
potential loss often cannot be reliably estimated, we do not believe that
the liabilities, if any, which could result from the resolution of the legal
and regulatory matters that arise in the normal course of business are
likely to have a material adverse effect on our consolidated financial
position, profit, or cash resources. However, it is possible that future
results could be materially affected by any developments relating to
any such legal and regulatory matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-671": { "value": "
25. Events after the reporting period
r8fin acquisition
On 19 January 2024, Tradeweb acquired R8FIN Holdings LP (r8fin),
a technology provider that specialises in algorithmic-based execution
for US Treasuries and interest rate futures. The total purchase price
consideration is $125 million, consisting of $90 million in cash and
$35 million in shares of Class A common stock of Tradeweb, subject
to working capital and other adjustments.
Purchase of non-controlling interests
In February 2024, LSEG acquired 3.24% of the share capital in
LCH Group Holdings Limited from certain minority shareholders
for \u20ac168 million, taking LSEG\u2019s ownership of LCH Group Holdings
Limited to 85.85%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }