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Reporting entity
These consolidated financial statements have been prepared for
London Stock Exchange Group plc (the \u201cCompany\u201d) and its subsidiaries
(the \u201cGroup\u201d). 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 2024, the Group acquired the businesses listed on the right.
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)
r8fin Holdings,
19 January 2024
Capital
Tradeweb
LP (r8fin) Markets
Institutional Cash
1 August 2024
Capital
Tradeweb
Distributors (ICD) Markets
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "London Stock Exchange Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "London Stock Exchange Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "London Stock Exchange Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "10 Paternoster Square, London, EC4M 7LS", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "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 91. 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 and custodial 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 91.
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\u2019s 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 Expected to be realised or intended to be sold or consumed
in the course of the Group\u2019s operating cycle;
\u2014 Held primarily for trading purposes;
\u2014 Expected to be realised within one year from the reporting
date; or
\u2014 Cash or cash equivalents.
All other assets are classified as non-current.
A liability is current when:
\u2014 It is expected to be settled in the course of the Group\u2019s
operating cycle;
\u2014 It is held primarily for trading purposes;
\u2014 It is due to be settled within one year from the reporting
date; or
\u2014 There is no unconditional right to defer the settlement of the
liability for at least one year after the reporting date.
All other liabilities are classified as non-current.
1.3 Basis of consolidation
The consolidated financial statements comprise the financial
statements of the Company, subsidiaries controlled by the
Company and the results of associates and joint ventures.
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
94.2
Compensation services
(LCH SA)
Financial & Risk
IP owner
England &
100.0
Organisation Limited Wales
Frank Russell Market indices
United States
100.0
Company provider
FTSE International Market indices England & 100.0
Limited provider Wales
LCH Limited
CCP clearing
England & 94.2
services Wales
London Stock Recognised England & 100.0
Exchange plc investment Wales
exchange
LSEGA Financing plcTreasury England & 100.0
management Wales
LSEG Netherlands Treasury
Netherlands
100.0
B.V. management
LSEG US Fin Corp
Treasury
United States
100.0
management
Refinitiv Germany Market and financial
Germany
100.0
GmbH data provider
Refinitiv Japan KK
Market and financial
Japan
100.0
data provider
Refinitiv Limited
Market and financial
England & 100.0
data provider Wales
Refinitiv US LLC
Market and financial
United States
100.0
data provider
Refinitiv US
IP owner
United States
100.0
Organization LLC
Tradeweb Markets Multilateral trading
United States
50.8
LLC (Group) facility
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, consolidated
statement of comprehensive income, consolidated balance sheet
and consolidated 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. 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.
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.
1.5 New and amended standards and interpretations
Standards, interpretations and amendments to published
standards effective for the year ended 31 December 2024
During the year, the following amendments to standards became
effective. These have not had a material impact on the Group\u2019s
financial statements:
\u2014 Amendments to IFRS 16 Leases: Lease liability in a sale
and leaseback
\u2014 Amendments to IAS 1 Presentation of Financial Statements:
Classification of liabilities as current or non-current and
non-current liabilities with covenants
\u2014 Amendments to IAS 7 Statement of Cash Flows and
IFRS 7 Financial Instruments Disclosures: Supplier
finance arrangements
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.
International accounting standards
and interpretations
Effective date
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of exchangeability
1
1 January 2025
Amendments to IFRS 9 Financial Instruments
1 January 2026
3
and IFRS 7 Financial Instruments Disclosure:
Classification and measurement of
financial instruments
1
IFRS 18 Presentation and Disclosure in
Financial Statements
2
1 January 2027
3
IFRS 19 Subsidiaries without Public
1 January 2027
3
Accountability: Disclosures
1
1 These amendments are not expected to have a material impact on the Group\u2019s
financial statements.
2 IFRS 18 replaces IAS 1 and sets out significant new requirements for how financial
statements are presented with particular focus on:
\u2013 The statement of profit or loss, including requirements for mandatory sub-totals
to be presented;
\u2013 Aggregation and disaggregation of information, including the introduction of
overall principles for how information should be aggregated and disaggregated
in financial statements;
\u2013 Disclosures related to management-defined performance measures (MPMs),
which are measures of financial performance based on a total or sub-total
required by IFRS with adjustments made (e.g. Adjusted profit or loss). Entities
will be required to disclose MPMs in the financial statements with disclosures,
including reconciliations of MPMs to the nearest total or sub-total calculated in
accordance with IFRS.
The impact on the Group\u2019s financial statements is still being assessed.
3 Not yet endorsed by the 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
4
Supplier/partner discounts
\u25cf
6.3
Uncertain tax positions
\u25cf
\u25cf
9
Recoverable amounts of CGUs
\u25cf
9
Estimated useful
\u25cf
economic lives
12
Recognition of pension surplus
\u25cf
12
Net present value of pension
\u25cf
\u25cf
assets and liabilities
21
Fair value of intangible
\u25cf
assets acquired as part of
a business combination
Management has discussed the 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 64 to 72 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 Revenue \u2013 We provide a range of climate-related products and
services such as admission on the sustainable bond market
and environmental, social and governance (ESG) indices.
Revenue earned from these support the Group in enabling
others to make sustainable investment decisions aligned with
their ESG objectives.
\u2014 Expenses \u2013 Our main operating cost relates to our staff
costs, followed by IT costs. As a global business, some of our
people will travel overseas to see customers or their teams.
We encourage responsible business travel. To support our
long-term ambition to achieve net zero, the Group purchases
carbon credits and energy attribute certificates to offset
the impact of the Group\u2019s carbon emissions. The cost of
purchasing these has not been material during the current year.
Carbon credits are purchased once the Group\u2019s emissions for
the year have been calculated.
\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 which
may be offset by the cost of purchasing carbon credits and
energy attribute certificates.
\u2014 Useful lives of assets \u2013 The Group\u2019s physical assets consist
mainly of property and IT equipment. Given the type of IT
equipment owned by the Group, we do not expect climate
change to impact 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 expected to be 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.
Our taxable profits are driven by our revenue and expenses,
discussed above.
\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.
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 taxation
\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 for the year in note 7.1 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 real-time pricing data,
trade reporting and reconciliation services.
Data subscription 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 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.
Recoveries consist of fees for content, such as exchange
data that is distributed directly to customers, and
communications fees. Recoveries are generally recognised
over the contract term.
FTSE Russell Revenue in the FTSE Russell division is generated by
providing access to data products, such as indexes
and benchmarks.
Index and data benchmark 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.
Risk
Intelligence
Revenue in the Risk Intelligence division includes third party
risk screening and due diligence services.
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. Subscription fees that provide access to the Group\u2019s
risk screening services on a continuous basis over the
subscription period, are recognised over time, as the Group
satisfies the performance obligation.
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;
transaction and commission fees; 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. Revenue from bond
admissions is generally recognised at the point of admission,
as this reflects when the service is delivered.
The estimated periods for listing services (over which initial
admission and subsequent issuance fees are spread) are
determined with reference to historical analysis of listing
durations in respect of the companies on our markets. The
estimated service period incorporates 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 for initial admission fees 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 \u00a324 million increase in revenue
and a one-year increase in the deferral period would cause
an estimated \u00a323 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 which includes trading of fixed
income, derivatives and foreign exchange 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.
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 mainly 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. Capital Markets continued Subscription fees for access to the company's electronic marketplaces are usually charged on a fixed fee basis. Revenue is recognised over the period that access is provided to the customer as it reflects the Group\u2019s satisfaction of performance obligations. Transaction and commission fees are earned from transactions that are executed on these electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. Network connection 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.
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.
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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties
and interest payable on borrowings, which reflects the agreed
market-based or contractual rate for each transaction,
are calculated using the effective interest method. Interest
payable on bank and other borrowings is presented net
of hedging derivatives.
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 expenses. Credit facility arrangement fees are
capitalised and then amortised over the term 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.
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's 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:
Amortisation
period or useful
Assets
Amortisation method
economic life
Customer
Straight-line basis
5 to 25 years
and supplier
relationships
Brands
Straight-line basis
4 to 25 years
Databases
Straight-line basis
5 to 12 years
and content
Software
Straight-line basis or
7 to 15 years
reducing balance basis
Licences and
intellectual property
Straight-line basis
3 to 25 years
Software and other
Software and other comprises internally developed software,
software purchased from third parties and contract costs.
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.
Internally developed software is initially recorded at cost, which
includes labour, directly attributable costs and any third-party
expenses. Following initial recognition, the asset is carried at cost
less any accumulated amortisation and accumulated impairment
losses. Amortisation of the asset begins when development is
complete, and the asset is available for use. The assets 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.
The cost of internally developed software acquired in a business
combination is their fair value at the date of acquisition. This
includes the incremental fair value adjustment to recognise
internally developed software at its fair value.
Software purchased from third parties and software licence
costs for the development and implementation of systems which
enhance the services provided by the Group are recognised at
cost 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.
Useful economic life and amortisation method
The useful economic life and amortisation method of intangible
assets 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 purchased customer and supplier relationship assets, the
attrition rate of customers versus expected attrition rates set
out at acquisition.
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, administrative fees 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 and the probability of meeting
certain performance targets.
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 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 net treasury 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 as income from equity investments 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, including 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 cash flows the Group expects to receive are
lower than the contractual cash flows due, or are delayed.
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 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 and financial
assets at FVPL \u2013 no ECL is calculated for these assets 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
\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.
The Group hedges a proportion of its net investment in foreign
subsidiaries by designating some borrowings and derivative
financial 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 disposal of the subsidiary.
As part of the Group\u2019s interest rate management policy (see note
17.5), the Group enters into derivative financial 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 financial 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 gain 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) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "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 91. 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 and custodial 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 91. 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\u2019s 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 Expected to be realised or intended to be sold or consumed in the course of the Group\u2019s operating cycle; \u2014 Held primarily for trading purposes; \u2014 Expected to be realised within one year from the reporting date; or \u2014 Cash or cash equivalents. All other assets are classified as non-current. A liability is current when: \u2014 It is expected to be settled in the course of the Group\u2019s operating cycle; \u2014 It is held primarily for trading purposes; \u2014 It is due to be settled within one year from the reporting date; or \u2014 There is no unconditional right to defer the settlement of the liability for at least one year after the reporting date. All other liabilities are classified as non-current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-583": { "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 91. 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 and custodial risk are discussed in note 17.5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "1.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company, subsidiaries controlled by the Company and the results of associates and joint ventures. 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
94.2
Compensation services
(LCH SA)
Financial & Risk
IP owner
England &
100.0
Organisation Limited Wales
Frank Russell Market indices
United States
100.0
Company provider
FTSE International Market indices England & 100.0
Limited provider Wales
LCH Limited
CCP clearing
England & 94.2
services Wales
London Stock Recognised England & 100.0
Exchange plc investment Wales
exchange
LSEGA Financing plcTreasury England & 100.0
management Wales
LSEG Netherlands Treasury
Netherlands
100.0
B.V. management
LSEG US Fin Corp
Treasury
United States
100.0
management
Refinitiv Germany Market and financial
Germany
100.0
GmbH data provider
Refinitiv Japan KK
Market and financial
Japan
100.0
data provider
Refinitiv Limited
Market and financial
England & 100.0
data provider Wales
Refinitiv US LLC
Market and financial
United States
100.0
data provider
Refinitiv US
IP owner
United States
100.0
Organization LLC
Tradeweb Markets Multilateral trading
United States
50.8
LLC (Group) facility
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, consolidated statement of comprehensive income, consolidated balance sheet and consolidated 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "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. 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-584": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-585": { "value": "1.5 New and amended standards and interpretations Standards, interpretations and amendments to published standards effective for the year ended 31 December 2024 During the year, the following amendments to standards became effective. These have not had a material impact on the Group\u2019s financial statements: \u2014 Amendments to IFRS 16 Leases: Lease liability in a sale and leaseback \u2014 Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as current or non-current and non-current liabilities with covenants \u2014 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier finance arrangements 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.
International accounting standards
and interpretations
Effective date
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of exchangeability
1
1 January 2025
Amendments to IFRS 9 Financial Instruments
1 January 2026
3
and IFRS 7 Financial Instruments Disclosure:
Classification and measurement of
financial instruments
1
IFRS 18 Presentation and Disclosure in
Financial Statements
2
1 January 2027
3
IFRS 19 Subsidiaries without Public
1 January 2027
3
Accountability: Disclosures
1
1 These amendments are not expected to have a material impact on the Group\u2019s financial statements. 2 IFRS 18 replaces IAS 1 and sets out significant new requirements for how financial statements are presented with particular focus on: \u2013 The statement of profit or loss, including requirements for mandatory sub-totals to be presented; \u2013 Aggregation and disaggregation of information, including the introduction of overall principles for how information should be aggregated and disaggregated in financial statements; \u2013 Disclosures related to management-defined performance measures (MPMs), which are measures of financial performance based on a total or sub-total required by IFRS with adjustments made (e.g. Adjusted profit or loss). Entities will be required to disclose MPMs in the financial statements with disclosures, including reconciliations of MPMs to the nearest total or sub-total calculated in accordance with IFRS. The impact on the Group\u2019s financial statements is still being assessed. 3 Not yet endorsed by the UK Endorsement Board. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-598": { "value": "1.5 New and amended standards and interpretations Standards, interpretations and amendments to published standards effective for the year ended 31 December 2024 During the year, the following amendments to standards became effective. These have not had a material impact on the Group\u2019s financial statements: \u2014 Amendments to IFRS 16 Leases: Lease liability in a sale and leaseback \u2014 Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as current or non-current and non-current liabilities with covenants \u2014 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier finance arrangements 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.
International accounting standards
and interpretations
Effective date
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of exchangeability
1
1 January 2025
Amendments to IFRS 9 Financial Instruments
1 January 2026
3
and IFRS 7 Financial Instruments Disclosure:
Classification and measurement of
financial instruments
1
IFRS 18 Presentation and Disclosure in
Financial Statements
2
1 January 2027
3
IFRS 19 Subsidiaries without Public
1 January 2027
3
Accountability: Disclosures
1
1 These amendments are not expected to have a material impact on the Group\u2019s financial statements. 2 IFRS 18 replaces IAS 1 and sets out significant new requirements for how financial statements are presented with particular focus on: \u2013 The statement of profit or loss, including requirements for mandatory sub-totals to be presented; \u2013 Aggregation and disaggregation of information, including the introduction of overall principles for how information should be aggregated and disaggregated in financial statements; \u2013 Disclosures related to management-defined performance measures (MPMs), which are measures of financial performance based on a total or sub-total required by IFRS with adjustments made (e.g. Adjusted profit or loss). Entities will be required to disclose MPMs in the financial statements with disclosures, including reconciliations of MPMs to the nearest total or sub-total calculated in accordance with IFRS. The impact on the Group\u2019s financial statements is still being assessed. 3 Not yet endorsed by the UK Endorsement Board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "1.5 New and amended standards and interpretations Standards, interpretations and amendments to published standards effective for the year ended 31 December 2024 During the year, the following amendments to standards became effective. These have not had a material impact on the Group\u2019s financial statements: \u2014 Amendments to IFRS 16 Leases: Lease liability in a sale and leaseback \u2014 Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as current or non-current and non-current liabilities with covenants \u2014 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier finance arrangements ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "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
4
Supplier/partner discounts
\u25cf
6.3
Uncertain tax positions
\u25cf
\u25cf
9
Recoverable amounts of CGUs
\u25cf
9
Estimated useful
\u25cf
economic lives
12
Recognition of pension surplus
\u25cf
12
Net present value of pension
\u25cf
\u25cf
assets and liabilities
21
Fair value of intangible
\u25cf
assets acquired as part of
a business combination
Management has discussed the significant accounting estimates,
assumptions and judgements with the Audit Committee.
Significant accounting judgement
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 item is material by amount or nature. Costs for successful
mergers, acquisitions and disposals of businesses, as well as
subsequent restructuring and integration or separation costs
directly related to the transaction are material by nature.
Non-underlying items typically reflect the impact of mergers,
acquisitions and disposals and other significant restructuring
activity that would otherwise not be recognised or incurred.
The main non-underlying items are:
\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 were acquired as a result of
business combinations;
\u2014 Incremental amortisation and impairment of any fair value
adjustments of intangible assets recognised as a result
of acquisitions;
\u2014 Significant impairment of software and other non-current assets
linked to a change in strategy or operating model;
\u2014 Transaction, integration and separation costs directly related
to acquisitions and disposals of businesses;
\u2014 Significant restructuring costs which are not considered to
drive the day-to-day operating results of the Group; 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 judgement and estimates
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 judgement
Recognition of a pension surplus
The Group judges that, on the gradual settlement 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
Net present value of pension assets and liabilities
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 for the significant defined benefit schemes are pension
increases, the discount rate, the inflation rate 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
Fair value of intangible assets acquired as part of
a business combination
The initial 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 customer 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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "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 64 to 72
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 Revenue \u2013 We provide a range of climate-related products and services such as admission on the sustainable bond market and environmental, social and governance (ESG) indices. Revenue earned from these support the Group in enabling others to make sustainable investment decisions aligned with their ESG objectives. \u2014 Expenses \u2013 Our main operating cost relates to our staff costs, followed by IT costs. As a global business, some of our people will travel overseas to see customers or their teams. We encourage responsible business travel. To support our long-term ambition to achieve net zero, the Group purchases carbon credits and energy attribute certificates to offset the impact of the Group\u2019s carbon emissions. The cost of purchasing these has not been material during the current year. Carbon credits are purchased once the Group\u2019s emissions for the year have been calculated. \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 which may be offset by the cost of purchasing carbon credits and energy attribute certificates. \u2014 Useful lives of assets \u2013 The Group\u2019s physical assets consist mainly of property and IT equipment. Given the type of IT equipment owned by the Group, we do not expect climate change to impact 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 expected to be 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. Our taxable profits are driven by our revenue and expenses, discussed above. \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. ", "dimensions": { "concept": "lseg:DisclosureOfClimateChange", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-606": { "value": "
2. Segment information
This note sets out our results by operating segment. These have
changed in the year \u2013 we now report against five operating segments.
From 2024, the Group reorganised its reporting structure to
align segment reporting with new management reporting lines
to the Executive Committee. The changes impact the previous
Data & Analytics segment, with no change to Capital Markets or
Post Trade reporting.
The Group now reports five main operating segments (compared
with three operating segments under the previous structure):
\u2014 Data & Analytics \u2013 provider of financial data and analytics
\u2014 FTSE Russell \u2013 provider of benchmark data and indices
\u2014 Risk Intelligence \u2013 provider of customer and third-party risk solutions
\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
For the new Data & Analytics perimeter, revenues have been grouped
by product types under three business lines:
\u2014 Workflows consolidates the Group\u2019s user interface businesses,
comprising Trading & Banking and the desktop activities previously
reported within Investment Solutions and Wealth;
\u2014 Data & Feeds consolidates the Group\u2019s data businesses and
comprises Enterprise Data, plus the data and feeds activities
previously reported within Investment Solutions and Wealth; and
\u2014 Analytics which was previously reported within Investment Solutions.
Benchmark & Indices was split out from Investment Solutions and
renamed FTSE Russell as a separate division. Similarly, Customer
& Third-Party Risk became a stand-alone division and renamed
Risk Intelligence.
The segment information for the year ended 31 December 2023
has been re-presented for the changes in operating segments.
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 taxation \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 for the year in note 7.1 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 2024 are as follows:
Data & FTSE Risk Capital
Analytics Russell Intelligence Markets Post Trade Other Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
3.1
4,374
918
531
1,828
928
\u2013
8,579
Net treasury income
3.1
\u2013
\u2013
\u2013
\u2013
266
\u2013
266
Other income
3.1
\u2013
\u2013
\u2013
\u2013
\u2013
13
13
Total income
4,374
918
531
1,828
1,194
13
8,858
Cost of sales
(809)
(63)
(46)
(40)
(215)
\u2013
(1,173)
Gross profit
3,565
855
485
1,788
979
13
7,685
Adjusted operating expenses before depreciation,
amortisation and impairment
4
(1,817)
(264)
(199)
(846)
(432)
(2)
(3,560)
Income from equity investments
11.1
\u2013
\u2013
\u2013
\u2013
\u2013
27
27
Share of loss after tax of associates
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
(4)
Adjusted EBITDA
1,748
591
286
942
547
34
4,148
Adjusted depreciation, amortisation and impairment
9, 10
(573)
(63)
(43)
(167)
(137)
\u2013
(983)
Adjusted operating profit
1,175
528
243
775
410
34
3,165
1 Data & Analytics revenue includes recoveries of \u00a3364 million. Post Trade revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of \u00a34 million
which comprises gross settlement income of \u00a348 million less gross settlement expenses of \u00a344 million.
Re-presented results, including adjusted EBITDA, by operating segment for the year ended 31 December 2023 are as follows:
Data & FTSE Risk Capital
Analytics Russell Intelligence Markets Post Trade Other Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
3.1
4,301
844
492
1,546
878
\u2013
8,061
Net treasury income
3.1
\u2013
\u2013
\u2013
\u2013
289
\u2013
289
Other income
3.1
\u2013
\u2013
\u2013
\u2013
\u2013
29
29
Total income
4,301
844
492
1,546
1,167
29
8,379
Cost of sales
(810)
(60)
(43)
(35)
(195)
\u2013
(1,143)
Gross profit
3,491
784
449
1,511
972
29
7,236
Adjusted operating expenses before depreciation,
amortisation and impairment
4
(1,874)
(259)
(215)
(715)
(403)
(8)
(3,474)
Income from equity investments
11.1
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
Adjusted EBITDA
1,617
525
234
796
569
36
3,777
Adjusted depreciation, amortisation and impairment
9, 10
(560)
(60)
(44)
(128)
(123)
\u2013
(915)
Adjusted operating profit
1,057
465
190
668
446
36
2,862
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.
2.2 Adjusted EBITDA and adjusted operating profit
Profit for the year is reconciled to adjusted operating profit and adjusted
EBITDA as follows:
2024 2023
Notes \u00a3m \u00a3m
Profit for the year
921
948
Taxation
6.1
337
247
Profit before tax
1,258
1,195
Net finance costs
5
205
176
Operating profit
1,463
1,371
Non-underlying items before
interest, tax, depreciation,
amortisation and impairment
2.3
203
263
Non-underlying depreciation,
amortisation and impairment
2.3, 9, 10
1,499
1,228
Adjusted operating profit
3,165
2,862
Adjusted depreciation,
amortisation and impairment
9, 10
983
915
Adjusted EBITDA
4,148
3,777
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 judgement 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 item is material by amount or nature. Costs for successful mergers, acquisitions and disposals of businesses, as well as subsequent restructuring and integration or separation costs directly related to the transaction are material by nature. Non-underlying items typically reflect the impact of mergers, acquisitions and disposals and other significant restructuring activity that would otherwise not be recognised or incurred. The main non-underlying items are: \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 were acquired as a result of business combinations; \u2014 Incremental amortisation and impairment of any fair value adjustments of intangible assets recognised as a result of acquisitions; \u2014 Significant impairment of software and other non-current assets linked to a change in strategy or operating model; \u2014 Transaction, integration and separation costs directly related to acquisitions and disposals of businesses; \u2014 Significant restructuring costs which are not considered to drive the day-to-day operating results of the Group; 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.
2024 2023
Notes \u00a3m \u00a3m
Non-underlying operating expenses
before interest, tax, depreciation,
amortisation and impairment
Transaction (costs credit)/costs
(15)
85
Integration and separation costs
211
211
Restructuring and other costs
15
36
211
332
Profit on disposal of business
(8)
\u2013
Remeasurement gain
\u2013
(69)
(8)
(69)
Non-underlying items before
interest, tax, depreciation,
amortisation and impairment
203
263
Non-underlying depreciation,
amortisation and impairment
Amortisation of purchased
intangible assets
9
1,048
1,057
Amortisation and impairment
of software
9
401
148
Depreciation and impairment of
property, plant and equipment
10
17
23
Impairment of investment in associate
33
\u2013
1,499
1,228
Non-underlying items before
interest and tax
1,702
1,491
Non-underlying finance costs
5
10
6
Non-underlying items before tax
1,712
1,497
Non-underlying tax benefit
6.1
(376)
(378)
Non-underlying items after tax
1,336
1,119
Transaction costs credit mainly relates to the following:
\u2014 r8fin and ICD acquisition costs \u2013 \u00a315 million (see note 21.4).
\u2014 Fair value gain on the contingent consideration payable resulting
from the acquisition of Quantile Group Limited (Quantile) in
2022 \u2013 \u00a321 million (2023: \u00a317 million).
\u2014 Refinitiv acquisition costs credit \u2013 \u00a314 million (2023: \u00a339 million
charge) mainly relating to changes in the Tradeweb tax receivable
agreement liability, and changes in the tax indemnity receivable
from and payable to Thomson Reuters.
Integration and separation costs mainly consist of costs to
integrate Refinitiv of \u00a3166 million (2023: \u00a3209 million) and other
recent acquisitions.
Amortisation of purchased intangible assets of \u00a31,048 million
(2023: \u00a31,057 million) mainly relates to the amortisation of intangible
assets recognised as a result of the acquisition of Refinitiv.
Amortisation and impairment of software of \u00a3401 million
(2023: \u00a3148 million) mainly relates to:
\u2014 Incremental amortisation of fair value adjustments of intangible assets
recognised as a result of the acquisition of Refinitiv \u2013 \u00a3207 million
(2023: \u00a3128 million).
\u2014 Impairment of software assets \u2013 \u00a3186 million (2023: nil). Following
a change in strategy and leadership of certain projects we have
impaired two projects by \u00a3108 million. In addition, as we transition to
a product-led organisation with a focus on a smaller number of
projects, we have impaired assets that are not fully aligned with
this new model. These make up majority of the \u00a378 million balance.
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 \u00a316 million (2023: \u00a322 million).
Following our annual impairment review, the Group recognised an
impairment related to an investment in associate of \u00a333 million due
to lower than expected financial performance.
The non-underlying tax benefit of \u00a3376 million (2023: \u00a3378 million)
mainly reflects the tax impact of the Group\u2019s non-underlying items
(computed based on the tax rates applicable to the respective
territories), partly offset by the impact of certain legislative changes
in the tax rate applied to the surplus on one of the Group\u2019s defined
benefit pension schemes, which resulted in a \u00a344 million expense
(2023: \u00a344 million benefit).
2.4 Segment assets
Total non-current assets (excluding financial instruments, prepayments,
contract assets, deferred tax assets and retirement benefit assets)
broken down by asset location is shown in the following table:
2024 2023
\u00a3m \u00a3m
UK
7,928
8,760
US
20,682
19,853
Europe, excluding UK
3,439
3,823
Asia
1,130
1,078
Other
481
377
Total
33,660
33,891
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "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 taxation \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 for the year in note 7.1 and on the face of the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-607": { "value": "3. Total income and contract liabilities We report total income, which consists of revenue, net treasury income and other income and which is managed on an operating segment basis. This is presented below, as well as revenue by geographic location. 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 real-time pricing data, trade reporting and reconciliation services. Data subscription 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 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. Recoveries consist of fees for content, such as exchange data that is distributed directly to customers, and communications fees. Recoveries are generally recognised over the contract term. FTSE Russell Revenue in the FTSE Russell division is generated by providing access to data products, such as indexes and benchmarks. Index and data benchmark 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. Risk Intelligence Revenue in the Risk Intelligence division includes third party risk screening and due diligence services. 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. Subscription fees that provide access to the Group\u2019s risk screening services on a continuous basis over the subscription period, are recognised over time, as the Group satisfies the performance obligation. 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; transaction and commission fees; 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. Revenue from bond admissions is generally recognised at the point of admission, as this reflects when the service is delivered. The estimated periods for listing services (over which initial admission and subsequent issuance fees are spread) are determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period incorporates 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 for initial admission fees 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 \u00a324 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a323 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 which includes trading of fixed income, derivatives and foreign exchange 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. 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 mainly 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. Capital Markets continued Subscription fees for access to the company's electronic marketplaces are usually charged on a fixed fee basis. Revenue is recognised over the period that access is provided to the customer as it reflects the Group\u2019s satisfaction of performance obligations. Transaction and commission fees are earned from transactions that are executed on these electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. Network connection 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.
The Group\u2019s revenue disaggregated by segment, major product and service line and timing of revenue recognition for the year ended 31 December
2024 is shown below:
Data & FTSE Risk Capital Post
Analytics Russell Intelligence Markets Trade Other Group
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Workflows
1,910
\u2013
\u2013
\u2013
\u2013
\u2013
1,910
Data & feeds
1,880
\u2013
\u2013
\u2013
\u2013
\u2013
1,880
Analytics
220
\u2013
\u2013
\u2013
\u2013
\u2013
220
Recoveries
364
\u2013
\u2013
\u2013
\u2013
\u2013
364
Subscriptions
\u2013
611
\u2013
\u2013
\u2013
\u2013
611
Asset-based
\u2013
307
\u2013
\u2013
\u2013
\u2013
307
Customer & third-party risk solutions
\u2013
\u2013
531
\u2013
\u2013
\u2013
531
Equities
\u2013
\u2013
\u2013
236
\u2013
\u2013
236
Fixed income, derivatives and other
\u2013
\u2013
\u2013
1,334
\u2013
\u2013
1,334
FX
\u2013
\u2013
\u2013
258
\u2013
\u2013
258
OTC derivatives
\u2013
\u2013
\u2013
\u2013
582
\u2013
582
Securities & reporting
\u2013
\u2013
\u2013
\u2013
235
\u2013
235
Non-cash collateral
\u2013
\u2013
\u2013
\u2013
111
\u2013
111
Total revenue
4,374
918
531
1,828
928
\u2013
8,579
Net treasury income
3.2
\u2013
\u2013
\u2013
\u2013
266
\u2013
266
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
13
13
Total income
4,374
918
531
1,828
1,194
13
8,858
Timing of revenue recognition
Services satisfied at a point in time
80
\u2013
121
1,322
500
\u2013
2,023
Services satisfied over time
4,294
918
410
506
428
\u2013
6,556
Total revenue
4,374
918
531
1,828
928
\u2013
8,579
The Group\u2019s re-presented 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 & FTSE Risk Capital Post
Analytics Russell Intelligence Markets Trade Other Group
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Workflows
1,903
\u2013
\u2013
\u2013
\u2013
\u2013
1,903
Data & feeds
1,810
\u2013
\u2013
\u2013
\u2013
\u2013
1,810
Analytics
218
\u2013
\u2013
\u2013
\u2013
\u2013
218
Recoveries
370
\u2013
\u2013
\u2013
\u2013
\u2013
370
Subscriptions
\u2013
563
\u2013
\u2013
\u2013
\u2013
563
Asset-based
\u2013
281
\u2013
\u2013
\u2013
\u2013
281
Customer & third-party risk solutions
\u2013
\u2013
492
\u2013
\u2013
\u2013
492
Equities
\u2013
\u2013
\u2013
227
\u2013
\u2013
227
Fixed income, derivatives and other
\u2013
\u2013
\u2013
1,068
\u2013
\u2013
1,068
FX
\u2013
\u2013
\u2013
251
\u2013
\u2013
251
OTC derivatives
\u2013
\u2013
\u2013
\u2013
517
\u2013
517
Securities & reporting
\u2013
\u2013
\u2013
\u2013
254
\u2013
254
Non-cash collateral
\u2013
\u2013
\u2013
\u2013
107
\u2013
107
Total revenue
4,301
844
492
1,546
878
\u2013
8,061
Net treasury income
3.2
\u2013
\u2013
\u2013
\u2013
289
\u2013
289
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
29
29
Total income
4,301
844
492
1,546
1,167
29
8,379
Timing of revenue recognition
Services satisfied at a point in time
78
1
122
1,055
458
\u2013
1,714
Services satisfied over time
4,223
843
370
491
420
\u2013
6,347
Total revenue
4,301
844
492
1,546
878
\u2013
8,061
3.2 Net treasury income
Net treasury income is earned from instruments held at amortised cost
or fair value as follows:
2024 2023
\u00a3m \u00a3m
Instruments held at amortised cost
Treasury income on assets
3,622
4,122
Treasury expense on assets\u00b9
(759)
(959)
Treasury expense on liabilities
(3,465)
(3,769)
Net expense from instruments held
at amortised cost
(602)
(606)
Instruments held at fair value
Treasury income
868
896
Treasury expense
\u2013
(1)
Net income from instruments held
at fair value
868
895
Net treasury income
266
289
1 Treasury expense on assets represent amounts that earned negative interest rates.
3.3 Total revenue by geographical location
The Group\u2019s revenue disaggregated by geographical location of service
provided is as follows:
2024 2023
\u00a3m \u00a3m
UK
2,717
2,494
US
3,224
2,953
Europe, excluding UK
1,205
1,198
Asia
991
993
Other
442
423
Total revenue
8,579
8,061
3.4 Contract liabilities We report contract liabilities where amounts received or receivable from a customer exceeds revenue recognised in the year, 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 changes in the Group\u2019s contract liabilities during the year are as follows:
2024 2023
\u00a3m \u00a3m
1 January
345
346
Contract liabilities assumed on acquisition
of subsidiaries
\u2013
16
Recognised as revenue during the year
(253)
(270)
Deferred during the year
268
272
Foreign exchange translation
(2)
(19)
31 December
358
345
Non-current contract liabilities
68
72
Current contract liabilities
290
273
Total contract liabilities
358
345
", "dimensions": { "concept": "lseg:DisclosureOfTotalIncomeAndContractLiabilities", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-627": { "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 real-time pricing data, trade reporting and reconciliation services. Data subscription 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 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. Recoveries consist of fees for content, such as exchange data that is distributed directly to customers, and communications fees. Recoveries are generally recognised over the contract term. FTSE Russell Revenue in the FTSE Russell division is generated by providing access to data products, such as indexes and benchmarks. Index and data benchmark 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. Risk Intelligence Revenue in the Risk Intelligence division includes third party risk screening and due diligence services. 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. Subscription fees that provide access to the Group\u2019s risk screening services on a continuous basis over the subscription period, are recognised over time, as the Group satisfies the performance obligation. 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; transaction and commission fees; 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. Revenue from bond admissions is generally recognised at the point of admission, as this reflects when the service is delivered. The estimated periods for listing services (over which initial admission and subsequent issuance fees are spread) are determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period incorporates 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 for initial admission fees 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 \u00a324 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a323 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 which includes trading of fixed income, derivatives and foreign exchange 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. 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 mainly 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. Capital Markets continued Subscription fees for access to the company's electronic marketplaces are usually charged on a fixed fee basis. Revenue is recognised over the period that access is provided to the customer as it reflects the Group\u2019s satisfaction of performance obligations. Transaction and commission fees are earned from transactions that are executed on these electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. Network connection 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. The Group\u2019s revenue disaggregated by segment, major product and service line and timing of revenue recognition for the year ended 31 December 2024 is shown below:
Data & FTSE Risk Capital Post
Analytics Russell Intelligence Markets Trade Other Group
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Workflows
1,910
\u2013
\u2013
\u2013
\u2013
\u2013
1,910
Data & feeds
1,880
\u2013
\u2013
\u2013
\u2013
\u2013
1,880
Analytics
220
\u2013
\u2013
\u2013
\u2013
\u2013
220
Recoveries
364
\u2013
\u2013
\u2013
\u2013
\u2013
364
Subscriptions
\u2013
611
\u2013
\u2013
\u2013
\u2013
611
Asset-based
\u2013
307
\u2013
\u2013
\u2013
\u2013
307
Customer & third-party risk solutions
\u2013
\u2013
531
\u2013
\u2013
\u2013
531
Equities
\u2013
\u2013
\u2013
236
\u2013
\u2013
236
Fixed income, derivatives and other
\u2013
\u2013
\u2013
1,334
\u2013
\u2013
1,334
FX
\u2013
\u2013
\u2013
258
\u2013
\u2013
258
OTC derivatives
\u2013
\u2013
\u2013
\u2013
582
\u2013
582
Securities & reporting
\u2013
\u2013
\u2013
\u2013
235
\u2013
235
Non-cash collateral
\u2013
\u2013
\u2013
\u2013
111
\u2013
111
Total revenue
4,374
918
531
1,828
928
\u2013
8,579
Net treasury income
3.2
\u2013
\u2013
\u2013
\u2013
266
\u2013
266
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
13
13
Total income
4,374
918
531
1,828
1,194
13
8,858
Timing of revenue recognition
Services satisfied at a point in time
80
\u2013
121
1,322
500
\u2013
2,023
Services satisfied over time
4,294
918
410
506
428
\u2013
6,556
Total revenue
4,374
918
531
1,828
928
\u2013
8,579
The Group\u2019s re-presented 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 & FTSE Risk Capital Post
Analytics Russell Intelligence Markets Trade Other Group
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from external customers
Workflows
1,903
\u2013
\u2013
\u2013
\u2013
\u2013
1,903
Data & feeds
1,810
\u2013
\u2013
\u2013
\u2013
\u2013
1,810
Analytics
218
\u2013
\u2013
\u2013
\u2013
\u2013
218
Recoveries
370
\u2013
\u2013
\u2013
\u2013
\u2013
370
Subscriptions
\u2013
563
\u2013
\u2013
\u2013
\u2013
563
Asset-based
\u2013
281
\u2013
\u2013
\u2013
\u2013
281
Customer & third-party risk solutions
\u2013
\u2013
492
\u2013
\u2013
\u2013
492
Equities
\u2013
\u2013
\u2013
227
\u2013
\u2013
227
Fixed income, derivatives and other
\u2013
\u2013
\u2013
1,068
\u2013
\u2013
1,068
FX
\u2013
\u2013
\u2013
251
\u2013
\u2013
251
OTC derivatives
\u2013
\u2013
\u2013
\u2013
517
\u2013
517
Securities & reporting
\u2013
\u2013
\u2013
\u2013
254
\u2013
254
Non-cash collateral
\u2013
\u2013
\u2013
\u2013
107
\u2013
107
Total revenue
4,301
844
492
1,546
878
\u2013
8,061
Net treasury income
3.2
\u2013
\u2013
\u2013
\u2013
289
\u2013
289
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
29
29
Total income
4,301
844
492
1,546
1,167
29
8,379
Timing of revenue recognition
Services satisfied at a point in time
78
1
122
1,055
458
\u2013
1,714
Services satisfied over time
4,223
843
370
491
420
\u2013
6,347
Total revenue
4,301
844
492
1,546
878
\u2013
8,061
3.2 Net treasury income Net treasury income is earned from instruments held at amortised cost or fair value as follows:
2024 2023
\u00a3m \u00a3m
Instruments held at amortised cost
Treasury income on assets
3,622
4,122
Treasury expense on assets\u00b9
(759)
(959)
Treasury expense on liabilities
(3,465)
(3,769)
Net expense from instruments held
at amortised cost
(602)
(606)
Instruments held at fair value
Treasury income
868
896
Treasury expense
\u2013
(1)
Net income from instruments held
at fair value
868
895
Net treasury income
266
289
1 Treasury expense on assets represent amounts that earned negative interest rates. 3.3 Total revenue by geographical location The Group\u2019s revenue disaggregated by geographical location of service provided is as follows:
2024 2023
\u00a3m \u00a3m
UK
2,717
2,494
US
3,224
2,953
Europe, excluding UK
1,205
1,198
Asia
991
993
Other
442
423
Total revenue
8,579
8,061
3.4 Contract liabilities We report contract liabilities where amounts received or receivable from a customer exceeds revenue recognised in the year, 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 changes in the Group\u2019s contract liabilities during the year are as follows:
2024 2023
\u00a3m \u00a3m
1 January
345
346
Contract liabilities assumed on acquisition
of subsidiaries
\u2013
16
Recognised as revenue during the year
(253)
(270)
Deferred during the year
268
272
Foreign exchange translation
(2)
(19)
31 December
358
345
Non-current contract liabilities
68
72
Current contract liabilities
290
273
Total contract liabilities
358
345
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "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 real-time pricing data, trade reporting and reconciliation services. Data subscription 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 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. Recoveries consist of fees for content, such as exchange data that is distributed directly to customers, and communications fees. Recoveries are generally recognised over the contract term. FTSE Russell Revenue in the FTSE Russell division is generated by providing access to data products, such as indexes and benchmarks. Index and data benchmark 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. Risk Intelligence Revenue in the Risk Intelligence division includes third party risk screening and due diligence services. 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. Subscription fees that provide access to the Group\u2019s risk screening services on a continuous basis over the subscription period, are recognised over time, as the Group satisfies the performance obligation. 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; transaction and commission fees; 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. Revenue from bond admissions is generally recognised at the point of admission, as this reflects when the service is delivered. The estimated periods for listing services (over which initial admission and subsequent issuance fees are spread) are determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period incorporates 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 for initial admission fees 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 \u00a324 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a323 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 which includes trading of fixed income, derivatives and foreign exchange 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. Capital Markets continued Subscription fees for access to the company's electronic marketplaces are usually charged on a fixed fee basis. Revenue is recognised over the period that access is provided to the customer as it reflects the Group\u2019s satisfaction of performance obligations. Transaction and commission fees are earned from transactions that are executed on these electronic marketplaces. Revenue is recognised on the transaction date which is when performance obligations are deemed to have been satisfied. Network connection 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 mainly 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-648": { "value": "3.3 Total revenue by geographical location The Group\u2019s revenue disaggregated by geographical location of service provided is as follows:
2024 2023
\u00a3m \u00a3m
UK
2,717
2,494
US
3,224
2,953
Europe, excluding UK
1,205
1,198
Asia
991
993
Other
442
423
Total revenue
8,579
8,061
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-608": { "value": "
4. Operating expenses before depreciation, amortisation and impairment
Operating expenses mainly relate to staff costs, IT costs and third-party
services. 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. Other discounts are spread over the contract term.
Significant accounting judgement
Supplier/partner discounts
The Group exercises judgement when discounts from suppliers
and partners are recognised. That is, whether discounts are
deducted as expenses arise or spread over the contract term.
Certain time- and value-limited discounts in relation to the 10-year
strategic partnership with Microsoft are deducted as expenses
arise. In making this assessment, management considered the
contractual period during which the Group has access to the
discounts and the nature of any claw-back mechanisms in place.
2024
2023
Non- Non-
Adjusted underlying Total Adjusted underlying Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Staff costs
4.1
2,226
141
2,367
2,085
157
2,242
IT costs
636
12
648
607
40
647
Third-party services
396
52
448
404
50
454
Short-term lease costs
9
1
10
13
\u2013
13
Fair value gains on contingent consideration
\u2013
(21)
(21)
\u2013
(17)
(17)
Other costs
334
26
360
323
102
425
3,601
211
3,812
3,432
332
3,764
Foreign exchange (gains)/losses
(1)
\u2013
(1)
32
\u2013
32
Fair value (gains)/losses on embedded
foreign exchange contracts
(40)
\u2013
(40)
10
\u2013
10
Total operating expenses before
depreciation, amortisation and impairment
3,560
211
3,771
3,474
332
3,806
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 96 to 99) as its key management personnel.
Staff costs
2024 2023
Notes \u00a3m \u00a3m
Salaries and other benefits
2,255
2,159
Social security costs
215
204
Pension costs
12.1
100
101
Share-based payment expense
20
165
143
Total payments made to employees
2,735
2,607
Amounts capitalised as
development costs
(368)
(365)
Total staff costs
2,367
2,242
Adjusted staff costs
2,226
2,085
Non-underlying staff costs
141
157
Total staff costs
2,367
2,242
Compensation for key management personnel
2024 2023
\u00a3m \u00a3m
Salaries and other benefits
21
18
Pension costs
1
1
Share-based payments
8
9
Total compensation
30
28
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 122 to 147. Employees The average number of employees during the year, including Executive Directors, was:
2024
2023
UK
4,900
4,880
US
3,235
3,276
India
7,164
6,730
Europe, excluding UK
3,199
2,723
Philippines
2,216
2,254
Sri Lanka
1,720
1,613
China
1,279
1,394
Other Asia
2,079
2,064
Africa and Middle East
589
620
Other
657
676
Average number of employees
1
27,038
26,230
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. 4.2 Auditors' fees Professional fees include fees paid or payable to the Company\u2019s auditors and are analysed below:
2024 2023
\u00a3m \u00a3m
Audit of parent and consolidated
financial statements
5
7
Audit of subsidiary companies
1
10
7
Non-audit services
2
1
1
Total auditors' fees
16
15
1 The year-on-year increase is mainly driven by the inclusion of Tradeweb\u2019s audit fees as Tradeweb are also audited by Deloitte LLP, the Company's auditors. 2 Deloitte LLP provided non-audit services of \u00a31.1 million, 7% of total fees (2023: Ernst and Young LLP provided non-audit services of \u00a30.7 million; 5% of total fees). This comprised audit related assurance services of \u00a30.5 million (2023: \u00a30.4 million) and other non-audit services of \u00a30.6 million (2023: \u00a30.3 million). Further details of the services provided by Deloitte LLP are given in the Report of the Audit Committee on pages 114 to 119 .", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-664": { "value": "4. Operating expenses before depreciation, amortisation and impairment Operating expenses mainly relate to staff costs, IT costs and third-party services. 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. Other discounts are spread over the contract term. Significant accounting judgement Supplier/partner discounts The Group exercises judgement when discounts from suppliers and partners are recognised. That is, whether discounts are deducted as expenses arise or spread over the contract term. Certain time- and value-limited discounts in relation to the 10-year strategic partnership with Microsoft are deducted as expenses arise. In making this assessment, management considered the contractual period during which the Group has access to the discounts and the nature of any claw-back mechanisms in place.
2024
2023
Non- Non-
Adjusted underlying Total Adjusted underlying Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Staff costs
4.1
2,226
141
2,367
2,085
157
2,242
IT costs
636
12
648
607
40
647
Third-party services
396
52
448
404
50
454
Short-term lease costs
9
1
10
13
\u2013
13
Fair value gains on contingent consideration
\u2013
(21)
(21)
\u2013
(17)
(17)
Other costs
334
26
360
323
102
425
3,601
211
3,812
3,432
332
3,764
Foreign exchange (gains)/losses
(1)
\u2013
(1)
32
\u2013
32
Fair value (gains)/losses on embedded
foreign exchange contracts
(40)
\u2013
(40)
10
\u2013
10
Total operating expenses before
depreciation, amortisation and impairment
3,560
211
3,771
3,474
332
3,806
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 96 to 99) as its key management personnel. Staff costs
2024 2023
Notes \u00a3m \u00a3m
Salaries and other benefits
2,255
2,159
Social security costs
215
204
Pension costs
12.1
100
101
Share-based payment expense
20
165
143
Total payments made to employees
2,735
2,607
Amounts capitalised as
development costs
(368)
(365)
Total staff costs
2,367
2,242
Adjusted staff costs
2,226
2,085
Non-underlying staff costs
141
157
Total staff costs
2,367
2,242
Compensation for key management personnel
2024 2023
\u00a3m \u00a3m
Salaries and other benefits
21
18
Pension costs
1
1
Share-based payments
8
9
Total compensation
30
28
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 122 to 147. Employees The average number of employees during the year, including Executive Directors, was:
2024
2023
UK
4,900
4,880
US
3,235
3,276
India
7,164
6,730
Europe, excluding UK
3,199
2,723
Philippines
2,216
2,254
Sri Lanka
1,720
1,613
China
1,279
1,394
Other Asia
2,079
2,064
Africa and Middle East
589
620
Other
657
676
Average number of employees
1
27,038
26,230
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. 4.2 Auditors' fees Professional fees include fees paid or payable to the Company\u2019s auditors and are analysed below:
2024 2023
\u00a3m \u00a3m
Audit of parent and consolidated
financial statements
5
7
Audit of subsidiary companies
1
10
7
Non-audit services
2
1
1
Total auditors' fees
16
15
1 The year-on-year increase is mainly driven by the inclusion of Tradeweb\u2019s audit fees as Tradeweb are also audited by Deloitte LLP, the Company's auditors. 2 Deloitte LLP provided non-audit services of \u00a31.1 million, 7% of total fees (2023: Ernst and Young LLP provided non-audit services of \u00a30.7 million; 5% of total fees). This comprised audit related assurance services of \u00a30.5 million (2023: \u00a30.4 million) and other non-audit services of \u00a30.6 million (2023: \u00a30.3 million). Further details of the services provided by Deloitte LLP are given in the Report of the Audit Committee on pages 114 to 119 .", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-629": { "value": "4. Operating expenses before depreciation, amortisation and impairment Operating expenses mainly relate to staff costs, IT costs and third-party services. 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. Other discounts are spread over the contract term. Significant accounting judgement Supplier/partner discounts The Group exercises judgement when discounts from suppliers and partners are recognised. That is, whether discounts are deducted as expenses arise or spread over the contract term. Certain time- and value-limited discounts in relation to the 10-year strategic partnership with Microsoft are deducted as expenses arise. In making this assessment, management considered the contractual period during which the Group has access to the discounts and the nature of any claw-back mechanisms in place.
2024
2023
Non- Non-
Adjusted underlying Total Adjusted underlying Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Staff costs
4.1
2,226
141
2,367
2,085
157
2,242
IT costs
636
12
648
607
40
647
Third-party services
396
52
448
404
50
454
Short-term lease costs
9
1
10
13
\u2013
13
Fair value gains on contingent consideration
\u2013
(21)
(21)
\u2013
(17)
(17)
Other costs
334
26
360
323
102
425
3,601
211
3,812
3,432
332
3,764
Foreign exchange (gains)/losses
(1)
\u2013
(1)
32
\u2013
32
Fair value (gains)/losses on embedded
foreign exchange contracts
(40)
\u2013
(40)
10
\u2013
10
Total operating expenses before
depreciation, amortisation and impairment
3,560
211
3,771
3,474
332
3,806
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "value": "Accounting policy Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts. Other discounts are spread over the contract term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-628": { "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 96 to 99) as its key management personnel. Staff costs
2024 2023
Notes \u00a3m \u00a3m
Salaries and other benefits
2,255
2,159
Social security costs
215
204
Pension costs
12.1
100
101
Share-based payment expense
20
165
143
Total payments made to employees
2,735
2,607
Amounts capitalised as
development costs
(368)
(365)
Total staff costs
2,367
2,242
Adjusted staff costs
2,226
2,085
Non-underlying staff costs
141
157
Total staff costs
2,367
2,242
Compensation for key management personnel
2024 2023
\u00a3m \u00a3m
Salaries and other benefits
21
18
Pension costs
1
1
Share-based payments
8
9
Total compensation
30
28
Details of Directors\u2019 emoluments are included in the Remuneration
Report on pages 122 to 147.
Employees
The average number of employees during the year, including
Executive Directors, was:
2024
2023
UK
4,900
4,880
US
3,235
3,276
India
7,164
6,730
Europe, excluding UK
3,199
2,723
Philippines
2,216
2,254
Sri Lanka
1,720
1,613
China
1,279
1,394
Other Asia
2,079
2,064
Africa and Middle East
589
620
Other
657
676
Average number of employees
1
27,038
26,230
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-649": { "value": "Compensation for key management personnel
2024 2023
\u00a3m \u00a3m
Salaries and other benefits
21
18
Pension costs
1
1
Share-based payments
8
9
Total compensation
30
28
Details of Directors\u2019 emoluments are included in the Remuneration Report on pages 122 to 147. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-650": { "value": "4.2 Auditors' fees Professional fees include fees paid or payable to the Company\u2019s auditors and are analysed below:
2024 2023
\u00a3m \u00a3m
Audit of parent and consolidated
financial statements
5
7
Audit of subsidiary companies
1
10
7
Non-audit services
2
1
1
Total auditors' fees
16
15
1 The year-on-year increase is mainly driven by the inclusion of Tradeweb\u2019s audit fees as Tradeweb are also audited by Deloitte LLP, the Company's auditors. 2 Deloitte LLP provided non-audit services of \u00a31.1 million, 7% of total fees (2023: Ernst and Young LLP provided non-audit services of \u00a30.7 million; 5% of total fees). This comprised audit related assurance services of \u00a30.5 million (2023: \u00a30.4 million) and other non-audit services of \u00a30.6 million (2023: \u00a30.3 million). Further details of the services provided by Deloitte LLP are given in the Report of the Audit Committee on pages 114 to 119 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-670": { "value": "5. Net finance costs Finance income includes interest on cash deposits and derivative financial instruments, and interest income on retirement benefit assets. Finance costs include interest on borrowings and derivative financial instruments as well as lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury transactions and other borrowings. 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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility .
2024 2023
Notes \u00a3m \u00a3m
Finance income
Financial assets measured at
amortised cost
\u2014 Bank deposit and other
interest income
145
125
\u2014 Lease interest income
1
1
\u2014 Other finance income
1
1
Gain on partial repurchase of bond
16.1
24
\u2013
Derivative financial instruments
interest income
1
\u2013
22
Hedge ineffectiveness on fair
value hedges
17.4c
\u2013
2
Net interest income on net retirement
benefit assets
12.1
4
8
175
159
Finance costs
Financial liabilities measured at
amortised cost
\u2014 Interest payable on bank and
other borrowings
(288)
(225)
\u2014 Lease interest expense
16.2
(20)
(17)
\u2014 Other finance expenses
(17)
(16)
Derivative financial instruments
interest expense
1
(31)
(42)
Hedge ineffectiveness on fair
value hedges
17.4c
(1)
\u2013
Fair value loss on derivative
financial instruments
(8)
(5)
Foreign exchange losses
(15)
(30)
(380)
(335)
Net finance costs
(205)
(176)
Adjusted net finance costs
(195)
(170)
Non-underlying net finance costs
2.3
(10)
(6)
Net finance costs
(205)
(176)
1 For 2024, interest expense on derivative financial instruments has been presented net of
interest income on derivative financial instruments. The 2023 results have not been
re-presented. This change has no overall impact on net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-668": { "value": "5. Net finance costs Finance income includes interest on cash deposits and derivative financial instruments, and interest income on retirement benefit assets. Finance costs include interest on borrowings and derivative financial instruments as well as lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury transactions and other borrowings. 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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility .
2024 2023
Notes \u00a3m \u00a3m
Finance income
Financial assets measured at
amortised cost
\u2014 Bank deposit and other
interest income
145
125
\u2014 Lease interest income
1
1
\u2014 Other finance income
1
1
Gain on partial repurchase of bond
16.1
24
\u2013
Derivative financial instruments
interest income
1
\u2013
22
Hedge ineffectiveness on fair
value hedges
17.4c
\u2013
2
Net interest income on net retirement
benefit assets
12.1
4
8
175
159
Finance costs
Financial liabilities measured at
amortised cost
\u2014 Interest payable on bank and
other borrowings
(288)
(225)
\u2014 Lease interest expense
16.2
(20)
(17)
\u2014 Other finance expenses
(17)
(16)
Derivative financial instruments
interest expense
1
(31)
(42)
Hedge ineffectiveness on fair
value hedges
17.4c
(1)
\u2013
Fair value loss on derivative
financial instruments
(8)
(5)
Foreign exchange losses
(15)
(30)
(380)
(335)
Net finance costs
(205)
(176)
Adjusted net finance costs
(195)
(170)
Non-underlying net finance costs
2.3
(10)
(6)
Net finance costs
(205)
(176)
1 For 2024, interest expense on derivative financial instruments has been presented net of interest income on derivative financial instruments. The 2023 results have not been re-presented. This change has no overall impact on net finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-665": { "value": "5. Net finance costs Finance income includes interest on cash deposits and derivative financial instruments, and interest income on retirement benefit assets. Finance costs include interest on borrowings and derivative financial instruments as well as lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury transactions and other borrowings. 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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility .
2024 2023
Notes \u00a3m \u00a3m
Finance income
Financial assets measured at
amortised cost
\u2014 Bank deposit and other
interest income
145
125
\u2014 Lease interest income
1
1
\u2014 Other finance income
1
1
Gain on partial repurchase of bond
16.1
24
\u2013
Derivative financial instruments
interest income
1
\u2013
22
Hedge ineffectiveness on fair
value hedges
17.4c
\u2013
2
Net interest income on net retirement
benefit assets
12.1
4
8
175
159
Finance costs
Financial liabilities measured at
amortised cost
\u2014 Interest payable on bank and
other borrowings
(288)
(225)
\u2014 Lease interest expense
16.2
(20)
(17)
\u2014 Other finance expenses
(17)
(16)
Derivative financial instruments
interest expense
1
(31)
(42)
Hedge ineffectiveness on fair
value hedges
17.4c
(1)
\u2013
Fair value loss on derivative
financial instruments
(8)
(5)
Foreign exchange losses
(15)
(30)
(380)
(335)
Net finance costs
(205)
(176)
Adjusted net finance costs
(195)
(170)
Non-underlying net finance costs
2.3
(10)
(6)
Net finance costs
(205)
(176)
1 For 2024, interest expense on derivative financial instruments has been presented net of interest income on derivative financial instruments. The 2023 results have not been re-presented. This change has no overall impact on net finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-651": { "value": "5. Net finance costs Finance income includes interest on cash deposits and derivative financial instruments, and interest income on retirement benefit assets. Finance costs include interest on borrowings and derivative financial instruments as well as lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury transactions and other borrowings. 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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility .
2024 2023
Notes \u00a3m \u00a3m
Finance income
Financial assets measured at
amortised cost
\u2014 Bank deposit and other
interest income
145
125
\u2014 Lease interest income
1
1
\u2014 Other finance income
1
1
Gain on partial repurchase of bond
16.1
24
\u2013
Derivative financial instruments
interest income
1
\u2013
22
Hedge ineffectiveness on fair
value hedges
17.4c
\u2013
2
Net interest income on net retirement
benefit assets
12.1
4
8
175
159
Finance costs
Financial liabilities measured at
amortised cost
\u2014 Interest payable on bank and
other borrowings
(288)
(225)
\u2014 Lease interest expense
16.2
(20)
(17)
\u2014 Other finance expenses
(17)
(16)
Derivative financial instruments
interest expense
1
(31)
(42)
Hedge ineffectiveness on fair
value hedges
17.4c
(1)
\u2013
Fair value loss on derivative
financial instruments
(8)
(5)
Foreign exchange losses
(15)
(30)
(380)
(335)
Net finance costs
(205)
(176)
Adjusted net finance costs
(195)
(170)
Non-underlying net finance costs
2.3
(10)
(6)
Net finance costs
(205)
(176)
1 For 2024, interest expense on derivative financial instruments has been presented net of interest income on derivative financial instruments. The 2023 results have not been re-presented. This change has no overall impact on net finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-630": { "value": "5. Net finance costs Finance income includes interest on cash deposits and derivative financial instruments, and interest income on retirement benefit assets. Finance costs include interest on borrowings and derivative financial instruments as well as lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury transactions and other borrowings. 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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility
2024 2023
Notes \u00a3m \u00a3m
Finance income
Financial assets measured at
amortised cost
\u2014 Bank deposit and other
interest income
145
125
\u2014 Lease interest income
1
1
\u2014 Other finance income
1
1
Gain on partial repurchase of bond
16.1
24
\u2013
Derivative financial instruments
interest income
1
\u2013
22
Hedge ineffectiveness on fair
value hedges
17.4c
\u2013
2
Net interest income on net retirement
benefit assets
12.1
4
8
175
159
Finance costs
Financial liabilities measured at
amortised cost
\u2014 Interest payable on bank and
other borrowings
(288)
(225)
\u2014 Lease interest expense
16.2
(20)
(17)
\u2014 Other finance expenses
(17)
(16)
Derivative financial instruments
interest expense
1
(31)
(42)
Hedge ineffectiveness on fair
value hedges
17.4c
(1)
\u2013
Fair value loss on derivative
financial instruments
(8)
(5)
Foreign exchange losses
(15)
(30)
(380)
(335)
Net finance costs
(205)
(176)
Adjusted net finance costs
(195)
(170)
Non-underlying net finance costs
2.3
(10)
(6)
Net finance costs
(205)
(176)
1 For 2024, interest expense on derivative financial instruments has been presented net of interest income on derivative financial instruments. The 2023 results have not been re-presented. This change has no overall impact on net finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-609": { "value": "5. Net finance costs Finance income includes interest on cash deposits and derivative financial instruments, and interest income on retirement benefit assets. Finance costs include interest on borrowings and derivative financial instruments as well as lease interest expense. Net finance costs also include foreign exchange gains or losses associated with corporate treasury transactions and other borrowings. 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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility .
2024 2023
Notes \u00a3m \u00a3m
Finance income
Financial assets measured at
amortised cost
\u2014 Bank deposit and other
interest income
145
125
\u2014 Lease interest income
1
1
\u2014 Other finance income
1
1
Gain on partial repurchase of bond
16.1
24
\u2013
Derivative financial instruments
interest income
1
\u2013
22
Hedge ineffectiveness on fair
value hedges
17.4c
\u2013
2
Net interest income on net retirement
benefit assets
12.1
4
8
175
159
Finance costs
Financial liabilities measured at
amortised cost
\u2014 Interest payable on bank and
other borrowings
(288)
(225)
\u2014 Lease interest expense
16.2
(20)
(17)
\u2014 Other finance expenses
(17)
(16)
Derivative financial instruments
interest expense
1
(31)
(42)
Hedge ineffectiveness on fair
value hedges
17.4c
(1)
\u2013
Fair value loss on derivative
financial instruments
(8)
(5)
Foreign exchange losses
(15)
(30)
(380)
(335)
Net finance costs
(205)
(176)
Adjusted net finance costs
(195)
(170)
Non-underlying net finance costs
2.3
(10)
(6)
Net finance costs
(205)
(176)
1 For 2024, interest expense on derivative financial instruments has been presented net of interest income on derivative financial instruments. The 2023 results have not been re-presented. This change has no overall impact on net finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-599": { "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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-586": { "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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-567": { "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 12 Pension and other
\u2014 Interest costs on retirement retirement benefit schemes
benefit obligations
\u2014 Interest on borrowings
16.1
Borrowings
\u2014 Lease interest income
16.2
Lease liabilities and net
\u2014 Lease interest expense investments in leases
Interest earned on cash deposited with financial counterparties and interest payable on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Interest payable on bank and other borrowings is presented net of hedging derivatives. 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 expenses. Credit facility arrangement fees are capitalised and then amortised over the term of the facility . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-610": { "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.
6.1 Income tax
Tax recognised in the income statement
2024 2023
Notes \u00a3m \u00a3m
Current tax
UK corporation tax for the year at
25% (2023: 23.5%)
145
73
Overseas tax for the year
311
202
Adjustments in respect of
previous years
(13)
(6)
Total current tax
443
269
Deferred tax
Deferred tax expense for the year
142
61
Adjustments in respect of
previous years
(4)
(27)
Deferred tax benefit in relation to
amortisation and impairment of
intangible assets
(244)
(56)
Total deferred tax
6.2
(106)
(22)
Total tax
337
247
Adjusted tax
713
625
Non-underlying tax
2.3
(376)
(378)
Total tax
337
247
Factors affecting the tax charge for the year
The tax charge for the year differs from that derived from the
standard rate of corporation tax in the UK of 25% (2023: 23.5%)
as explained below:
2024 2023
\u00a3m \u00a3m
Profit before tax
1,258
1,195
Profit multiplied by standard rate of
corporation tax in the UK
315
281
Overseas earnings taxed at (lower)/higher rate
(15)
36
Adjustment arising from changes in tax rates
44
(44)
Expenses not deductible
10
2
Adjustments in respect of previous years
(17)
(33)
Deferred tax not recognised
\u2013
5
Total tax
337
247
Tax on items recognised in other comprehensive income
2024 2023
Note \u00a3m \u00a3m
Current tax expense on:
\u2014 Gains/losses on financial assets
(at FVOCI)
(34)
\u2013
Total current tax recognised in other
comprehensive income
(34)
\u2013
Deferred tax benefit/(expense) on:
\u2014 Actuarial movements on retirement
benefit obligations
60
(35)
\u2014 Gains/losses on financial assets
(at FVOCI)
12
2
Total deferred tax recognised in other
comprehensive income
6.2
72
(33)
Total tax recognised in other
comprehensive income
38
(33)
Tax on items recognised in equity
2024 2023
Note \u00a3m \u00a3m
Current tax benefit on:
\u2014 Share-based payments less than
expense recognised
4
\u2013
Total current tax recognised in equity
4
\u2013
Deferred tax benefit/(expense) on:
\u2014 Share-based payments less than
expense recognised
10
15
\u2014 Investment in partnerships (recognised
in non-controlling interests)
(11)
62
\u2014 Other
\u2013
2
Total deferred tax recognised in equity
6.2
(1)
79
Total tax recognised in equity
3
79
Global Minimum Tax
On 11 July 2023, the UK Government substantively enacted the Pillar
Two income taxes legislation effective from 1 January 2024. Under the
legislation, the Company is required to pay top-up tax in the UK on
profits of all its subsidiaries that are taxed at an effective tax rate of
less than 15%.
The Group\u2019s current tax expense related to Pillar Two income taxes is
\u00a35 million for the year.
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.
6.2 Net deferred tax liabilities
2024 2023
\u00a3m \u00a3m
Deferred tax assets
659
664
Deferred tax liabilities
(1,995)
(2,140)
Net deferred tax liabilities
(1,336)
(1,476)
The movements in deferred tax assets and liabilities during the year are shown below:
Tax losses
Goodwill and other Provisions
and carry- Property, Retirement and other
intangible forward plant and Share benefit Investment in temporary
assets
1
attributes equipment schemes obligations
partnerships
2
differences Total
Group
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
(2,816)
617
87
53
(45)
454
72
(1,578)
Deferred tax on acquisition
of subsidiaries
(77)
11
\u2013
\u2013
\u2013
\u2013
3
(63)
Tax recognised in the
income statement
6.1
74
(27)
(17)
(1)
43
(24)
(26)
22
Tax recognised in other
comprehensive income
6.1
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
2
(33)
Tax recognised in equity
6.1
\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)
Tax recognised in the
income statement
6.1
276
(114)
(3)
2
(41)
(14)
\u2013
106
Tax recognised in other
comprehensive income
3
6.1
\u2013
\u2013
\u2013
\u2013
60
\u2013
12
72
Tax recognised in equity
6.1
\u2013
\u2013
\u2013
10
\u2013
(11)
\u2013
(1)
Foreign exchange translation
and other
(39)
13
\u2013
\u2013
\u2013
(11)
\u2013
(37)
31 December 2024
(2,431)
474
66
77
(21)
430
69
(1,336)
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 2024 this liability was \u00a32,431 million (2023: \u00a32,668 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. 3 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%. This change was substantively enacted during the year and the Group now applies the 25% tax rate for deferred tax liability measurement on UK pension surpluses at the balance sheet date. This change has decreased the deferred tax liability in 2024 by \u00a316 million. Unrecognised deferred tax assets As at 31 December 2024, the gross amount of unrecognised temporary differences in respect of losses available for carry forward was \u00a3110 million (2023: \u00a3127 million), all with unlimited expiration. Gross temporary differences of \u00a341 million (2023: \u00a329 million) are also unrecognised in respect of other tax attributes which will expire in 10 years. The assets will be recognised in the future only if sufficient forecast taxable profit arises within the Group. Unrecognised deferred tax liabilities The aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint arrangements, for which deferred tax liabilities have not been recognised at 31 December 2024 is \u00a3249 million (2023: \u00a3nil). 6.3. Uncertain tax positions Significant accounting judgement and estimates 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 On 19 September 2024, the Court of Justice of the European Union issued its judgement in favour of the United Kingdom and taxpayer appellants, including LSEG, in the UK Controlled Foreign Company (CFC) state aid litigation case. The judgement set aside, in its entirety, the earlier judgement of the EU General Court and annulled the earlier decision of the EU Commission. This concludes the matter in the EU Courts. The Group expects, in due course, to receive a refund of the \u00a311 million due from HMRC in relation to the matter. IRS Audit The Group is under audit in the US by the Internal Revenue Service (IRS) in relation to the interest rate applied on certain cross-border intercompany loans from the UK to the US for the 2016-2021 period. While management believes that resolution of this matter will not have a material impact on the Group\u2019s financial position, the Group has continued to recognise an uncertain tax liability in accordance with the requirements of IFRS. The Group has adjusted the value of the uncertain tax liability to reflect the advanced stage of the audit. 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 recognises 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 and 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 has concluded the audit by the Russian Tax Authorities for the 2018-2020 period. The matter did not have a material impact on the Group\u2019s financial position and we have released the associated uncertain tax liability in accordance with the requirements of IFRS. Management believes that this matter is now resolved. US tax credits An uncertain tax position has been recognised in respect of taxes in the US, where the Group has a similar fact pattern to another taxpayer who is participating in ongoing legal proceedings on the matter. Resolution of the legal proceedings is not expected until 2025. Management believes that the resolution of this matter will not have a material impact on the Group\u2019s financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-587": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-631": { "value": "6.2 Net deferred tax liabilities
2024 2023
\u00a3m \u00a3m
Deferred tax assets
659
664
Deferred tax liabilities
(1,995)
(2,140)
Net deferred tax liabilities
(1,336)
(1,476)
The movements in deferred tax assets and liabilities during the year are shown below:
Tax losses
Goodwill and other Provisions
and carry- Property, Retirement and other
intangible forward plant and Share benefit Investment in temporary
assets
1
attributes equipment schemes obligations
partnerships
2
differences Total
Group
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
(2,816)
617
87
53
(45)
454
72
(1,578)
Deferred tax on acquisition
of subsidiaries
(77)
11
\u2013
\u2013
\u2013
\u2013
3
(63)
Tax recognised in the
income statement
6.1
74
(27)
(17)
(1)
43
(24)
(26)
22
Tax recognised in other
comprehensive income
6.1
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
2
(33)
Tax recognised in equity
6.1
\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)
Tax recognised in the
income statement
6.1
276
(114)
(3)
2
(41)
(14)
\u2013
106
Tax recognised in other
comprehensive income
3
6.1
\u2013
\u2013
\u2013
\u2013
60
\u2013
12
72
Tax recognised in equity
6.1
\u2013
\u2013
\u2013
10
\u2013
(11)
\u2013
(1)
Foreign exchange translation
and other
(39)
13
\u2013
\u2013
\u2013
(11)
\u2013
(37)
31 December 2024
(2,431)
474
66
77
(21)
430
69
(1,336)
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 2024
this liability was \u00a32,431 million (2023: \u00a32,668 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.
3 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%. This change was substantively enacted during the year and the Group now applies the 25% tax rate for deferred
tax liability measurement on UK pension surpluses at the balance sheet date. This change has decreased the deferred tax liability in 2024 by \u00a316 million.
Unrecognised deferred tax assets
As at 31 December 2024, the gross amount of unrecognised temporary differences in respect of losses available for carry forward was \u00a3110 million
(2023: \u00a3127 million), all with unlimited expiration. Gross temporary differences of \u00a341 million (2023: \u00a329 million) are also unrecognised in respect of
other tax attributes which will expire in 10 years.
The assets will be recognised in the future only if sufficient forecast taxable profit arises within the Group.
Unrecognised deferred tax liabilities
The aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint
arrangements, for which deferred tax liabilities have not been recognised at 31 December 2024 is \u00a3249 million (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-603": { "value": "Significant accounting judgement and estimates 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 On 19 September 2024, the Court of Justice of the European Union issued its judgement in favour of the United Kingdom and taxpayer appellants, including LSEG, in the UK Controlled Foreign Company (CFC) state aid litigation case. The judgement set aside, in its entirety, the earlier judgement of the EU General Court and annulled the earlier decision of the EU Commission. This concludes the matter in the EU Courts. The Group expects, in due course, to receive a refund of the \u00a311 million due from HMRC in relation to the matter. IRS Audit The Group is under audit in the US by the Internal Revenue Service (IRS) in relation to the interest rate applied on certain cross-border intercompany loans from the UK to the US for the 2016-2021 period. While management believes that resolution of this matter will not have a material impact on the Group\u2019s financial position, the Group has continued to recognise an uncertain tax liability in accordance with the requirements of IFRS. The Group has adjusted the value of the uncertain tax liability to reflect the advanced stage of the audit. 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 recognises 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 and 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 has concluded the audit by the Russian Tax Authorities for the 2018-2020 period. The matter did not have a material impact on the Group\u2019s financial position and we have released the associated uncertain tax liability in accordance with the requirements of IFRS. Management believes that this matter is now resolved. US tax credits An uncertain tax position has been recognised in respect of taxes in the US, where the Group has a similar fact pattern to another taxpayer who is participating in ongoing legal proceedings on the matter. Resolution of the legal proceedings is not expected until 2025. Management believes that the resolution of this matter will not have a material impact on the Group\u2019s financial position. Significant accounting judgement Recognition of a pension surplus The Group judges that, on the gradual settlement 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 Net present value of pension assets and liabilities 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 for the significant defined benefit schemes are pension increases, the discount rate, the inflation rate 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-612": { "value": "
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's share option and award schemes. Adjusted basic earnings per share and adjusted diluted earnings per share exclude non-underlying items from earnings.
2024
2023
Basic earnings per share
128.8p
138.9p
Diluted earnings per share
128.0p
138.1p
Adjusted basic earnings per share
363.5p
323.9p
Adjusted diluted earnings per share
361.5p
322.1p
7.1 Profit and adjusted profit for the year attributable to the
Company\u2019s equity holders
2024 2023
Note \u00a3m \u00a3m
Profit for the year attributable to the
Company\u2019s equity holders
685
761
Adjustments:
\u2014 Total non-underlying items net
of tax
2.3
1,336
1,119
\u2014 Non-underlying items attributable
to non-controlling interests
(87)
(105)
Adjusted profit for the year
attributable to the Company's
equity holders
1,934
1,775
7.2 Weighted average number of shares
1,2
2024 2023
millions millions
Weighted average number of shares
1,2
532
548
Dilutive effect of share options and awards
3
3
Diluted weighted average number of shares
535
551
1 The weighted average number of shares excludes treasury shares and those held in the
Employee Benefit Trust.
2 The change in weighted average number of shares reflects the impact of share buybacks in
2023 and 2024. For details and the number of shares as at 31 December 2024, see note 18.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "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's 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-611": { "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.
2024 2023
\u00a3m \u00a3m
Final dividend for the year ended
31 December 2022 paid 24 May 2023:
75.3p per ordinary share
\u2013
415
Interim dividend for the year ended
31 December 2023 paid 20 September 2023:
35.7p per ordinary share
\u2013
196
Final dividend for the year ended
31 December 2023 paid 22 May 2024:
79.3p per ordinary share
425
\u2013
Interim dividend for the year ended
31 December 2024 paid 18 September 2024:
41.0p per ordinary share
217
\u2013
642
611
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 2024 of 89.0p per share, which amounts to an expected payment of \u00a3472 million on 21 May 2025. This is not reflected in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-632": { "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:
Amortisation
period or useful
Assets
Amortisation method
economic life
Customer
Straight-line basis
5 to 25 years
and supplier
relationships
Brands
Straight-line basis
4 to 25 years
Databases
Straight-line basis
5 to 12 years
and content
Software
Straight-line basis or
7 to 15 years
reducing balance basis
Licences and
intellectual property
Straight-line basis
3 to 25 years
Software and other Software and other comprises internally developed software, software purchased from third parties and contract costs. 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. Internally developed software is initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. Following initial recognition, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. The assets 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. The cost of internally developed software acquired in a business combination is their fair value at the date of acquisition. This includes the incremental fair value adjustment to recognise internally developed software at its fair value. Software purchased from third parties and software licence costs for the development and implementation of systems which enhance the services provided by the Group are recognised at cost 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. Useful economic life and amortisation method The useful economic life and amortisation method of intangible assets 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 purchased customer and supplier relationship assets, the attrition rate of customers versus expected attrition rates set out at acquisition. Significant accounting estimates and assumptions 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 2027. 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 for customer and supplier relationships, brands and databases and content, management considers a number of factors including: customer attrition rates; market participant perspectives of brands; and pace of change of regulation.
Purchased intangible assets
Software,
licences
Customer Databases and
and supplier and intellectual Software
Goodwill relationships Brands content property and other Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2023
19,859
9,925
2,113
2,734
903
4,129
39,663
Intangible assets acquired on acquisition
of subsidiaries
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
Intangible assets acquired on acquisition
of subsidiaries
21.2
258
307
3
\u2013
146
\u2013
714
Additions
1
\u2013
\u2013
\u2013
\u2013
\u2013
934
934
Disposal of business
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
(3)
Disposals and write-off
2
\u2013
(10)
\u2013
\u2013
\u2013
(429)
(439)
Foreign exchange translation
164
172
33
49
12
(31)
399
31 December 2024
19,698
10,137
2,034
2,629
1,015
5,331
40,844
Accumulated amortisation and impairment
1 January 2023
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
Amortisation charge for the year
3
\u2013
607
145
223
73
903
1,951
Impairment
4
\u2013
\u2013
\u2013
\u2013
\u2013
216
216
Disposal of business
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Disposals and write-off
2
\u2013
(10)
\u2013
\u2013
\u2013
(424)
(434)
Foreign exchange translation
\u2013
40
14
17
2
(23)
50
31 December 2024
30
2,803
852
927
448
2,814
7,874
Net book values
5
31 December 2024
19,668
7,334
1,182
1,702
567
2,517
32,970
31 December 2023
19,246
7,502
1,305
1,893
484
2,717
33,147
1 During the year, the Group capitalised sales commissions paid to employees (contract costs) of \u00a351 million (2023: \u00a353 million). 2 During the year the Group recognised disposals and write-offs of assets which are no longer in use of \u00a3434 million with nil net book value (2023: \u00a383 million with nil net book value). 3 Includes non-underlying amortisation of intangible assets of \u00a31,263 million (2023: \u00a31,195 million) (see note 2.3) and amortisation of contract costs of \u00a349 million (2023: \u00a347 million). 4 Following a review of software assets in the year the Group recognised a \u00a3216 million impairment charge in relation to assets with a recoverable amount less than the carrying value. Of this \u00a3186 million (2023: \u00a310 million) is classified as non-underlying (see note 2.3). 5 At 31 December 2024, software and other net book value includes: \u2022 Assets not yet brought into use of \u00a3712 million (2023: \u00a3739 million). No amortisation has been charged on these assets and instead they are assessed for indicators of impairment annually. \u2022 Contract costs of \u00a380 million (2023: \u00a378 million). 9.1 Goodwill During the year, following the change in reporting structure (see note 2), the Group reassessed its CGUs and concluded that the previously reported Data & Analytics CGU should be reorganised into three CGUs. There is no change to the other CGUs. Goodwill is allocated to and monitored by management at the level of the Group\u2019s six CGUs as set out below:
Capital
Markets,
Data & FTSE Risk excluding
Analytics Russell Intelligence Tradeweb Tradeweb Post Trade Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2024
13,767
\u2013
\u2013
2
4,889
588
19,246
Reallocation of goodwill
(7,088)
5,442
1,646
\u2013
\u2013
\u2013
\u2013
Goodwill recognised on acquisition
of subsidiaries
\u2013
\u2013
\u2013
\u2013
258
\u2013
258
Foreign exchange
(8)
54
14
\u2013
102
2
164
31 December 2024
6,671
5,496
1,660
2
5,249
590
19,668
Annual goodwill impairment test Goodwill as at 30 September 2024 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value (being the net book value) 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 the
revenue and cost growth three-year period ending 31 December 2027 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 three-year period are extrapolated using a medium-term growth rate (as discussed above)
growth rates (used to for a further three years. At which point the cash flows are extrapolated using estimated long-term growth rates, which are
determine terminal values) based on 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
Long-term growth rates
Pre-tax discount rates
2024 2023 2024 2023
% % % %
Data & Analytics
4.0
4.1
11.0
12.1
FTSE Russell
3.9
N/A
11.8
N/A
Risk Intelligence
3.8
N/A
12.5
N/A
Capital Markets, excluding Tradeweb
3.7
3.6
9.1
10.3
Tradeweb
4.0
4.1
10.7
11.4
Post Trade
3.4
3.4
12.3
12.2
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) which, in isolation, 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 2024. 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 in assumption required for value-in-use to equal carrying amount
Capital
Markets,
Data & FTSE Risk excluding
Analytics Russell Intelligence
Tradeweb
Tradeweb
Post Trade
Reduction in terminal cash flow (%)
(44.7)
(47.6)
(67.3)
N/A
1
(61.4)
N/A
1
Reduction in long-term growth rates (percentage points)
(3.7)
N/A
1
N/A
1
N/A
1
N/A
1
N/A
1
Increase in pre-tax discount rates (percentage points)
4.0
4.7
N/A
1
N/A
1
6.6
N/A
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 material Remaining
purchased intangible assets amortisation
2024 2023 period
\u00a3m \u00a3m 2024
Customer and supplier relationships
Refinitiv
5,303
5,635
12 years
Tradeweb
823
889
9-16 years
Frank Russell
288
305
10-15 years
ICD
264
N/A
15 years
Acadia
223
233
16 years
Brands
Refinitiv
449
532
1-11 years
Frank Russell
422
442
15 years
Tradeweb
158
169
11 years
Databases and content
Refinitiv
1,693
1,878
7-8 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-613": { "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:
Amortisation
period or useful
Assets
Amortisation method
economic life
Customer
Straight-line basis
5 to 25 years
and supplier
relationships
Brands
Straight-line basis
4 to 25 years
Databases
Straight-line basis
5 to 12 years
and content
Software
Straight-line basis or
7 to 15 years
reducing balance basis
Licences and
intellectual property
Straight-line basis
3 to 25 years
Software and other Software and other comprises internally developed software, software purchased from third parties and contract costs. 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. Internally developed software is initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. Following initial recognition, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. The assets 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. The cost of internally developed software acquired in a business combination is their fair value at the date of acquisition. This includes the incremental fair value adjustment to recognise internally developed software at its fair value. Software purchased from third parties and software licence costs for the development and implementation of systems which enhance the services provided by the Group are recognised at cost 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. Useful economic life and amortisation method The useful economic life and amortisation method of intangible assets 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 purchased customer and supplier relationship assets, the attrition rate of customers versus expected attrition rates set out at acquisition.
Significant accounting estimates and assumptions
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 2027. 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 for customer and supplier
relationships, brands and databases and content, management
considers a number of factors including: customer attrition rates;
market participant perspectives of brands; and pace of change
of regulation.
Purchased intangible assets
Software,
licences
Customer Databases and
and supplier and intellectual Software
Goodwill relationships Brands content property and other Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2023
19,859
9,925
2,113
2,734
903
4,129
39,663
Intangible assets acquired on acquisition
of subsidiaries
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
Intangible assets acquired on acquisition
of subsidiaries
21.2
258
307
3
\u2013
146
\u2013
714
Additions
1
\u2013
\u2013
\u2013
\u2013
\u2013
934
934
Disposal of business
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
(3)
Disposals and write-off
2
\u2013
(10)
\u2013
\u2013
\u2013
(429)
(439)
Foreign exchange translation
164
172
33
49
12
(31)
399
31 December 2024
19,698
10,137
2,034
2,629
1,015
5,331
40,844
Accumulated amortisation and impairment
1 January 2023
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
Amortisation charge for the year
3
\u2013
607
145
223
73
903
1,951
Impairment
4
\u2013
\u2013
\u2013
\u2013
\u2013
216
216
Disposal of business
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Disposals and write-off
2
\u2013
(10)
\u2013
\u2013
\u2013
(424)
(434)
Foreign exchange translation
\u2013
40
14
17
2
(23)
50
31 December 2024
30
2,803
852
927
448
2,814
7,874
Net book values
5
31 December 2024
19,668
7,334
1,182
1,702
567
2,517
32,970
31 December 2023
19,246
7,502
1,305
1,893
484
2,717
33,147
1 During the year, the Group capitalised sales commissions paid to employees (contract costs) of \u00a351 million (2023: \u00a353 million).
2 During the year the Group recognised disposals and write-offs of assets which are no longer in use of \u00a3434 million with nil net book value (2023: \u00a383 million with nil net book value).
3 Includes non-underlying amortisation of intangible assets of \u00a31,263 million (2023: \u00a31,195 million) (see note 2.3) and amortisation of contract costs of \u00a349 million (2023: \u00a347 million).
4 Following a review of software assets in the year the Group recognised a \u00a3216 million impairment charge in relation to assets with a recoverable amount less than the carrying value.
Of this \u00a3186 million (2023: \u00a310 million) is classified as non-underlying (see note 2.3).
5 At 31 December 2024, software and other net book value includes:
\u2022 Assets not yet brought into use of \u00a3712 million (2023: \u00a3739 million). No amortisation has been charged on these assets and instead they are assessed for indicators of impairment annually.
\u2022 Contract costs of \u00a380 million (2023: \u00a378 million).
9.1 Goodwill
During the year, following the change in reporting structure (see note 2), the Group reassessed its CGUs and concluded that the previously reported
Data & Analytics CGU should be reorganised into three CGUs. There is no change to the other CGUs.
Goodwill is allocated to and monitored by management at the level of the Group\u2019s six CGUs as set out below:
Capital
Markets,
Data & FTSE Risk excluding
Analytics Russell Intelligence Tradeweb Tradeweb Post Trade Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2024
13,767
\u2013
\u2013
2
4,889
588
19,246
Reallocation of goodwill
(7,088)
5,442
1,646
\u2013
\u2013
\u2013
\u2013
Goodwill recognised on acquisition
of subsidiaries
\u2013
\u2013
\u2013
\u2013
258
\u2013
258
Foreign exchange
(8)
54
14
\u2013
102
2
164
31 December 2024
6,671
5,496
1,660
2
5,249
590
19,668
Annual goodwill impairment test
Goodwill as at 30 September 2024 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value
(being the net book value) 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 the
revenue and cost growth three-year period ending 31 December 2027 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 three-year period are extrapolated using a medium-term growth rate (as discussed above)
growth rates (used to for a further three years. At which point the cash flows are extrapolated using estimated long-term growth rates, which are
determine terminal values) based on 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
Long-term growth rates
Pre-tax discount rates
2024 2023 2024 2023
% % % %
Data & Analytics
4.0
4.1
11.0
12.1
FTSE Russell
3.9
N/A
11.8
N/A
Risk Intelligence
3.8
N/A
12.5
N/A
Capital Markets, excluding Tradeweb
3.7
3.6
9.1
10.3
Tradeweb
4.0
4.1
10.7
11.4
Post Trade
3.4
3.4
12.3
12.2
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) which, in isolation, 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 2024.
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 in assumption required for value-in-use to equal carrying amount
Capital
Markets,
Data & FTSE Risk excluding
Analytics Russell Intelligence
Tradeweb
Tradeweb
Post Trade
Reduction in terminal cash flow (%)
(44.7)
(47.6)
(67.3)
N/A
1
(61.4)
N/A
1
Reduction in long-term growth rates (percentage points)
(3.7)
N/A
1
N/A
1
N/A
1
N/A
1
N/A
1
Increase in pre-tax discount rates (percentage points)
4.0
4.7
N/A
1
N/A
1
6.6
N/A
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 material Remaining
purchased intangible assets amortisation
2024 2023 period
\u00a3m \u00a3m 2024
Customer and supplier relationships
Refinitiv
5,303
5,635
12 years
Tradeweb
823
889
9-16 years
Frank Russell
288
305
10-15 years
ICD
264
N/A
15 years
Acadia
223
233
16 years
Brands
Refinitiv
449
532
1-11 years
Frank Russell
422
442
15 years
Tradeweb
158
169
11 years
Databases and content
Refinitiv
1,693
1,878
7-8 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-588": { "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:
Amortisation
period or useful
Assets
Amortisation method
economic life
Customer
Straight-line basis
5 to 25 years
and supplier
relationships
Brands
Straight-line basis
4 to 25 years
Databases
Straight-line basis
5 to 12 years
and content
Software
Straight-line basis or
7 to 15 years
reducing balance basis
Licences and
intellectual property
Straight-line basis
3 to 25 years
Software and other Software and other comprises internally developed software, software purchased from third parties and contract costs. 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. Internally developed software is initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. Following initial recognition, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. The assets 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. The cost of internally developed software acquired in a business combination is their fair value at the date of acquisition. This includes the incremental fair value adjustment to recognise internally developed software at its fair value. Software purchased from third parties and software licence costs for the development and implementation of systems which enhance the services provided by the Group are recognised at cost 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. Useful economic life and amortisation method The useful economic life and amortisation method of intangible assets 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 purchased customer and supplier relationship assets, the attrition rate of customers versus expected attrition rates set out at acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-571": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-572": { "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:
Amortisation
period or useful
Assets
Amortisation method
economic life
Customer
Straight-line basis
5 to 25 years
and supplier
relationships
Brands
Straight-line basis
4 to 25 years
Databases
Straight-line basis
5 to 12 years
and content
Software
Straight-line basis or
7 to 15 years
reducing balance basis
Licences and
intellectual property
Straight-line basis
3 to 25 years
Software and other Software and other comprises internally developed software, software purchased from third parties and contract costs. 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. Internally developed software is initially recorded at cost, which includes labour, directly attributable costs and any third-party expenses. Following initial recognition, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. The assets 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. The cost of internally developed software acquired in a business combination is their fair value at the date of acquisition. This includes the incremental fair value adjustment to recognise internally developed software at its fair value. Software purchased from third parties and software licence costs for the development and implementation of systems which enhance the services provided by the Group are recognised at cost 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. Useful economic life and amortisation method The useful economic life and amortisation method of intangible assets 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 purchased customer and supplier relationship assets, the attrition rate of customers versus expected attrition rates set out at acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-604": { "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. Useful economic life and amortisation method The useful economic life and amortisation method of intangible assets 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 purchased customer and supplier relationship assets, the attrition rate of customers versus expected attrition rates set out at acquisition. 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-600": { "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. Useful economic life and amortisation method The useful economic life and amortisation method of intangible assets 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 purchased customer and supplier relationship assets, the attrition rate of customers versus expected attrition rates set out at acquisition. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-652": { "value": "9.1 Goodwill During the year, following the change in reporting structure (see note 2), the Group reassessed its CGUs and concluded that the previously reported Data & Analytics CGU should be reorganised into three CGUs. There is no change to the other CGUs. Goodwill is allocated to and monitored by management at the level of the Group\u2019s six CGUs as set out below:
Capital
Markets,
Data & FTSE Risk excluding
Analytics Russell Intelligence Tradeweb Tradeweb Post Trade Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2024
13,767
\u2013
\u2013
2
4,889
588
19,246
Reallocation of goodwill
(7,088)
5,442
1,646
\u2013
\u2013
\u2013
\u2013
Goodwill recognised on acquisition
of subsidiaries
\u2013
\u2013
\u2013
\u2013
258
\u2013
258
Foreign exchange
(8)
54
14
\u2013
102
2
164
31 December 2024
6,671
5,496
1,660
2
5,249
590
19,668
Annual goodwill impairment test Goodwill as at 30 September 2024 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value (being the net book value) 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 the
revenue and cost growth three-year period ending 31 December 2027 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 three-year period are extrapolated using a medium-term growth rate (as discussed above)
growth rates (used to for a further three years. At which point the cash flows are extrapolated using estimated long-term growth rates, which are
determine terminal values) based on 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
Long-term growth rates
Pre-tax discount rates
2024 2023 2024 2023
% % % %
Data & Analytics
4.0
4.1
11.0
12.1
FTSE Russell
3.9
N/A
11.8
N/A
Risk Intelligence
3.8
N/A
12.5
N/A
Capital Markets, excluding Tradeweb
3.7
3.6
9.1
10.3
Tradeweb
4.0
4.1
10.7
11.4
Post Trade
3.4
3.4
12.3
12.2
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) which, in isolation, 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 2024. 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 in assumption required for value-in-use to equal carrying amount
Capital
Markets,
Data & FTSE Risk excluding
Analytics Russell Intelligence
Tradeweb
Tradeweb
Post Trade
Reduction in terminal cash flow (%)
(44.7)
(47.6)
(67.3)
N/A
1
(61.4)
N/A
1
Reduction in long-term growth rates (percentage points)
(3.7)
N/A
1
N/A
1
N/A
1
N/A
1
N/A
1
Increase in pre-tax discount rates (percentage points)
4.0
4.7
N/A
1
N/A
1
6.6
N/A
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-614": { "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
Right- Leasehold
Freehold of-use improve- Right-of-use
property assets ments assets Owned Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2023
53
672
125
70
624
1,544
Property, plant and equipment acquired on acquisition of subsidiaries
\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
Additions
4
44
7
36
91
182
Lease modifications
\u2013
30
\u2013
42
\u2013
72
Disposals, reclassifications and other
1
(6)
(107)
4
(12)
(26)
(147)
Foreign exchange translation
(1)
(1)
(2)
1
4
1
31 December 2024
14
677
159
180
792
1,822
Accumulated depreciation and impairment
1 January 2023
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
Depreciation charge for the year
\u2013
85
16
58
106
265
Impairment
2
\u2013
17
\u2013
\u2013
\u2013
17
Disposals, reclassifications and other
1
\u2013
(103)
(2)
(15)
(23)
(143)
Foreign exchange translation
\u2013
\u2013
\u2013
\u2013
4
4
31 December 2024
2
353
100
87
599
1,141
Net book values
31 December 2024
12
324
59
93
193
681
31 December 2023
15
357
64
69
211
716
1 During the year, the Group has recognised write offs of right-of-use assets of \u00a3119 million (2023: \u00a337 million) with a net book value of \u00a31 million (2023: \u00a32 million) mainly due to early termination or
leases at the end of their term.
2 Following a review of our right-of-use property assets, we recognised an impairment charge of \u00a317 million in the year (2023: \u00a322 million), of which \u00a316 million (2023: \u00a322 million) is classified as
non-underlying (see note 2.3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-573": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-633": { "value": "
Land & Buildings
Plant and equipment
Right- Leasehold
Freehold of-use improve- Right-of-use
property assets ments assets Owned Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1 January 2023
53
672
125
70
624
1,544
Property, plant and equipment acquired on acquisition of subsidiaries
\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
Additions
4
44
7
36
91
182
Lease modifications
\u2013
30
\u2013
42
\u2013
72
Disposals, reclassifications and other
1
(6)
(107)
4
(12)
(26)
(147)
Foreign exchange translation
(1)
(1)
(2)
1
4
1
31 December 2024
14
677
159
180
792
1,822
Accumulated depreciation and impairment
1 January 2023
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
Depreciation charge for the year
\u2013
85
16
58
106
265
Impairment
2
\u2013
17
\u2013
\u2013
\u2013
17
Disposals, reclassifications and other
1
\u2013
(103)
(2)
(15)
(23)
(143)
Foreign exchange translation
\u2013
\u2013
\u2013
\u2013
4
4
31 December 2024
2
353
100
87
599
1,141
Net book values
31 December 2024
12
324
59
93
193
681
31 December 2023
15
357
64
69
211
716
1 During the year, the Group has recognised write offs of right-of-use assets of \u00a3119 million (2023: \u00a337 million) with a net book value of \u00a31 million (2023: \u00a32 million) mainly due to early termination or leases at the end of their term. 2 Following a review of our right-of-use property assets, we recognised an impairment charge of \u00a317 million in the year (2023: \u00a322 million), of which \u00a316 million (2023: \u00a322 million) is classified as non-underlying (see note 2.3).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-653": { "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:
2024 2023
Notes \u00a3m \u00a3m
Non-current
Equity instruments
11.1
50
372
Debt instruments
11.2
8
\u2013
Total investments in financial assets
17.1
58
372
11.1 Equity instruments Movements in the fair value of investments in equity instruments (which are classified as Level 3) are as follows:
2024 2023
\u00a3m \u00a3m
1 January
372
394
Additions
9
\u2013
Disposals
1
(377)
(1)
Fair value gains/(losses) recognised in other
comprehensive income
2
60
(12)
Foreign exchange translation
(14)
(9)
31 December
50
372
1 In December 2024, the Group divested its 4.9% stake in Euroclear for a total consideration of \u00a3377 million (\u20ac455 million), the fair value at the date of disposal. The accumulated gain recognised in other comprehensive income is \u00a3150 million (\u20ac176 million). 2 During 2024, the Group recognised fair value gains of \u00a385 million (\u20ac101 million) on its investment in Euroclear prior to disposal and a fair value loss of \u00a327 million on its investment in PrimaryBid Limited. See the table below for the fair value of the main equity investments. 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 main investments are as follows:
2024 2023
\u00a3m \u00a3m
Finbourne Technology Limited
14
8
OpenExchange, Inc.
8
8
Sumscope Inc.
7
6
Module Q, Inc.
6
7
PrimaryBid Limited
4
31
Euroclear Holding SA/NV
\u2013
307
Income from equity investments Income from equity investments of \u00a327 million (2023: \u00a315 million) represents dividends received from the Group\u2019s investment in Euroclear prior to disposal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-634": { "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:
2024 2023
Notes \u00a3m \u00a3m
Non-current
Equity instruments
11.1
50
372
Debt instruments
11.2
8
\u2013
Total investments in financial assets
17.1
58
372
11.1 Equity instruments Movements in the fair value of investments in equity instruments (which are classified as Level 3) are as follows:
2024 2023
\u00a3m \u00a3m
1 January
372
394
Additions
9
\u2013
Disposals
1
(377)
(1)
Fair value gains/(losses) recognised in other
comprehensive income
2
60
(12)
Foreign exchange translation
(14)
(9)
31 December
50
372
1 In December 2024, the Group divested its 4.9% stake in Euroclear for a total consideration of \u00a3377 million (\u20ac455 million), the fair value at the date of disposal. The accumulated gain recognised in other comprehensive income is \u00a3150 million (\u20ac176 million). 2 During 2024, the Group recognised fair value gains of \u00a385 million (\u20ac101 million) on its investment in Euroclear prior to disposal and a fair value loss of \u00a327 million on its investment in PrimaryBid Limited. See the table below for the fair value of the main equity investments. 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 main investments are as follows:
2024 2023
\u00a3m \u00a3m
Finbourne Technology Limited
14
8
OpenExchange, Inc.
8
8
Sumscope Inc.
7
6
Module Q, Inc.
6
7
PrimaryBid Limited
4
31
Euroclear Holding SA/NV
\u2013
307
Income from equity investments Income from equity investments of \u00a327 million (2023: \u00a315 million) represents dividends received from the Group\u2019s investment in Euroclear prior to disposal. 11.2 Debt instruments
2024 2023
\u00a3m \u00a3m
1 January
\u2013
226
Additions
8
\u2013
Disposals
\u2013
(223)
Foreign exchange translation
\u2013
(3)
31 December
8
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-615": { "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:
2024 2023
Notes \u00a3m \u00a3m
Non-current
Equity instruments
11.1
50
372
Debt instruments
11.2
8
\u2013
Total investments in financial assets
17.1
58
372
11.1 Equity instruments Movements in the fair value of investments in equity instruments (which are classified as Level 3) are as follows:
2024 2023
\u00a3m \u00a3m
1 January
372
394
Additions
9
\u2013
Disposals
1
(377)
(1)
Fair value gains/(losses) recognised in other
comprehensive income
2
60
(12)
Foreign exchange translation
(14)
(9)
31 December
50
372
1 In December 2024, the Group divested its 4.9% stake in Euroclear for a total consideration of \u00a3377 million (\u20ac455 million), the fair value at the date of disposal. The accumulated gain recognised in other comprehensive income is \u00a3150 million (\u20ac176 million). 2 During 2024, the Group recognised fair value gains of \u00a385 million (\u20ac101 million) on its investment in Euroclear prior to disposal and a fair value loss of \u00a327 million on its investment in PrimaryBid Limited. See the table below for the fair value of the main equity investments.
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 main investments are as follows:
2024 2023
\u00a3m \u00a3m
Finbourne Technology Limited
14
8
OpenExchange, Inc.
8
8
Sumscope Inc.
7
6
Module Q, Inc.
6
7
PrimaryBid Limited
4
31
Euroclear Holding SA/NV
\u2013
307
Income from equity investments
Income from equity investments of \u00a327 million (2023: \u00a315 million)
represents dividends received from the Group\u2019s investment in Euroclear
prior to disposal.
11.2 Debt instruments
2024 2023
\u00a3m \u00a3m
1 January
\u2013
226
Additions
8
\u2013
Disposals
\u2013
(223)
Foreign exchange translation
\u2013
(3)
31 December
8
\u2013
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.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
1
(6)
(8)
Bonds
7,885
7,022
Trade finance loans
\u2013
1
Lease liabilities
494
518
Total non-current borrowings
and lease liabilities
8,373
7,533
Current
Bank borrowings
\u2013
17
Commercial paper
1,037
1,206
Bonds
415
825
Lease liabilities
140
118
Total current borrowings
and lease liabilities
1,592
2,166
Total borrowings and lease liabilities
9,965
9,699
Total borrowings excluding
lease liabilities
16.1
9,331
9,063
Lease liabilities
16.2
634
636
Total borrowings and lease liabilities
9,965
9,699
1 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, commercial paper, unsecured bonds, trade finance loans and bank overdrafts:
Carrying value
Facility/bond 2024 2023 Interest rate
Maturity date \u00a3m \u00a3m \u00a3m %
Committed bank facilities
Multi-currency revolving credit facility
Dec 2027
1,925
(2)
(5)
see note
2
Multi-currency revolving credit facility
Dec 2027
1,075
(2)
(3)
see note
2
Tradeweb multi-currency revolving credit facility
Nov 2028
400
(2)
\u2013
see note
3
Total committed bank facilities
1
3,400
(6)
(8)
Commercial paper
1,037
1,206
0.578
Bonds
$500 million bond, issued April 2021
Apr 2024
\u2013
\u2013
392
0.650
\u20ac500 million bond, issued September 2017
Sep 2024
\u2013
\u2013
433
0.875
\u20ac500 million bond, issued April 2021
Apr 2025
415
415
433
\u2013
$1,000 million bond, issued April 2021
Apr 2026
799
798
782
1.375
\u20ac700 million bond, issued September 2023
Sep 2026
581
592
620
4.125
$500 million bond, issued March 2024
Mar 2027
400
397
\u2013
4.875
\u20ac600 million bond, issued September 2024
Sep 2027
498
494
\u2013
2.750
$100 million bond , issued September 2024
Sep 2027
80
79
\u2013
4.000
\u20ac500 million bond, issued December 2018
Dec 2027
415
413
431
1.750
\u20ac500 million bond, issued April 2021
Apr 2028
415
414
431
0.250
$1,000 million bond, issued April 2021
Apr 2028
799
797
781
2.000
\u20ac500 million bond, issued September 2017
Sep 2029
415
413
431
1.750
\u00a3500 million bond, issued April 2021
Apr 2030
500
496
495
1.625
\u20ac700 million bond, issued September 2023
Sep 2030
581
608
634
4.231
$1,000 million bond, issued April 2021
4
Apr 2031
799
795
976
2.500
\u20ac500 million bond, issued April 2021
Apr 2033
415
410
428
0.750
$750 million bond, issued March 2024
Mar 2034
599
587
\u2013
5.297
$750 million bond, issued April 2021
Apr 2041
599
592
580
3.200
Total bonds
8,310
8,300
7,847
Trade finance loans
Nov 2025
\u2013
1
7.274
Bank overdraft
\u2013
17
Total borrowings excluding lease liabilities
9,331
9,063
1 Negative balances represent the value of unamortised arrangement fees.
2 Interest is payable at the risk free rate plus a margin and credit adjustment spread (CAS). The CAS is variable and depends on the tenor and currency of the borrowings.
3 Interest is payable at a rate equal to, at Tradeweb's option, either (a) a base rate plus a margin or (b) the risk free rate plus a CAS plus a margin, depending on the currency of the borrowings.
4 In December 2024, the Group completed a tender offer to repurchase US$250 million of the US$1,250 million bond maturing in April 2031.
Committed bank facilities: Multi-currency revolving credit facilities
In 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. In November 2023, Tradeweb terminated its
revolving credit facility, entered into in April 2019, and replaced it
with a new US$500 million revolving credit facility which matures in
November 2028. No amounts were outstanding under either the
Group facilities or the Tradeweb facility as at 31 December 2024.
Commercial paper
During the year, the Group updated its Euro Commercial Paper (ECP)
Programme, increasing the limit to \u00a32.25 billion (from \u00a31.5 billion).
As at 31 December 2024, US$944 million (\u00a3753 million) was outstanding
under the US Commercial Paper (USCP) Programme (2023: $937 million
(\u00a3735 million)), and \u20ac252 million (\u00a3209 million) and \u00a375 million under the
ECP Programme (2023: \u20ac353 million (\u00a3306 million) and \u00a3165 million).
Bonds
In March 2024, the Group issued US$1.25 billion of fixed rate bonds
under 144A documentation. The issue consisted of a US$500 million
bond maturing in March 2027 and a US$750 million bond maturing
in March 2034. The Group entered into a series of US dollar interest
rate swaps to swap the fixed interest obligation on the US$750 million
bond to floating interest obligations. The US$750 million bond and
interest rate swaps have been designated as the hedged item and
hedging instrument respectively in a fair value hedge relationship
(see note 17.4c).
In April 2024, the US$500 million bond issued in April 2021 matured.
In September 2024, the Group issued a \u20ac600 million bond and
a US$100 million bond, both maturing in September 2027, under
its \u00a34 billion Euro Medium Term Note Programme (EMTN).
In September 2024, the \u20ac500 million bond and cross-currency interest
rate swaps, entered into in September 2017 matured. The bond and
cross-currency interest rate swaps were designated as hedging
instruments in the hedge of the Group\u2019s net investment in its US dollar
reporting subsidiaries (see note 17.4a).
In December 2024, the Group completed a tender offer to repurchase
US$250 million of the US$1,250 million bond issued in April 2021 and
maturing in April 2031. US$221 million was paid to repurchase the bond,
including US$1 million of accrued interest. A fair value gain of \u00a324 million
has been recognised in finance income (see note 5), which includes the
release of deferred arrangement fees, the partial recycling of a cash
flow hedge from the hedging reserve and transaction costs, totalling
\u00a31 million.
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. The Group drew
down against these facilities during the year and these were fully repaid
as at 31 December 2024.
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.
The following tables provide the fair value measurement hierarchy (see definition in note 17) of the Group\u2019s borrowings, excluding lease liabilities:
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
7,694
78
\u2013
7,772
Commercial paper
\u2013
1,040
\u2013
1,040
1 There were no transfers between levels during the year.
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
7,208
\u2013
\u2013
7,208
Commercial paper
\u2013
1,206
\u2013
1,206
Bank borrowings and trade finance loan
\u2013
10
\u2013
10
1 There were no transfers between levels during 2023.
The carrying amounts of the Group's borrowings, excluding lease liabilities, are denominated in the following currencies:
2024
2023
Drawn
Swapped
1
Effective Drawn
Swapped
1
Effective
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
566
\u2013
566
652
\u2013
652
Euro
3,968
(1,376)
2,592
4,148
(1,818)
2,330
US dollar
4,797
1,376
6,173
4,263
1,818
6,081
Total borrowings excluding lease liabilities
9,331
\u2013
9,331
9,063
\u2013
9,063
1 Euro borrowings have been swapped to US dollar borrowings by entering into cross-currency interest rate swaps.
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 balance sheet.
Movements in lease liabilities were as follows:
2024 2023
Notes \u00a3m \u00a3m
1 January
636
672
Lease liabilities assumed on
acquisition of subsidiaries
\u2013
1
Leases terminated early
(1)
(2)
New lease contracts
81
66
Lease modifications
10
72
74
Lease interest expense
5
20
17
Lease payments \u2013 principal
(156)
(156)
Lease payments \u2013 interest
(20)
(17)
Foreign exchange translation
2
(19)
31 December
634
636
Non-current lease liabilities
494
518
current lease liabilities
140
118
Total lease liabilities
634
636
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 \u00a3235 million.
The weighted average discount rate used by the Group for lease
liabilities was 3.3% (2023: 2.9%).
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.
16.3 Net debt
Net debt comprises cash and cash equivalents less lease liabilities and
borrowings, adjusted for derivative financial instruments.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings
16.1
6
8
Bonds
16.1
(7,885)
(7,022)
Trade finance loans
16.1
\u2013
(1)
Lease liabilities
16.2
(494)
(518)
Derivative financial assets
17.1
63
94
Derivative financial liabilities
17.2
(63)
(22)
Total due after one year
(8,373)
(7,461)
Current
Cash and cash equivalents
14
3,475
3,580
Bank borrowings
16.1
\u2013
(17)
Commercial paper
16.1
(1,037)
(1,206)
Bonds
16.1
(415)
(825)
Lease liabilities
16.2
(140)
(118)
Derivative financial assets
17.1
50
11
Derivative financial liabilities
17.2
(14)
(60)
Total due within one year
1,919
1,365
Net debt
(6,454)
(6,096)
16.4 Liabilities from financing activities
Movement in the Group's financial liabilities arising from financing activities:
Bank Commercial Trade finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
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
2
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
3
51
34
\u2013
139
227
Foreign exchange translation
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
Cash flows from financing activities
(17)
572
(164)
\u2013
(156)
235
Interest paid
1
\u2013
\u2013
(72)
\u2013
\u2013
(72)
Arrangement fees paid
2
\u2013
(11)
\u2013
\u2013
\u2013
(11)
Other movements
3
2
(27)
70
(1)
152
196
Foreign exchange translation
\u2013
(81)
(3)
\u2013
2
(82)
31 December 2024
(6)
8,300
1,037
\u2013
634
9,965
1 For 2024, interest paid on commercial paper has been presented within interest paid in cash flows from operating activities. The 2023 cash flows have not been re-presented.
In 2023, commercial paper interest of \u00a329 million was included within proceeds from borrowings with short-term maturities in cash flows from financing activities.
2 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities.
3 Other movements include non-cash movements relating to:
\u2022 Amortisation of commercial paper interest of \u00a370 million (2023: \u00a334 million), amortisation of arrangement fees of \u00a39 million (2023: \u00a39 million) and bond fair value gain of nil (2023: \u00a345 million),
which increase the carry value of borrowings.
\u2022 Bond fair value loss of \u00a311 million (2023: nil) and discount on partial repurchase of bond of \u00a324 million (2023: nil), which decrease the carrying value of borrowings.
\u2022 Movements in lease liabilities (see note 16.2).
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 net treasury 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 as income from equity investments 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, including 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 cash flows the Group expects to receive are lower than the contractual cash flows due, or are delayed. 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 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 and financial assets at FVPL \u2013 no ECL is calculated for these assets 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 \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. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some borrowings and derivative financial 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 disposal of the subsidiary. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative financial 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 financial 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 gain 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 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
1
\u2014 Clearing member trading assets
\u2013
\u2013
594,555
594,555
\u2014 Other receivables from clearing members
6,882
\u2013
\u2013
6,882
\u2014 Other financial assets
2
\u2013
18,134
\u2013
18,134
\u2014 Clearing member cash and cash equivalents
2
72,909
\u2013
\u2013
72,909
Total clearing member assets
79,791
18,134
594,555
692,480
Trade and other receivables
3
1,583
\u2013
\u2013
1,583
Cash and cash equivalents
3,475
\u2013
\u2013
3,475
Investments in financial assets \u2013 equity instruments
\u2013
50
\u2013
50
Investments in financial assets \u2013 debt instruments
\u2013
8
\u2013
8
Derivative financial instruments designated as net investment hedges
\u2014 Foreign exchange forward contracts
\u2013
\u2013
2
2
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
\u2013
57
57
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
\u2013
27
27
\u2014 Embedded foreign exchange contracts
\u2013
\u2013
27
27
Total derivative financial instruments
\u2013
\u2013
113
113
Total financial assets
84,849
18,192
594,668
697,709
1 At 31 December 2024, 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 (2023: 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. This includes direct investments in highly rated,
regulatory qualifying sovereign bonds and supranational 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. There was no significant increase in credit risk in the year and none of the assets are past due (2023: 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 \u00a3241 million (non-current: \u00a323 million and current: \u00a3218 million) and contract assets of \u00a316 million (non-current: \u00a311 million and current: \u00a35 million) within trade and other receivables
are not classified as financial instruments.
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
1,2
1,955
\u2013
15
1,970
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
99,202
17,647
652,713
769,562
1 For 2023, trade and other receivables classified as financial assets have been re-presented to exclude non-current prepayments of \u00a325 million (see note 13).
2 Prepayments of \u00a3255 million (non-current: \u00a325 million and current: \u00a3230 million) and contract assets of \u00a34 million within trade and other receivables are not classified as financial instruments.
17.2 Financial liabilities
Amortised
cost FVPL Total
31 December 2024 \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Clearing member trading liabilities
\u2013
594,555
594,555
\u2014 Other payables to clearing members
98,085
\u2013
98,085
Total clearing member financial liabilities
98,085
594,555
692,640
Trade and other payables
1
2,261
\u2013
2,261
Borrowings and lease liabilities
9,965
\u2013
9,965
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
25
25
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
1
1
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
37
37
\u2014 Foreign exchange forward contracts
\u2013
12
12
\u2014 Embedded foreign exchange contracts
\u2013
2
2
Total derivative financial instruments
\u2013
77
77
Total financial liabilities
110,311
594,632
704,943
1 Social security and other taxes of \u00a3141 million and deferred compensation of \u00a37 million within trade and other payables are not classified as financial instruments.
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
1
2,300
21
2,321
Borrowings and lease liabilities
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 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.
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
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
\u2013
4,367
\u2013
4,367
\u2014 Non-derivative instruments
\u2013
590,188
\u2013
590,188
\u2014 Other financial assets
18,134
\u2013
\u2013
18,134
18,134
594,555
\u2013
612,689
Investments in financial assets \u2013 equity instruments
\u2013
\u2013
50
50
Investments in financial assets \u2013 debt instruments
\u2013
\u2013
8
8
Derivative financial instruments designated as net investment hedges
\u2014 Foreign exchange forward contracts
\u2013
2
\u2013
2
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
57
\u2013
57
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
27
\u2013
27
\u2014 Embedded foreign exchange contracts
\u2013
27
\u2013
27
Total financial assets measured at fair value
1
18,134
594,668
58
612,860
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 2023 \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 Instruments
\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
1
17,285
652,688
387
670,360
1 There were no transfers between levels during 2023.
Financial liabilities
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
\u2013
4,367
\u2013
4,367
\u2014 Non-derivative instruments
\u2013
590,188
\u2013
590,188
\u2013
594,555
\u2013
594,555
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
25
\u2013
25
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
1
\u2013
1
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
37
\u2013
37
\u2014 Foreign exchange forward contracts
\u2013
12
\u2013
12
\u2014 Embedded foreign exchange contracts
\u2013
2
\u2013
2
Total financial liabilities measured at fair value
1
\u2013
594,632
\u2013
594,632
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 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
1
10
652,665
21
652,696
1 There were no transfers between levels during 2023.
17.4 Hedging activities and derivatives
The Group hedges its exposure to foreign exchange and interest rate
movements using derivative financial 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, cross-currency interest rate
swaps, used to swap a portion of its euro borrowings into US dollar
debt, and foreign exchange forward contracts as net investment hedges.
There is an economic relationship between the hedging instruments
and hedged items as the borrowings and derivatives (hedging
instruments) are matched by the Group\u2019s investments in foreign
operations (hedged items). The Group has established a ratio of 1:1
for the hedging relationships as the underlying foreign exchange risk
of the hedging instruments is identical to the investments. To ensure the
hedge is effective, the Group makes sure that the nominal value of the
hedging instruments is always less than the value of the investments.
Hedge ineffectiveness only arises if the nominal value of the hedging
instrument exceeds the value of the underlying investment. The hedging
instruments are detailed below.
Bonds and cross-currency interest rate swaps
In 2017 and 2018, the Group issued three \u20ac500 million bonds,
maturing in September 2024, December 2027 and September 2029
(refer to note 16.1).
The \u20ac500 million bond which matured in September 2024 and
\u20ac200 million of the bond maturing in September 2029 had been
swapped to US$836 million through a series of cross-currency interest
rate swaps, maturing on the same dates as the bonds. The cross-
currency interest rate swaps effectively exchange the obligations
and coupons of the bonds from euros into US dollars. The combined
\u20ac700 million bonds and cross-currency interest rate swaps have been
designated as hedging instruments in the Group\u2019s net investment in
US dollar reporting subsidiaries.
The \u20ac500 million bond maturing in December 2027 and \u20ac300 million of
the bond maturing in September 2029, which has not been swapped
into US dollars, have been designated as hedging instruments in the
Group\u2019s net investment in euro reporting subsidiaries.
In September 2024, the \u20ac500 million bond and cross-currency interest
rate swaps, used to swap \u20ac500 million into US$597 million, matured.
This reduced the nominal value of the bonds designated as hedging
instruments from \u20ac1,500 million to \u20ac1,000 million and the nominal
value of the cross-currency interest rate swaps designated as hedging
instruments from US$836 million to US$239 million.
Euro denominated bonds
2024
2023
Carrying value of debt on the balance sheet
(\u00a3827m)
(\u00a31,295m)
Nominal value of hedging instrument
\u20ac1,000m
\u20ac1,500m
Hedge ratio
1:1
1:1
Hedge effectiveness
100%
100%
Change in carrying value of hedging instrument
\u00a350m
\u00a331m
Change in value of net investment
(\u00a350m)
(\u00a331m)
Cumulative gain held in hedging reserve for
continuing hedges
\u00a359m
\u00a329m
Gain held in the hedging reserve for relationships
for which hedge accounting no longer applies
\u00a322m
\u2013
Cross-currency interest rate swap
2024
2023
Fair value of derivative liability on the
balance sheet
(\u00a325m)
(\u00a352m)
Nominal value of hedging instrument
$239m
$836m
Hedge ratio
1:1
1:1
Hedge effectiveness
100%
100%
Change in fair value of derivative
(\u00a33m)
\u00a332m
Change in value of net investment
\u00a33m
(\u00a332m)
Cumulative loss held in hedging reserve for
continuing hedges
(\u00a324m)
(\u00a352m)
Loss held in the hedging reserve for relationships
for which hedge accounting no longer applies
(\u00a331m)
\u2013
Foreign exchange forward contracts
In November 2024, the Group entered into foreign exchange forward
contracts to hedge Japanese Yen 39 billion and Swiss Franc 50 million
of its investments in foreign operations.
GBP/JPY foreign exchange forward contracts
2024
2023
Fair value of derivative asset on the balance sheet
\u00a31m
\u2013
Nominal value of hedging instrument
JPY39b
\u2013
Hedge ratio
1:1
\u2013
Hedge effectiveness
100%
\u2013
Change in fair value of derivative
\u2013
\u2013
Change in value of net investment
\u2013
\u2013
Cumulative loss held in the hedging reserve for
continuing hedges
\u2013
\u2013
GBP/CHF foreign exchange forward contracts
2024
2023
Fair value of derivative asset on the balance sheet
\u00a31m
\u2013
Nominal value of hedging instrument
CHF50m
\u2013
Hedge ratio
1:1
\u2013
Hedge effectiveness
100%
\u2013
Change in fair value of derivative
\u2013
\u2013
Change in value of net investment
\u2013
\u2013
Cumulative gain held in the hedging reserve for
continuing hedges
\u2013
\u2013
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 US$500 million, US$1,000 million and US$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 US$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 \u00a36 million (2023: \u00a33 million) was
recycled to the income statement, including \u00a32 million recycled on
partial repurchase of the US$1,250 million bond in December 2024.
In April 2024, the US$500 million 3-year bond matured.
At 31 December 2024, a gain of \u00a311 million (2023: \u00a317 million) remained
in the cash flow hedge reserve.
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. 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.
In March 2024, the Group issued a US$750 million fixed rate bond,
maturing in 2034, as disclosed in note 16.1. On the same day, the Group
entered into a series of US dollar interest rate swaps with a notional
amount of US$750 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) or
the Secured Overnight Financing Rate (SOFR) 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 hedge
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 hedge
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
2024
2023
Fair value of derivative asset on the balance sheet
\u00a357m
\u00a347m
Change in fair value of the derivative
(\u00a32m)
\u00a347m
Nominal value of the hedging instruments
\u20ac1,400m
\u20ac1,400m
Hedge ratio
1:1
1:1
Carrying amount of the borrowings on the
balance sheet
(\u00a31,200m)
(\u00a31,254m)
Accumulated amounts of fair value adjustment on
the hedged items
(\u00a343m)
(\u00a345m)
Change in value of hedged items
\u00a32m
(\u00a345m)
Hedge ineffectiveness recorded in net finance
costs in the income statement
\u00a31m
(\u00a32m)
US$750 million interest rate swaps
2024
2023
Fair value of derivative asset on the balance sheet
(\u00a31m)
\u2013
Change in fair value of the derivative
(\u00a39m)
\u2013
Nominal value of the hedging instruments
US$750m
\u2013
Hedge ratio
1:1
\u2013
Carrying amount of the borrowings on the
balance sheet
(\u00a3587m)
\u2013
Accumulated amounts of fair value adjustment on
the hedged items
\u00a39m
\u2013
Change in value of hedged items
\u00a39m
\u2013
Hedge ineffectiveness recorded in net finance
costs in the income statement
\u2013
\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 US$740 million, with a tenure of three years,
and US$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 SOFR plus a spread.
The cross-currency interest rate swaps have not been designated as
hedges as 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 2024 and 31 December 2023 were
as follows:
Traded against US
Traded against sterling dollars
2024 2023 2024 2023
Sell/(buy) \u00a3m \u00a3m \u00a3m \u00a3m
Euro
(55)
(598)
121
97
US dollar
(1)
635
\u2013
\u2013
Japanese yen
(49)
(29)
\u2013
\u2013
Singapore dollar
(33)
(22)
\u2013
\u2013
Hong Kong dollar
(32)
(32)
\u2013
\u2013
Romanian leu
(22)
(22)
\u2013
\u2013
Australian dollar
(15)
(20)
\u2013
\u2013
Canadian dollar
(14)
(13)
\u2013
\u2013
South African rand
12
9
\u2013
\u2013
Danish krone
(9)
(7)
\u2013
\u2013
Taiwan dollar
(8)
\u2013
\u2013
\u2013
Swiss franc
(6)
(8)
\u2013
\u2013
Other currencies
(18)
(12)
\u2013
\u2013
17.4e Hedging reserve
2024 2023
Note \u00a3m \u00a3m
1 January
(40)
(102)
Net gains on net
investment hedges
18.2
47
63
Amounts recycled to the
income statement
18.2
6
(3)
Foreign exchange translation
\u2013
2
31 December
13
(40)
As at 31 December 2024, \u00a324 million of losses (2023: \u00a332 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 (including foreign exchange and interest rate) risks. Details of these risks,
which should be read in conjunction with the Principal Risks on pages 81 to 90, are provided below.
Capital risk
Risk description Risk management approach
Capital risk relates to the Group\u2019s ability to
meet regulatory capital requirements and
minimum internal investment returns.
There is a risk that the Group\u2019s entities may
not maintain, or have continued access to,
sufficient high-quality capital to meet their
regulatory, or other obligations. This could
result in a loss of regulatory approvals and/or
the imposition of financial sanctions.
Either separately, or in combination, the main
capital risks faced by the Group are:
\u2014 An increased regulatory capital
requirement of its regulated companies
\u2014 Realised, negative yields on
its investments
\u2014 An inability to raise debt or equity
financing as a result of its own poor
financial performance, or poor
financing conditions
The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash
generative. It can manage its capital structure (which consists of equity and debt capital) and react to
changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or
reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the
Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019s capital
structure is presented below:
2024 2023
Book value of capital \u00a3m \u00a3m
Total shareholders\u2019 funds
23,013
23,807
Group borrowings excluding lease liabilities
9,331
9,063
The Group maintains a Capital Management Policy, the execution of which is overseen by the Group\u2019s
Financial, Investment and Capital Committee. The Group seeks to optimally allocate capital in order to
maintain a strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns
to shareholders. Regulated entities within the Group monitor compliance with policy and the capital
requirements set by their respective regulatory authorities to ensure they have been compliant throughout
the year.
Regulatory and operational capital represents:
\u2014 Amounts held as regulatory cash and cash equivalents
\u2014 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:
2024 2023
Regulatory and operational capital \u00a3m \u00a3m
Regulatory cash and cash equivalents
1,342
1,329
Letters of credit
16
19
Total regulatory and operational capital
1,358
1,348
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.
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 2024, leverage was 1.7 times
(2023: 1.8 times).
While the Group\u2019s bank borrowing facilities no longer include leverage and interest cover ratio covenants,
the Group takes into account the potential impact to the key metrics monitored by credit rating agencies
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.
Credit and concentration risk
Risk description Risk management approach
Credit risk relates to the potential for
a Group counterparty (including CCP
members, and any counterparty where
there is exposure through payment, clearing
or settlement processes) to be unable to
meet its financial obligations to the Group
when due.
Credit concentration risk may arise through
Group entities having large individual
or connected exposures to groups of
counterparties whose likelihood of default
is driven by common underlying factors.
Group
Credit risk is governed by policies developed at Group level by the Group Risk function. Limits and
thresholds for credit and concentration risk are reviewed regularly.
Group companies make judgements on the credit quality of their clients. This is based on the client\u2019s
financial position, the recurring nature of billing and collection arrangements and historical evidence relating
to the client\u2019s ability to meet its financial liabilities as they fall due. The Group\u2019s client base is large and so
management deems concentration risk on the Group\u2019s receivables to be low.
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
recognised on other financial instruments.
Non-CCP entities
The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with
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 creditworthiness. 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. This must include a minimum level of cash and
can also include 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:
2024 2023
Total collateral held \u00a3bn \u00a3bn
Collateral security
Cash received
92
110
Non-cash pledged
177
172
Guarantees pledged
1
2
Total collateral as at 31 December
270
284
Maximum collateral held during the year
334
312
Group CCPs manage the credit risk associated with margin and default fund contributions by investing the
cash element in instruments or structures deemed secure by the relevant regulatory bodies. This includes
direct investments in highly rated, regulatory qualifying sovereign bonds and supranational 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.
2024 2023
\u00a3bn \u00a3bn
Total investment portfolio
90
104
Maximum portfolio size during the year
110
147
Additional portfolio information:
Amount invested securely
99.98%
99.99%
Weighted average maturity (days)
72
65
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 2024 was with the French Government with an aggregate
exposure of 40% of the total investment portfolio (2023: 43% 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 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
18.0%
Total receivables
300
865
86
1,251
Expected credit loss
\u2013
(2)
(18)
(20)
Net trade and fees receivables
300
863
68
1,231
Fees Trade receivables
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
Country risk
Risk description Risk management approach
Country risk relates to those risks that are
inherent when doing business with, or
operating in, a country.
Some governments may be unable or find it
difficult to service their debts. This could have
adverse effects, particularly on the Group\u2019s
CCPs, potentially impacting cleared products,
margin collateral, investments, the clearing
membership and the financial industry as
a whole.
In addition, geopolitical events could impact
our ability to operate in a country or impact the
value of our assets in that country. We may
even need to relocate activities or change
our operating model in response.
The Group has a country risk framework which facilitates assessment and monitoring of the risk associated
with doing business with, or operating in, a country.
Group CCPs have specific risk management frameworks that address country risk for both clearing and
margin operations. Contained in these frameworks are a suite of stress scenarios that consider deterioration
of sovereign credit quality as well as other risk factors. These scenarios support CCPs in developing and
maintaining the appropriate country risk measurement, monitoring and mitigation tools. Risk Committees
oversee these risks and the associated policy frameworks to protect the Group against a potentially adverse
impact arising from volatility in the sovereign debt markets.
The Group CCPs\u2019 sovereign exposures at the end of the financial reporting periods were:
2024 2023
Country/organisation \u00a3bn \u00a3bn
France
20
22
US
17
13
UK
10
11
European Union (supranational)
2
2
Other
2
2
Liquidity, settlement and custodial risk
Risk description Risk management approach
The Group\u2019s liquidity risk relates to its ability
to meet its short- and long-term payment
obligations as they fall due.
Additionally, the Group\u2019s CCPs, and certain
other Group entities, must maintain a level
of liquidity (consistent with regulatory
requirements) to ensure the smooth operation
of their respective services and to be able
to continue to operate in the event of
a significant stress event.
The Group\u2019s settlement and custodial
risks relate to the potential for a partner
firm to default on its obligations in respect
of custody, settlement, payment or other
administration activities, or that no action
is taken by the Group to mitigate these
risks. This also includes the risk that client
assets are immobilised as a result of
a third-party bankruptcy.
Group
The Group maintains sufficient liquid resources to meet its financial obligations as they fall due, and to invest
in capital expenditure, pay dividends, meet its pension commitments and appropriately support or fund
acquisitions or repay borrowings. Subject to regulatory constraints impacting certain entities, funds can
(generally) be lent across the Group and cash earnings remitted through regular dividend payments by
subsidiary companies. This is an important component of the Group Treasury cash management policy
and approach.
The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not
significantly impacted by seasonal variations. Management monitors forecasts of the Group\u2019s cash flow and
overlays sensitivities to these forecasts to reflect assumptions about more challenging market conditions
or stress events. The Group will take the appropriate 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.
Non-CCP entities
The Group Treasury Policy requires the Group to maintain adequate credit facilities provided by a diversified
lending group to cover its expected funding requirements and ensure a minimum level of headroom for at
least the next 24 months. The financial strength of the Group\u2019s lenders is monitored regularly.
For full details of the Group\u2019s borrowings and facilities, see note 16.1.
CCPs
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.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
1,664
1,584
3,423
3,932
10,603
Lease liabilities
158
113
215
213
699
Trade and other payables
1,845
\u2013
\u2013
\u2013
1,845
Clearing member liabilities
692,640
\u2013
\u2013
\u2013
692,640
Other non-current payables
\u2013
28
335
195
558
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)
1
2,209
581
3,394
3,930
10,114
Lease liabilities
137
113
235
253
738
Trade and other payables
1
1,853
\u2013
\u2013
\u2013
1,853
Clearing member liabilities
764,041
\u2013
\u2013
\u2013
764,041
Other non-current payables
\u2013
55
314
241
610
1 For 2023, \u00a343 million was presented within the financial liability maturity of trade and other payables. These have been reclassified to the financial liability maturity of borrowings to align with
disclosure for 2024.
The table below analyses the cash flows of the Group\u2019s derivative financial instruments. Net amounts are shown for interest rate swaps and
cross-currency interest rate swaps for which net cash flows are exchanged. When the amounts payable or receivable are based on floating interest
rates, future cash flows have been calculated using ESTR or SOFR at the balance sheet date.
Less than 1 Between 1 Between 2 Over 5
year and 2 years and 5 years years Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross inflow
3,250
642
277
669
4,838
Gross outflow
(3,253)
(671)
(355)
(689)
(4,968)
Less than 1 Between 1 Between 2 Over
year and 2 years and 5 years 5 years Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross inflow
3,881
61
724
833
5,499
Gross outflow
(3,960)
(90)
(758)
(850)
(5,658)
Market risk \u2013 foreign exchange risk Risk description Risk management approach The Group operates globally with primary centres in the UK, Europe and North America. It also has growing and strategically important businesses in Asia. The Group\u2019s principal currencies of operation are sterling, US dollars, and the euro. The Group is exposed to transactional foreign exchange risk and translational risk. Transactional risk arises when we buy or sell goods or services in a currency other than our entities\u2019 functional currencies. We may be exposed to movements in that currency. Translational risk arises from the translation of balances recorded in an entity\u2019s functional currency into the Group\u2019s reporting currency for the purpose of statutory reporting. Transactional foreign exchange risk may present itself in the payment of intragroup transactions or when interest obligations, which are in a different currency, are due. However, both of these operations play their part in controlling the level of translational foreign exchange exposure the Group faces. Transactional foreign exchange risk may also arise when investing in, or divesting from, operations denominated in currencies other than sterling. In addition, the Group has some contracts/ cash flow profiles with a foreign exchange component that could trigger embedded derivative recognition and, as such, fair value accounting treatment. Translational risk The Group manages its translational risk, where possible, by matching the currency of its debt to the currency of its earnings, to make sure certain key financial metrics are protected from material foreign exchange rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order to mitigate the impact of unfavourable currency exchange rate movements on earnings and net assets, non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency. Where required, currency of debt is re-balanced using cross-currency interest rate swaps to better match the currency of debt to the overall currency of earnings. A material proportion of the Group's debt is held in or swapped into euros and US dollars (see the table showing the currency of borrowings in note 16.1). A proportion of the euro denominated debt and cross-currency interest rate swaps provide a hedge against the Group\u2019s net investment in euro and US dollar foreign operations. During the year, the Group also entered into Japanese Yen and Swiss Franc foreign exchange forward contracts to hedge against the Group\u2019s net investments in Japanese and Swiss operations. At 31 December 2024, the Group\u2019s designated hedges of its net investments were effective. Transactional risk While transactional foreign exchange exposure is limited, the Group mitigates this by either hedging material transactions with appropriate derivative instruments or by settling currency payables or receivables within a short timeframe. The Group Treasury Policy requires net balance sheet positions over \u00a32 million or equivalent to be hedged. The risk is also minimised by the periodic exchange of cash into each Group entity\u2019s functional currency. Where appropriate, hedge accounting for derivatives is considered in order to mitigate material levels of income statement volatility. Governance and sensitivity The Group\u2019s Risk Committee reviewed the approach to foreign exchange risk management during the quarter ended 31 December 2024. 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 2024 and 2023 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:
2024
2023
Profit Profit
after tax Equity after tax Equity
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
Sterling weakens
18
(66)
5
(68)
Sterling strengthens
(16)
60
(4)
64
US dollar
Sterling weakens
18
(19)
7
(66)
Sterling strengthens
(16)
7
(6)
60
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 borrowings and derivative financial instruments 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
impact of changes in interest rates on cash
held and investments in financial assets, and
on borrowings held at floating rates.
The Group may also face future interest rate
exposure connected to M&A transactions
where significant debt financing is involved.
The Group\u2019s CCPs have member liabilities, and
separately achieve returns which support the
payment of these liabilities. A CCP\u2019s interest
rate risk can increase if the reference rates
used to calculate liabilities increase while
the reference rates that underpin investment
returns decrease (or do not increase by the
same amount).
Group companies that offer guaranteed
settlement of traded securities can also
be exposed to latent interest rate risk
(and market risk more generally) in the
event of a counterparty default.
The Group\u2019s interest rate management policy focuses on protecting the Group\u2019s credit rating and limiting the
impact of interest rate changes on Group earnings. To support this objective, the Group monitors the impact
of changes in key interest rates on the annualised net finance costs and maintains a maximum debt floating
rate component of 50%. This approach reflects:
\u2014 a focus on the Group\u2019s cost of gross debt rather than its net debt given the material cash and cash
equivalents set aside for regulatory purposes;
\u2014 the short duration allowed for investments of cash and cash equivalents held for regulatory purposes
which, by their nature, generate low investment yields; and
\u2014 the broad natural hedge of floating rate borrowings provided by the significant balances of cash and cash
equivalents held effectively at floating rates of interest.
At 31 December 2024 the floating rate component of total debt was 30% (2023: 26%).
Where the Group has committed to M&A transactions and is exposed to prospective interest rate risk on
borrowings, the Group Treasury function will assess the exposure and consider hedging solutions that
conform with policy and seek to limit future interest costs.
In the Group\u2019s CCPs, interest-bearing assets are generally invested in secured instruments or structures and
for a longer term than interest-bearing liabilities, whose interest rate is reset daily. This makes investment
returns vulnerable to volatility in overnight rates and shifts in spreads between overnight and term rates.
Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite parameters
against which sensitivities are monitored daily.
In its review of the sensitivities to potential movements in interest rates, the Group has considered interest
rate volatility over the last year and prospects for rates over the next 12 months. It has concluded that a
1 percentage point downward movement (with a limited prospect of material upward movement) reflects
a reasonable level of risk to current rates. If interest rates on cash and cash equivalents, borrowings and
derivative financial instruments had been 1 percentage point lower, with all other variables held constant,
profit after tax for 2024 would have been \u00a35 million lower (2023: \u00a39 million) 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 (2023: \u00a31 million).
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 not
Amount as netted, but
reported in available in
the balance event of
Gross amount Amount offset sheet
default
1
Net amount
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
1,804,271
(1,799,904)
4,367
(4,367)
\u2013
Reverse repurchase agreements
2
686,211
(96,023)
590,188
(590,188)
\u2013
Derivative financial instruments
4
86
\u2013
86
(48)
38
Total assets
2,490,568
(1,895,927)
594,641
(594,603)
38
Other financial liabilities
2,3
(1,819,018)
1,814,651
(4,367)
4,367
\u2013
Repurchase agreements
2
(686,211)
96,023
(590,188)
590,188
\u2013
Derivative financial instruments
4
(75)
\u2013
(75)
48
(27)
Total liabilities
(2,505,304)
1,910,674
(594,630)
594,603
(27)
Amounts not
netted, but
Amount as available in
reported in the event of
Gross amount Amount offset balance sheet
default
1
Net amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Reverse repurchase agreements
2
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
4
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
2,3
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
4
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
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 gross and offset amounts is caused by the exclusion of variation margin on qualifying clearing activities.
4 Balance excludes embedded derivatives .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-574": { "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. 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 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 net treasury 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 as income from equity investments 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, including 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 cash flows the Group expects to receive are lower than the contractual cash flows due, or are delayed. 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 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 and financial assets at FVPL \u2013 no ECL is calculated for these assets 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 \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. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some borrowings and derivative financial 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 disposal of the subsidiary. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative financial 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 financial 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 gain 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-654": { "value": "11.2 Debt instruments
2024 2023
\u00a3m \u00a3m
1 January
\u2013
226
Additions
8
\u2013
Disposals
\u2013
(223)
Foreign exchange translation
\u2013
(3)
31 December
8
\u2013
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.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
1
(6)
(8)
Bonds
7,885
7,022
Trade finance loans
\u2013
1
Lease liabilities
494
518
Total non-current borrowings
and lease liabilities
8,373
7,533
Current
Bank borrowings
\u2013
17
Commercial paper
1,037
1,206
Bonds
415
825
Lease liabilities
140
118
Total current borrowings
and lease liabilities
1,592
2,166
Total borrowings and lease liabilities
9,965
9,699
Total borrowings excluding
lease liabilities
16.1
9,331
9,063
Lease liabilities
16.2
634
636
Total borrowings and lease liabilities
9,965
9,699
1 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.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings
16.1
6
8
Bonds
16.1
(7,885)
(7,022)
Trade finance loans
16.1
\u2013
(1)
Lease liabilities
16.2
(494)
(518)
Derivative financial assets
17.1
63
94
Derivative financial liabilities
17.2
(63)
(22)
Total due after one year
(8,373)
(7,461)
Current
Cash and cash equivalents
14
3,475
3,580
Bank borrowings
16.1
\u2013
(17)
Commercial paper
16.1
(1,037)
(1,206)
Bonds
16.1
(415)
(825)
Lease liabilities
16.2
(140)
(118)
Derivative financial assets
17.1
50
11
Derivative financial liabilities
17.2
(14)
(60)
Total due within one year
1,919
1,365
Net debt
(6,454)
(6,096)
16.4 Liabilities from financing activities Movement in the Group's financial liabilities arising from financing activities:
Bank Commercial Trade finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
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
2
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
3
51
34
\u2013
139
227
Foreign exchange translation
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
Cash flows from financing activities
(17)
572
(164)
\u2013
(156)
235
Interest paid
1
\u2013
\u2013
(72)
\u2013
\u2013
(72)
Arrangement fees paid
2
\u2013
(11)
\u2013
\u2013
\u2013
(11)
Other movements
3
2
(27)
70
(1)
152
196
Foreign exchange translation
\u2013
(81)
(3)
\u2013
2
(82)
31 December 2024
(6)
8,300
1,037
\u2013
634
9,965
1 For 2024, interest paid on commercial paper has been presented within interest paid in cash flows from operating activities. The 2023 cash flows have not been re-presented. In 2023, commercial paper interest of \u00a329 million was included within proceeds from borrowings with short-term maturities in cash flows from financing activities. 2 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities. 3 Other movements include non-cash movements relating to: \u2022 Amortisation of commercial paper interest of \u00a370 million (2023: \u00a334 million), amortisation of arrangement fees of \u00a39 million (2023: \u00a39 million) and bond fair value gain of nil (2023: \u00a345 million), which increase the carry value of borrowings. \u2022 Bond fair value loss of \u00a311 million (2023: nil) and discount on partial repurchase of bond of \u00a324 million (2023: nil), which decrease the carrying value of borrowings. \u2022 Movements in lease liabilities (see note 16.2). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-616": { "value": "12. Pension and other retirement benefit schemes Substantially all of the Group\u2019s employees participate in defined benefit or defined contribution schemes. This note describes the main schemes, together with 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, administrative fees 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 judgement Recognition of a pension surplus The Group judges that, on the gradual settlement 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 Net present value of pension assets and liabilities 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 for the significant defined benefit schemes are pension increases, the discount rate, the inflation rate 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 joining the Group 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. 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) \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
2024 2023
Notes \u00a3m \u00a3m
Defined contribution schemes
87
88
Defined benefit scheme \u2013
current/past service cost,
curtailment, and expenses
13
13
Pension costs recognised in
staff costs
4.1
100
101
Net interest income
5
(4)
(8)
96
93
12.2 Amounts recognised in other comprehensive income in respect
of retirement benefit schemes
2024 2023
Note \u00a3m \u00a3m
1 January
(298)
(213)
Actuarial losses recognised
in the year
12.3
(3)
(85)
31 December
(301)
(298)
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.
2024 2023
\u00a3m \u00a3m
Retirement benefit assets
162
172
Retirement benefit obligations
(64)
(79)
Net retirement benefit asset
98
93
The changes in the net retirement benefit asset during the year are
as follows:
2024 2023
Note \u00a3m \u00a3m
1 January
93
167
Pension expense, including
net interest income
(9)
(5)
Actuarial losses
12.2
(3)
(85)
Employer contributions and
benefits paid
16
14
Other
\u2013
1
Foreign exchange translation
1
1
31 December
98
93
The net retirement defined benefit assets/(liabilities) in respect of
defined benefit schemes are as follows:
2024 2023
Note \u00a3m \u00a3m
Large UK schemes
1
12.4
141
157
Other plans
(43)
(64)
Net retirement benefit asset
2
98
93
1 The Group recognises net defined benefit assets on the balance sheet 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 2024.
2 In 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
April 1997 and 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 High
Court judgement was upheld by the Court of Appeal in July 2024, which has potential
implications for schemes that were contracted-out on a salary-related basis, and made
amendments between April 1997 and April 2016. The Group is engaging with the Trustees
of the Large UK schemes. To date, neither the Trustees nor the Group have completed the
analysis to determine whether confirmations were received from the Scheme Actuaries,
where appropriate, for amendments to the scheme and, if the required confirmations were
not received, determine the impact, if any, on the pension scheme obligations. As a result,
no reliable estimate of the potential impact or timing of any associated outflow can be made
at this stage.
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' investment policy,
key assumptions and risk management.
Buy-in 2024 2023
status \u00a3m \u00a3m
RPF
Partial
1
125
140
SPS
Full
2
8
12
LSE Section of LSEGPS
Full
3
3
1
LCH Section of LSEGPS
Full
3
5
4
Net retirement benefit asset
141
157
1 The RPF has a partial buy-in arrangement in place amounting to \u00a3356 million
(2023: \u00a3398 million).
2 As at 31 December 2024, the SPS buy-in amounted to \u00a3176 million (2023: \u00a3194 million).
3 As at 31 December 2024, the LSE and LCH Sections of the LSEGPS buy-in amounted to
\u00a3259 million (2023: \u00a3286 million) and \u00a3129 million (2023: \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 2023
2,369
(2,152)
217
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
Pension (expense)/income
recognised in the income statement
\u2014 Past/current service cost and
administrative fees
\u2013
(8)
(8)
\u2014 Interest income/(cost)
103
(96)
7
Remeasurements recognised in
other comprehensive income
\u2014 Movement on plan assets,
excluding interest income,
recognised in other
comprehensive income
(248)
\u2013
(248)
\u2014 Actuarial gains \u2013
financial assumptions
\u2013
222
222
\u2014 Actuarial gains \u2013
demographic assumptions
\u2013
7
7
Employer contributions
1
6
\u2013
6
Benefits paid
(108)
108
\u2013
Other
(3)
1
(2)
31 December 2024
2,081
(1,940)
141
1 The Group contributed \u00a36 million (2023: \u00a36 million) to its Large UK schemes. The Group
expects to contribute approximately \u00a34 million to its Large UK schemes in 2025. For the 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:
2024 2023
Fair value of assets \u00a3m \u00a3m
Equities
\u2014 Quoted
108
92
\u2014 Not quoted
10
14
Bonds
\u2014 Quoted
\u2013
3
\u2014 Not quoted
1
729
817
Buy-in policy
920
1,026
Cash and cash equivalents
20
25
Multi-assets and other
294
354
Total fair value of assets
2,081
2,331
1 Includes gross assets of \u00a31,310 million (2023: \u00a31,301 million) and associated repurchase
agreement liabilities of \u00a3581 million (2023: \u00a3484 million). Repurchase agreements are entered
into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates,
whilst remaining invested in assets of a similar risk profile.
Investment policy
The Group bears the cost of the Large UK schemes. However, the
responsibility for managing and governing the Large UK schemes lies
with the independent trustee board (Trustees). 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 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 include bulk annuity transactions (buy-ins) broadly insuring
all the benefits. The RPF has partial buy-in.
Plan assets are invested to adequately secure benefits and to minimise
the need for long-term contributions to the schemes. The assets held by
the RPF mainly consist of cash and cash equivalents, government and
corporate bonds, and various investment vehicles. 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.
During the year, the Group and Trustees for each of the Large UK
schemes agreed and finalised the latest triennial valuations. The RPF
and SPS valuations were dated 31 December 2022 and finalised in
March 2024. The LSEGPS valuation was dated 31 December 2023 and
finalised in November 2024. The only valuation which revealed a deficit
was the LSE Section of the LSEGPS which has a recovery plan in place
to remove the technical provisions shortfall of \u00a32 million by April 2028.
The Group continues to provide 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 2024, 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:
2024
2023
Discount rate
\u2014 Non-insured
5.50%
4.50%
\u2014 Insured
5.36%
4.50%
Price inflation
3.23%
3.13%
Rate of increase in salaries
3.20%
3.10%
Life expectancy from age 65 (years)
\u2014 Non-retired male member
23.9
23.8
\u2014 Non-retired female member
26.0
25.9
\u2014 Retired male member
22.3
22.2
\u2014 Retired female member
24.3
24.2
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 obligations as at 31 December 2024.
(Decrease)/increase in
scheme obligations
1
Change in 2024 2023
Assumption assumption \u00a3m \u00a3m
Discount rate
+0.5%
(110)
(135)
Price inflation
+0.5%
60
83
Mortality rate
+1 year
64
79
1 The sensitivity analysis may not be representative of an actual change in the scheme
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 RPF 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;
\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.
Due to the full buy-ins in place for the SPS and LSEGPS, changes in the
present value of the liabilities are matched by the asset held.
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 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:
2024 2023
\u00a3m \u00a3m
Less than 1 year
106
102
Between 1 and 2 years
110
107
Between 2 and 5 years
350
341
Over 5 years
652
638
Total expected benefit payments
1,218
1,188
The weighted average duration of the defined benefit obligations as at
31 December 2024 is 12 years (2023: 13 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-575": { "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, administrative fees 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-635": { "value": "
Defined contribution schemes
Defined contribution schemes are savings plans that provide for
matching contributions from the Group. Most new employees joining the
Group are eligible to participate in these schemes. The main scheme
within the Group is the London Stock Exchange Group Pension Plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-636": { "value": "
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.
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)
\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)
12.3 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.
2024 2023
\u00a3m \u00a3m
Retirement benefit assets
162
172
Retirement benefit obligations
(64)
(79)
Net retirement benefit asset
98
93
The changes in the net retirement benefit asset during the year are as follows:
2024 2023
Note \u00a3m \u00a3m
1 January
93
167
Pension expense, including
net interest income
(9)
(5)
Actuarial losses
12.2
(3)
(85)
Employer contributions and
benefits paid
16
14
Other
\u2013
1
Foreign exchange translation
1
1
31 December
98
93
The net retirement defined benefit assets/(liabilities) in respect of defined benefit schemes are as follows:
2024 2023
Note \u00a3m \u00a3m
Large UK schemes
1
12.4
141
157
Other plans
(43)
(64)
Net retirement benefit asset
2
98
93
1 The Group recognises net defined benefit assets on the balance sheet 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 2024. 2 In 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 April 1997 and 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 High Court judgement was upheld by the Court of Appeal in July 2024, which has potential implications for schemes that were contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016. The Group is engaging with the Trustees of the Large UK schemes. To date, neither the Trustees nor the Group have completed the analysis to determine whether confirmations were received from the Scheme Actuaries, where appropriate, for amendments to the scheme and, if the required confirmations were not received, determine the impact, if any, on the pension scheme obligations. As a result, no reliable estimate of the potential impact or timing of any associated outflow can be made at this stage. 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' investment policy, key assumptions and risk management.
Buy-in 2024 2023
status \u00a3m \u00a3m
RPF
Partial
1
125
140
SPS
Full
2
8
12
LSE Section of LSEGPS
Full
3
3
1
LCH Section of LSEGPS
Full
3
5
4
Net retirement benefit asset
141
157
1 The RPF has a partial buy-in arrangement in place amounting to \u00a3356 million (2023: \u00a3398 million). 2 As at 31 December 2024, the SPS buy-in amounted to \u00a3176 million (2023: \u00a3194 million). 3 As at 31 December 2024, the LSE and LCH Sections of the LSEGPS buy-in amounted to \u00a3259 million (2023: \u00a3286 million) and \u00a3129 million (2023: \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 2023
2,369
(2,152)
217
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
Pension (expense)/income
recognised in the income statement
\u2014 Past/current service cost and
administrative fees
\u2013
(8)
(8)
\u2014 Interest income/(cost)
103
(96)
7
Remeasurements recognised in
other comprehensive income
\u2014 Movement on plan assets,
excluding interest income,
recognised in other
comprehensive income
(248)
\u2013
(248)
\u2014 Actuarial gains \u2013
financial assumptions
\u2013
222
222
\u2014 Actuarial gains \u2013
demographic assumptions
\u2013
7
7
Employer contributions
1
6
\u2013
6
Benefits paid
(108)
108
\u2013
Other
(3)
1
(2)
31 December 2024
2,081
(1,940)
141
1 The Group contributed \u00a36 million (2023: \u00a36 million) to its Large UK schemes. The Group expects to contribute approximately \u00a34 million to its Large UK schemes in 2025. For the 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:
2024 2023
Fair value of assets \u00a3m \u00a3m
Equities
\u2014 Quoted
108
92
\u2014 Not quoted
10
14
Bonds
\u2014 Quoted
\u2013
3
\u2014 Not quoted
1
729
817
Buy-in policy
920
1,026
Cash and cash equivalents
20
25
Multi-assets and other
294
354
Total fair value of assets
2,081
2,331
1 Includes gross assets of \u00a31,310 million (2023: \u00a31,301 million) and associated repurchase agreement liabilities of \u00a3581 million (2023: \u00a3484 million). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Investment policy The Group bears the cost of the Large UK schemes. However, the responsibility for managing and governing the Large UK schemes lies with the independent trustee board (Trustees). 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 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 include bulk annuity transactions (buy-ins) broadly insuring all the benefits. The RPF has partial buy-in. Plan assets are invested to adequately secure benefits and to minimise the need for long-term contributions to the schemes. The assets held by the RPF mainly consist of cash and cash equivalents, government and corporate bonds, and various investment vehicles. 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. During the year, the Group and Trustees for each of the Large UK schemes agreed and finalised the latest triennial valuations. The RPF and SPS valuations were dated 31 December 2022 and finalised in March 2024. The LSEGPS valuation was dated 31 December 2023 and finalised in November 2024. The only valuation which revealed a deficit was the LSE Section of the LSEGPS which has a recovery plan in place to remove the technical provisions shortfall of \u00a32 million by April 2028. The Group continues to provide 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 2024, 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:
2024
2023
Discount rate
\u2014 Non-insured
5.50%
4.50%
\u2014 Insured
5.36%
4.50%
Price inflation
3.23%
3.13%
Rate of increase in salaries
3.20%
3.10%
Life expectancy from age 65 (years)
\u2014 Non-retired male member
23.9
23.8
\u2014 Non-retired female member
26.0
25.9
\u2014 Retired male member
22.3
22.2
\u2014 Retired female member
24.3
24.2
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 obligations as at 31 December 2024.
(Decrease)/increase in
scheme obligations
1
Change in 2024 2023
Assumption assumption \u00a3m \u00a3m
Discount rate
+0.5%
(110)
(135)
Price inflation
+0.5%
60
83
Mortality rate
+1 year
64
79
1 The sensitivity analysis may not be representative of an actual change in the scheme 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 RPF 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; \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. Due to the full buy-ins in place for the SPS and LSEGPS, changes in the present value of the liabilities are matched by the asset held. 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 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:
2024 2023
\u00a3m \u00a3m
Less than 1 year
106
102
Between 1 and 2 years
110
107
Between 2 and 5 years
350
341
Over 5 years
652
638
Total expected benefit payments
1,218
1,188
The weighted average duration of the defined benefit obligations as at 31 December 2024 is 12 years (2023: 13 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-655": { "value": "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 obligations as at 31 December 2024.
(Decrease)/increase in
scheme obligations
1
Change in 2024 2023
Assumption assumption \u00a3m \u00a3m
Discount rate
+0.5%
(110)
(135)
Price inflation
+0.5%
60
83
Mortality rate
+1 year
64
79
1 The sensitivity analysis may not be representative of an actual change in the scheme 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-656": { "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.
2024 2023
Note \u00a3m \u00a3m
Non-current
Net investments in leases
58
62
Tax indemnity receivable
61
66
Deposits receivable
17
19
Other receivables
1
5
6
Non-current receivables classified
as financial assets
1
17.1
141
153
Prepayments
1
23
25
Contract assets
11
\u2013
Total non-current receivables
175
178
Current
Trade receivables
951
941
Fees receivable
300
244
Expected credit loss on trade
receivables and fees receivable
(20)
(13)
Net trade receivables
1,231
1,172
Net investments in leases
4
9
Deposits receivable
49
34
Other receivables
2
158
602
Current trade and other receivables
classified as financial assets
17.1
1,442
1,817
Prepayments
218
230
Contract assets
5
4
Total current trade and
other receivables
1,665
2,051
Total receivables
1,840
2,229
1 For 2023, non-current prepayments of \u00a325 million have been disaggregated from non-current other receivables to be consistent with 2024 and non-current receivables classified as financial assets have been re-presented to exclude these non-current prepayments. 2 Other receivables include \u00a354 million (2023: \u00a3299 million) from matched principal trades within the Group's Tradeweb business that had passed their settlement date. An equivalent amount of \u00a354 million (2023: \u00a3276 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 include nil (2023: \u00a3147 million) as margin receivable on reverse repurchase contracts within the Group\u2019s Post Trade business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-617": { "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.
2024 2023
Note \u00a3m \u00a3m
Non-current
Net investments in leases
58
62
Tax indemnity receivable
61
66
Deposits receivable
17
19
Other receivables
1
5
6
Non-current receivables classified
as financial assets
1
17.1
141
153
Prepayments
1
23
25
Contract assets
11
\u2013
Total non-current receivables
175
178
Current
Trade receivables
951
941
Fees receivable
300
244
Expected credit loss on trade
receivables and fees receivable
(20)
(13)
Net trade receivables
1,231
1,172
Net investments in leases
4
9
Deposits receivable
49
34
Other receivables
2
158
602
Current trade and other receivables
classified as financial assets
17.1
1,442
1,817
Prepayments
218
230
Contract assets
5
4
Total current trade and
other receivables
1,665
2,051
Total receivables
1,840
2,229
1 For 2023, non-current prepayments of \u00a325 million have been disaggregated from
non-current other receivables to be consistent with 2024 and non-current receivables
classified as financial assets have been re-presented to exclude these non-current
prepayments.
2 Other receivables include \u00a354 million (2023: \u00a3299 million) from matched principal trades
within the Group's Tradeweb business that had passed their settlement date. An equivalent
amount of \u00a354 million (2023: \u00a3276 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 include nil (2023: \u00a3147 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:
2024 2023
\u00a3m \u00a3m
1 January
13
9
New provisions for expected credit losses
14
14
Amounts written off as uncollectible
(7)
(9)
Foreign exchange translation
\u2013
(1)
31 December
20
13
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:
2024 2023
\u00a3m \u00a3m
Less than 1 year
6
10
Between 1 and 2 years
6
6
Between 2 and 5 years
17
17
Over 5 years
41
47
Total
70
80
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-576": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-637": { "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:
2024 2023
\u00a3m \u00a3m
1 January
13
9
New provisions for expected credit losses
14
14
Amounts written off as uncollectible
(7)
(9)
Foreign exchange translation
\u2013
(1)
31 December
20
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-618": { "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.
2024 2023
Note \u00a3m \u00a3m
Cash at bank
821
755
Cash equivalents
2,654
2,825
Total cash and cash equivalents
classified as financial assets
1
17.1
3,475
3,580
1 At 31 December 2024, cash and cash equivalents include \u00a31,342 million (2023: \u00a31,329 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-638": { "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 and the probability of meeting certain performance targets. 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.
2024 2023
Note \u00a3m \u00a3m
Non-current
Contingent consideration payable
\u2013
21
Tradeweb tax receivable
agreement liability
261
312
Tax indemnity payable
250
242
Other payables
6
5
Non-current payables
classified as financial liabilities
17.2
517
580
Deferred compensation
7
21
Total non-current payables
524
601
Current
Trade payables
323
258
Accrued expenses
1,127
1,024
Other payables
1
294
459
Current payables classified as
financial liabilities
17.2
1,744
1,741
Social security and other taxes
141
155
Total current trade and
other payables
1,885
1,896
Total payables
2,409
2,497
1 Other payables include \u00a354 million (2023: \u00a3276 million) from matched principal trades within the Group's Tradeweb business that had passed their settlement date. An equivalent amount of \u00a354 million (2023: \u00a3299 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 include \u00a383 million (2023: nil) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-619": { "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 and the probability of meeting certain performance targets. 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.
2024 2023
Note \u00a3m \u00a3m
Non-current
Contingent consideration payable
\u2013
21
Tradeweb tax receivable
agreement liability
261
312
Tax indemnity payable
250
242
Other payables
6
5
Non-current payables
classified as financial liabilities
17.2
517
580
Deferred compensation
7
21
Total non-current payables
524
601
Current
Trade payables
323
258
Accrued expenses
1,127
1,024
Other payables
1
294
459
Current payables classified as
financial liabilities
17.2
1,744
1,741
Social security and other taxes
141
155
Total current trade and
other payables
1,885
1,896
Total payables
2,409
2,497
1 Other payables include \u00a354 million (2023: \u00a3276 million) from matched principal trades within
the Group's Tradeweb business that had passed their settlement date. An equivalent amount
of \u00a354 million (2023: \u00a3299 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 include
\u00a383 million (2023: nil) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-577": { "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 and the probability of meeting certain performance targets. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-669": { "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.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
1
(6)
(8)
Bonds
7,885
7,022
Trade finance loans
\u2013
1
Lease liabilities
494
518
Total non-current borrowings
and lease liabilities
8,373
7,533
Current
Bank borrowings
\u2013
17
Commercial paper
1,037
1,206
Bonds
415
825
Lease liabilities
140
118
Total current borrowings
and lease liabilities
1,592
2,166
Total borrowings and lease liabilities
9,965
9,699
Total borrowings excluding
lease liabilities
16.1
9,331
9,063
Lease liabilities
16.2
634
636
Total borrowings and lease liabilities
9,965
9,699
1 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, commercial paper, unsecured bonds, trade finance loans and bank overdrafts:
Carrying value
Facility/bond 2024 2023 Interest rate
Maturity date \u00a3m \u00a3m \u00a3m %
Committed bank facilities
Multi-currency revolving credit facility
Dec 2027
1,925
(2)
(5)
see note
2
Multi-currency revolving credit facility
Dec 2027
1,075
(2)
(3)
see note
2
Tradeweb multi-currency revolving credit facility
Nov 2028
400
(2)
\u2013
see note
3
Total committed bank facilities
1
3,400
(6)
(8)
Commercial paper
1,037
1,206
0.578
Bonds
$500 million bond, issued April 2021
Apr 2024
\u2013
\u2013
392
0.650
\u20ac500 million bond, issued September 2017
Sep 2024
\u2013
\u2013
433
0.875
\u20ac500 million bond, issued April 2021
Apr 2025
415
415
433
\u2013
$1,000 million bond, issued April 2021
Apr 2026
799
798
782
1.375
\u20ac700 million bond, issued September 2023
Sep 2026
581
592
620
4.125
$500 million bond, issued March 2024
Mar 2027
400
397
\u2013
4.875
\u20ac600 million bond, issued September 2024
Sep 2027
498
494
\u2013
2.750
$100 million bond , issued September 2024
Sep 2027
80
79
\u2013
4.000
\u20ac500 million bond, issued December 2018
Dec 2027
415
413
431
1.750
\u20ac500 million bond, issued April 2021
Apr 2028
415
414
431
0.250
$1,000 million bond, issued April 2021
Apr 2028
799
797
781
2.000
\u20ac500 million bond, issued September 2017
Sep 2029
415
413
431
1.750
\u00a3500 million bond, issued April 2021
Apr 2030
500
496
495
1.625
\u20ac700 million bond, issued September 2023
Sep 2030
581
608
634
4.231
$1,000 million bond, issued April 2021
4
Apr 2031
799
795
976
2.500
\u20ac500 million bond, issued April 2021
Apr 2033
415
410
428
0.750
$750 million bond, issued March 2024
Mar 2034
599
587
\u2013
5.297
$750 million bond, issued April 2021
Apr 2041
599
592
580
3.200
Total bonds
8,310
8,300
7,847
Trade finance loans
Nov 2025
\u2013
1
7.274
Bank overdraft
\u2013
17
Total borrowings excluding lease liabilities
9,331
9,063
1 Negative balances represent the value of unamortised arrangement fees. 2 Interest is payable at the risk free rate plus a margin and credit adjustment spread (CAS). The CAS is variable and depends on the tenor and currency of the borrowings. 3 Interest is payable at a rate equal to, at Tradeweb's option, either (a) a base rate plus a margin or (b) the risk free rate plus a CAS plus a margin, depending on the currency of the borrowings. 4 In December 2024, the Group completed a tender offer to repurchase US$250 million of the US$1,250 million bond maturing in April 2031. Committed bank facilities: Multi-currency revolving credit facilities In 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. In November 2023, Tradeweb terminated its revolving credit facility, entered into in April 2019, and replaced it with a new US$500 million revolving credit facility which matures in November 2028. No amounts were outstanding under either the Group facilities or the Tradeweb facility as at 31 December 2024. Commercial paper During the year, the Group updated its Euro Commercial Paper (ECP) Programme, increasing the limit to \u00a32.25 billion (from \u00a31.5 billion). As at 31 December 2024, US$944 million (\u00a3753 million) was outstanding under the US Commercial Paper (USCP) Programme (2023: $937 million (\u00a3735 million)), and \u20ac252 million (\u00a3209 million) and \u00a375 million under the ECP Programme (2023: \u20ac353 million (\u00a3306 million) and \u00a3165 million). Bonds In March 2024, the Group issued US$1.25 billion of fixed rate bonds under 144A documentation. The issue consisted of a US$500 million bond maturing in March 2027 and a US$750 million bond maturing in March 2034. The Group entered into a series of US dollar interest rate swaps to swap the fixed interest obligation on the US$750 million bond to floating interest obligations. The US$750 million bond and interest rate swaps have been designated as the hedged item and hedging instrument respectively in a fair value hedge relationship (see note 17.4c). In April 2024, the US$500 million bond issued in April 2021 matured. In September 2024, the Group issued a \u20ac600 million bond and a US$100 million bond, both maturing in September 2027, under its \u00a34 billion Euro Medium Term Note Programme (EMTN). In September 2024, the \u20ac500 million bond and cross-currency interest rate swaps, entered into in September 2017 matured. The bond and cross-currency interest rate swaps were designated as hedging instruments in the hedge of the Group\u2019s net investment in its US dollar reporting subsidiaries (see note 17.4a). In December 2024, the Group completed a tender offer to repurchase US$250 million of the US$1,250 million bond issued in April 2021 and maturing in April 2031. US$221 million was paid to repurchase the bond, including US$1 million of accrued interest. A fair value gain of \u00a324 million has been recognised in finance income (see note 5), which includes the release of deferred arrangement fees, the partial recycling of a cash flow hedge from the hedging reserve and transaction costs, totalling \u00a31 million. 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. The Group drew down against these facilities during the year and these were fully repaid as at 31 December 2024. 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. The following tables provide the fair value measurement hierarchy (see definition in note 17) of the Group\u2019s borrowings, excluding lease liabilities:
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
7,694
78
\u2013
7,772
Commercial paper
\u2013
1,040
\u2013
1,040
1 There were no transfers between levels during the year.
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
7,208
\u2013
\u2013
7,208
Commercial paper
\u2013
1,206
\u2013
1,206
Bank borrowings and trade finance loan
\u2013
10
\u2013
10
1 There were no transfers between levels during 2023. 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 balance sheet. Movements in lease liabilities were as follows:
2024 2023
Notes \u00a3m \u00a3m
1 January
636
672
Lease liabilities assumed on
acquisition of subsidiaries
\u2013
1
Leases terminated early
(1)
(2)
New lease contracts
81
66
Lease modifications
10
72
74
Lease interest expense
5
20
17
Lease payments \u2013 principal
(156)
(156)
Lease payments \u2013 interest
(20)
(17)
Foreign exchange translation
2
(19)
31 December
634
636
Non-current lease liabilities
494
518
current lease liabilities
140
118
Total lease liabilities
634
636
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 \u00a3235 million. The weighted average discount rate used by the Group for lease liabilities was 3.3% (2023: 2.9%). 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. 16.3 Net debt Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings
16.1
6
8
Bonds
16.1
(7,885)
(7,022)
Trade finance loans
16.1
\u2013
(1)
Lease liabilities
16.2
(494)
(518)
Derivative financial assets
17.1
63
94
Derivative financial liabilities
17.2
(63)
(22)
Total due after one year
(8,373)
(7,461)
Current
Cash and cash equivalents
14
3,475
3,580
Bank borrowings
16.1
\u2013
(17)
Commercial paper
16.1
(1,037)
(1,206)
Bonds
16.1
(415)
(825)
Lease liabilities
16.2
(140)
(118)
Derivative financial assets
17.1
50
11
Derivative financial liabilities
17.2
(14)
(60)
Total due within one year
1,919
1,365
Net debt
(6,454)
(6,096)
16.4 Liabilities from financing activities Movement in the Group's financial liabilities arising from financing activities:
Bank Commercial Trade finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
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
2
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
3
51
34
\u2013
139
227
Foreign exchange translation
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
Cash flows from financing activities
(17)
572
(164)
\u2013
(156)
235
Interest paid
1
\u2013
\u2013
(72)
\u2013
\u2013
(72)
Arrangement fees paid
2
\u2013
(11)
\u2013
\u2013
\u2013
(11)
Other movements
3
2
(27)
70
(1)
152
196
Foreign exchange translation
\u2013
(81)
(3)
\u2013
2
(82)
31 December 2024
(6)
8,300
1,037
\u2013
634
9,965
1 For 2024, interest paid on commercial paper has been presented within interest paid in cash flows from operating activities. The 2023 cash flows have not been re-presented. In 2023, commercial paper interest of \u00a329 million was included within proceeds from borrowings with short-term maturities in cash flows from financing activities. 2 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities. 3 Other movements include non-cash movements relating to: \u2022 Amortisation of commercial paper interest of \u00a370 million (2023: \u00a334 million), amortisation of arrangement fees of \u00a39 million (2023: \u00a39 million) and bond fair value gain of nil (2023: \u00a345 million), which increase the carry value of borrowings. \u2022 Bond fair value loss of \u00a311 million (2023: nil) and discount on partial repurchase of bond of \u00a324 million (2023: nil), which decrease the carrying value of borrowings. \u2022 Movements in lease liabilities (see note 16.2). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-666": { "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.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
1
(6)
(8)
Bonds
7,885
7,022
Trade finance loans
\u2013
1
Lease liabilities
494
518
Total non-current borrowings
and lease liabilities
8,373
7,533
Current
Bank borrowings
\u2013
17
Commercial paper
1,037
1,206
Bonds
415
825
Lease liabilities
140
118
Total current borrowings
and lease liabilities
1,592
2,166
Total borrowings and lease liabilities
9,965
9,699
Total borrowings excluding
lease liabilities
16.1
9,331
9,063
Lease liabilities
16.2
634
636
Total borrowings and lease liabilities
9,965
9,699
1 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 balance sheet. Movements in lease liabilities were as follows:
2024 2023
Notes \u00a3m \u00a3m
1 January
636
672
Lease liabilities assumed on
acquisition of subsidiaries
\u2013
1
Leases terminated early
(1)
(2)
New lease contracts
81
66
Lease modifications
10
72
74
Lease interest expense
5
20
17
Lease payments \u2013 principal
(156)
(156)
Lease payments \u2013 interest
(20)
(17)
Foreign exchange translation
2
(19)
31 December
634
636
Non-current lease liabilities
494
518
current lease liabilities
140
118
Total lease liabilities
634
636
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 \u00a3235 million. The weighted average discount rate used by the Group for lease liabilities was 3.3% (2023: 2.9%). 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:
Bank Commercial Trade finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
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
2
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
3
51
34
\u2013
139
227
Foreign exchange translation
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
Cash flows from financing activities
(17)
572
(164)
\u2013
(156)
235
Interest paid
1
\u2013
\u2013
(72)
\u2013
\u2013
(72)
Arrangement fees paid
2
\u2013
(11)
\u2013
\u2013
\u2013
(11)
Other movements
3
2
(27)
70
(1)
152
196
Foreign exchange translation
\u2013
(81)
(3)
\u2013
2
(82)
31 December 2024
(6)
8,300
1,037
\u2013
634
9,965
1 For 2024, interest paid on commercial paper has been presented within interest paid in cash flows from operating activities. The 2023 cash flows have not been re-presented. In 2023, commercial paper interest of \u00a329 million was included within proceeds from borrowings with short-term maturities in cash flows from financing activities. 2 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities. 3 Other movements include non-cash movements relating to: \u2022 Amortisation of commercial paper interest of \u00a370 million (2023: \u00a334 million), amortisation of arrangement fees of \u00a39 million (2023: \u00a39 million) and bond fair value gain of nil (2023: \u00a345 million), which increase the carry value of borrowings. \u2022 Bond fair value loss of \u00a311 million (2023: nil) and discount on partial repurchase of bond of \u00a324 million (2023: nil), which decrease the carrying value of borrowings. \u2022 Movements in lease liabilities (see note 16.2). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-639": { "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.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings \u2013
committed bank facilities
1
(6)
(8)
Bonds
7,885
7,022
Trade finance loans
\u2013
1
Lease liabilities
494
518
Total non-current borrowings
and lease liabilities
8,373
7,533
Current
Bank borrowings
\u2013
17
Commercial paper
1,037
1,206
Bonds
415
825
Lease liabilities
140
118
Total current borrowings
and lease liabilities
1,592
2,166
Total borrowings and lease liabilities
9,965
9,699
Total borrowings excluding
lease liabilities
16.1
9,331
9,063
Lease liabilities
16.2
634
636
Total borrowings and lease liabilities
9,965
9,699
1 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, commercial paper, unsecured bonds, trade finance loans and bank overdrafts:
Carrying value
Facility/bond 2024 2023 Interest rate
Maturity date \u00a3m \u00a3m \u00a3m %
Committed bank facilities
Multi-currency revolving credit facility
Dec 2027
1,925
(2)
(5)
see note
2
Multi-currency revolving credit facility
Dec 2027
1,075
(2)
(3)
see note
2
Tradeweb multi-currency revolving credit facility
Nov 2028
400
(2)
\u2013
see note
3
Total committed bank facilities
1
3,400
(6)
(8)
Commercial paper
1,037
1,206
0.578
Bonds
$500 million bond, issued April 2021
Apr 2024
\u2013
\u2013
392
0.650
\u20ac500 million bond, issued September 2017
Sep 2024
\u2013
\u2013
433
0.875
\u20ac500 million bond, issued April 2021
Apr 2025
415
415
433
\u2013
$1,000 million bond, issued April 2021
Apr 2026
799
798
782
1.375
\u20ac700 million bond, issued September 2023
Sep 2026
581
592
620
4.125
$500 million bond, issued March 2024
Mar 2027
400
397
\u2013
4.875
\u20ac600 million bond, issued September 2024
Sep 2027
498
494
\u2013
2.750
$100 million bond , issued September 2024
Sep 2027
80
79
\u2013
4.000
\u20ac500 million bond, issued December 2018
Dec 2027
415
413
431
1.750
\u20ac500 million bond, issued April 2021
Apr 2028
415
414
431
0.250
$1,000 million bond, issued April 2021
Apr 2028
799
797
781
2.000
\u20ac500 million bond, issued September 2017
Sep 2029
415
413
431
1.750
\u00a3500 million bond, issued April 2021
Apr 2030
500
496
495
1.625
\u20ac700 million bond, issued September 2023
Sep 2030
581
608
634
4.231
$1,000 million bond, issued April 2021
4
Apr 2031
799
795
976
2.500
\u20ac500 million bond, issued April 2021
Apr 2033
415
410
428
0.750
$750 million bond, issued March 2024
Mar 2034
599
587
\u2013
5.297
$750 million bond, issued April 2021
Apr 2041
599
592
580
3.200
Total bonds
8,310
8,300
7,847
Trade finance loans
Nov 2025
\u2013
1
7.274
Bank overdraft
\u2013
17
Total borrowings excluding lease liabilities
9,331
9,063
1 Negative balances represent the value of unamortised arrangement fees. 2 Interest is payable at the risk free rate plus a margin and credit adjustment spread (CAS). The CAS is variable and depends on the tenor and currency of the borrowings. 3 Interest is payable at a rate equal to, at Tradeweb's option, either (a) a base rate plus a margin or (b) the risk free rate plus a CAS plus a margin, depending on the currency of the borrowings. 4 In December 2024, the Group completed a tender offer to repurchase US$250 million of the US$1,250 million bond maturing in April 2031. Committed bank facilities: Multi-currency revolving credit facilities In 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. In November 2023, Tradeweb terminated its revolving credit facility, entered into in April 2019, and replaced it with a new US$500 million revolving credit facility which matures in November 2028. No amounts were outstanding under either the Group facilities or the Tradeweb facility as at 31 December 2024. Commercial paper During the year, the Group updated its Euro Commercial Paper (ECP) Programme, increasing the limit to \u00a32.25 billion (from \u00a31.5 billion). As at 31 December 2024, US$944 million (\u00a3753 million) was outstanding under the US Commercial Paper (USCP) Programme (2023: $937 million (\u00a3735 million)), and \u20ac252 million (\u00a3209 million) and \u00a375 million under the ECP Programme (2023: \u20ac353 million (\u00a3306 million) and \u00a3165 million). Bonds In March 2024, the Group issued US$1.25 billion of fixed rate bonds under 144A documentation. The issue consisted of a US$500 million bond maturing in March 2027 and a US$750 million bond maturing in March 2034. The Group entered into a series of US dollar interest rate swaps to swap the fixed interest obligation on the US$750 million bond to floating interest obligations. The US$750 million bond and interest rate swaps have been designated as the hedged item and hedging instrument respectively in a fair value hedge relationship (see note 17.4c). In April 2024, the US$500 million bond issued in April 2021 matured. In September 2024, the Group issued a \u20ac600 million bond and a US$100 million bond, both maturing in September 2027, under its \u00a34 billion Euro Medium Term Note Programme (EMTN). In September 2024, the \u20ac500 million bond and cross-currency interest rate swaps, entered into in September 2017 matured. The bond and cross-currency interest rate swaps were designated as hedging instruments in the hedge of the Group\u2019s net investment in its US dollar reporting subsidiaries (see note 17.4a). In December 2024, the Group completed a tender offer to repurchase US$250 million of the US$1,250 million bond issued in April 2021 and maturing in April 2031. US$221 million was paid to repurchase the bond, including US$1 million of accrued interest. A fair value gain of \u00a324 million has been recognised in finance income (see note 5), which includes the release of deferred arrangement fees, the partial recycling of a cash flow hedge from the hedging reserve and transaction costs, totalling \u00a31 million. 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. The Group drew down against these facilities during the year and these were fully repaid as at 31 December 2024. 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. The following tables provide the fair value measurement hierarchy (see definition in note 17) of the Group\u2019s borrowings, excluding lease liabilities:
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
7,694
78
\u2013
7,772
Commercial paper
\u2013
1,040
\u2013
1,040
1 There were no transfers between levels during the year.
Significant Significant
Quoted prices in observable unobservable
active markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
7,208
\u2013
\u2013
7,208
Commercial paper
\u2013
1,206
\u2013
1,206
Bank borrowings and trade finance loan
\u2013
10
\u2013
10
1 There were no transfers between levels during 2023. The carrying amounts of the Group's borrowings, excluding lease liabilities, are denominated in the following currencies:
2024
2023
Drawn
Swapped
1
Effective Drawn
Swapped
1
Effective
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
566
\u2013
566
652
\u2013
652
Euro
3,968
(1,376)
2,592
4,148
(1,818)
2,330
US dollar
4,797
1,376
6,173
4,263
1,818
6,081
Total borrowings excluding lease liabilities
9,331
\u2013
9,331
9,063
\u2013
9,063
1 Euro borrowings have been swapped to US dollar borrowings by entering into cross-currency interest rate swaps. 16.3 Net debt Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.
2024 2023
Notes \u00a3m \u00a3m
Non-current
Bank borrowings
16.1
6
8
Bonds
16.1
(7,885)
(7,022)
Trade finance loans
16.1
\u2013
(1)
Lease liabilities
16.2
(494)
(518)
Derivative financial assets
17.1
63
94
Derivative financial liabilities
17.2
(63)
(22)
Total due after one year
(8,373)
(7,461)
Current
Cash and cash equivalents
14
3,475
3,580
Bank borrowings
16.1
\u2013
(17)
Commercial paper
16.1
(1,037)
(1,206)
Bonds
16.1
(415)
(825)
Lease liabilities
16.2
(140)
(118)
Derivative financial assets
17.1
50
11
Derivative financial liabilities
17.2
(14)
(60)
Total due within one year
1,919
1,365
Net debt
(6,454)
(6,096)
16.4 Liabilities from financing activities Movement in the Group's financial liabilities arising from financing activities:
Bank Commercial Trade finance Lease Total
borrowings Bonds paper loans liabilities borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
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
2
(5)
(5)
\u2013
\u2013
\u2013
(10)
Other movements
3
3
51
34
\u2013
139
227
Foreign exchange translation
(35)
(265)
6
\u2013
(19)
(313)
31 December 2023
9
7,847
1,206
1
636
9,699
Cash flows from financing activities
(17)
572
(164)
\u2013
(156)
235
Interest paid
1
\u2013
\u2013
(72)
\u2013
\u2013
(72)
Arrangement fees paid
2
\u2013
(11)
\u2013
\u2013
\u2013
(11)
Other movements
3
2
(27)
70
(1)
152
196
Foreign exchange translation
\u2013
(81)
(3)
\u2013
2
(82)
31 December 2024
(6)
8,300
1,037
\u2013
634
9,965
1 For 2024, interest paid on commercial paper has been presented within interest paid in cash flows from operating activities. The 2023 cash flows have not been re-presented. In 2023, commercial paper interest of \u00a329 million was included within proceeds from borrowings with short-term maturities in cash flows from financing activities. 2 Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities. 3 Other movements include non-cash movements relating to: \u2022 Amortisation of commercial paper interest of \u00a370 million (2023: \u00a334 million), amortisation of arrangement fees of \u00a39 million (2023: \u00a39 million) and bond fair value gain of nil (2023: \u00a345 million), which increase the carry value of borrowings. \u2022 Bond fair value loss of \u00a311 million (2023: nil) and discount on partial repurchase of bond of \u00a324 million (2023: nil), which decrease the carrying value of borrowings. \u2022 Movements in lease liabilities (see note 16.2). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-601": { "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). Financial liabilities \u2014 Financial liabilities at FVPL include the CCP businesses\u2019 clearing member trading balances, including 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-590": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-578": { "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 balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-591": { "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, including 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-592": { "value": "Impairment The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the cash flows the Group expects to receive are lower than the contractual cash flows due, or are delayed. 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 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 and financial assets at FVPL \u2013 no ECL is calculated for these assets 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-593": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-594": { "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 \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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-602": { "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. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some borrowings and derivative financial 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 disposal of the subsidiary. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative financial 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 financial 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 gain 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-595": { "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. The Group hedges a proportion of its net investment in foreign subsidiaries by designating some borrowings and derivative financial 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 disposal of the subsidiary. As part of the Group\u2019s interest rate management policy (see note 17.5), the Group enters into derivative financial 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 financial 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 gain 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-640": { "value": "17.1 Financial assets
Amortised
cost FVOCI FVPL Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
1
\u2014 Clearing member trading assets
\u2013
\u2013
594,555
594,555
\u2014 Other receivables from clearing members
6,882
\u2013
\u2013
6,882
\u2014 Other financial assets
2
\u2013
18,134
\u2013
18,134
\u2014 Clearing member cash and cash equivalents
2
72,909
\u2013
\u2013
72,909
Total clearing member assets
79,791
18,134
594,555
692,480
Trade and other receivables
3
1,583
\u2013
\u2013
1,583
Cash and cash equivalents
3,475
\u2013
\u2013
3,475
Investments in financial assets \u2013 equity instruments
\u2013
50
\u2013
50
Investments in financial assets \u2013 debt instruments
\u2013
8
\u2013
8
Derivative financial instruments designated as net investment hedges
\u2014 Foreign exchange forward contracts
\u2013
\u2013
2
2
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
\u2013
57
57
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
\u2013
27
27
\u2014 Embedded foreign exchange contracts
\u2013
\u2013
27
27
Total derivative financial instruments
\u2013
\u2013
113
113
Total financial assets
84,849
18,192
594,668
697,709
1 At 31 December 2024, 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 (2023: 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. This includes direct investments in highly rated, regulatory qualifying sovereign bonds and supranational 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. There was no significant increase in credit risk in the year and none of the assets are past due (2023: 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 \u00a3241 million (non-current: \u00a323 million and current: \u00a3218 million) and contract assets of \u00a316 million (non-current: \u00a311 million and current: \u00a35 million) within trade and other receivables are not classified as financial instruments.
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
1,2
1,955
\u2013
15
1,970
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
99,202
17,647
652,713
769,562
1 For 2023, trade and other receivables classified as financial assets have been re-presented to exclude non-current prepayments of \u00a325 million (see note 13). 2 Prepayments of \u00a3255 million (non-current: \u00a325 million and current: \u00a3230 million) and contract assets of \u00a34 million within trade and other receivables are not classified as financial instruments. 17.2 Financial liabilities
Amortised
cost FVPL Total
31 December 2024 \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Clearing member trading liabilities
\u2013
594,555
594,555
\u2014 Other payables to clearing members
98,085
\u2013
98,085
Total clearing member financial liabilities
98,085
594,555
692,640
Trade and other payables
1
2,261
\u2013
2,261
Borrowings and lease liabilities
9,965
\u2013
9,965
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
25
25
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
1
1
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
37
37
\u2014 Foreign exchange forward contracts
\u2013
12
12
\u2014 Embedded foreign exchange contracts
\u2013
2
2
Total derivative financial instruments
\u2013
77
77
Total financial liabilities
110,311
594,632
704,943
1 Social security and other taxes of \u00a3141 million and deferred compensation of \u00a37 million within trade and other payables are not classified as financial instruments.
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
1
2,300
21
2,321
Borrowings and lease liabilities
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 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. 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
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
\u2013
4,367
\u2013
4,367
\u2014 Non-derivative instruments
\u2013
590,188
\u2013
590,188
\u2014 Other financial assets
18,134
\u2013
\u2013
18,134
18,134
594,555
\u2013
612,689
Investments in financial assets \u2013 equity instruments
\u2013
\u2013
50
50
Investments in financial assets \u2013 debt instruments
\u2013
\u2013
8
8
Derivative financial instruments designated as net investment hedges
\u2014 Foreign exchange forward contracts
\u2013
2
\u2013
2
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
57
\u2013
57
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
27
\u2013
27
\u2014 Embedded foreign exchange contracts
\u2013
27
\u2013
27
Total financial assets measured at fair value
1
18,134
594,668
58
612,860
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 2023 \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 Instruments
\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
1
17,285
652,688
387
670,360
1 There were no transfers between levels during 2023. Financial liabilities
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
\u2013
4,367
\u2013
4,367
\u2014 Non-derivative instruments
\u2013
590,188
\u2013
590,188
\u2013
594,555
\u2013
594,555
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
25
\u2013
25
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
1
\u2013
1
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
37
\u2013
37
\u2014 Foreign exchange forward contracts
\u2013
12
\u2013
12
\u2014 Embedded foreign exchange contracts
\u2013
2
\u2013
2
Total financial liabilities measured at fair value
1
\u2013
594,632
\u2013
594,632
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 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
1
10
652,665
21
652,696
1 There were no transfers between levels during 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-657": { "value": "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
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial assets
\u2014 Derivative instruments
\u2013
4,367
\u2013
4,367
\u2014 Non-derivative instruments
\u2013
590,188
\u2013
590,188
\u2014 Other financial assets
18,134
\u2013
\u2013
18,134
18,134
594,555
\u2013
612,689
Investments in financial assets \u2013 equity instruments
\u2013
\u2013
50
50
Investments in financial assets \u2013 debt instruments
\u2013
\u2013
8
8
Derivative financial instruments designated as net investment hedges
\u2014 Foreign exchange forward contracts
\u2013
2
\u2013
2
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
57
\u2013
57
Derivative financial instruments not designated as hedges
\u2014 Foreign exchange forward contracts
\u2013
27
\u2013
27
\u2014 Embedded foreign exchange contracts
\u2013
27
\u2013
27
Total financial assets measured at fair value
1
18,134
594,668
58
612,860
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 2023 \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 Instruments
\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
1
17,285
652,688
387
670,360
1 There were no transfers between levels during 2023. Financial liabilities
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Clearing business financial liabilities
\u2014 Derivative instruments
\u2013
4,367
\u2013
4,367
\u2014 Non-derivative instruments
\u2013
590,188
\u2013
590,188
\u2013
594,555
\u2013
594,555
Derivative financial instruments designated as net investment hedges
\u2014 Cross-currency interest rate swaps
\u2013
25
\u2013
25
Derivative financial instruments designated as fair value hedges
\u2014 Interest rate swaps
\u2013
1
\u2013
1
Derivative financial instruments not designated as hedges
\u2014 Cross-currency interest rate swaps
\u2013
37
\u2013
37
\u2014 Foreign exchange forward contracts
\u2013
12
\u2013
12
\u2014 Embedded foreign exchange contracts
\u2013
2
\u2013
2
Total financial liabilities measured at fair value
1
\u2013
594,632
\u2013
594,632
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 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
1
10
652,665
21
652,696
1 There were no transfers between levels during 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-658": { "value": "17.4 Hedging activities and derivatives The Group hedges its exposure to foreign exchange and interest rate movements using derivative financial 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, cross-currency interest rate swaps, used to swap a portion of its euro borrowings into US dollar debt, and foreign exchange forward contracts as net investment hedges. There is an economic relationship between the hedging instruments and hedged items as the borrowings and derivatives (hedging instruments) are matched by the Group\u2019s investments in foreign operations (hedged items). The Group has established a ratio of 1:1 for the hedging relationships as the underlying foreign exchange risk of the hedging instruments is identical to the investments. To ensure the hedge is effective, the Group makes sure that the nominal value of the hedging instruments is always less than the value of the investments. Hedge ineffectiveness only arises if the nominal value of the hedging instrument exceeds the value of the underlying investment. The hedging instruments are detailed below. 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 US$500 million, US$1,000 million and US$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 US$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 \u00a36 million (2023: \u00a33 million) was recycled to the income statement, including \u00a32 million recycled on partial repurchase of the US$1,250 million bond in December 2024. In April 2024, the US$500 million 3-year bond matured. At 31 December 2024, a gain of \u00a311 million (2023: \u00a317 million) remained in the cash flow hedge reserve. 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. 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. In March 2024, the Group issued a US$750 million fixed rate bond, maturing in 2034, as disclosed in note 16.1. On the same day, the Group entered into a series of US dollar interest rate swaps with a notional amount of US$750 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) or the Secured Overnight Financing Rate (SOFR) 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 hedge 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 hedge 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
2024
2023
Fair value of derivative asset on the balance sheet
\u00a357m
\u00a347m
Change in fair value of the derivative
(\u00a32m)
\u00a347m
Nominal value of the hedging instruments
\u20ac1,400m
\u20ac1,400m
Hedge ratio
1:1
1:1
Carrying amount of the borrowings on the
balance sheet
(\u00a31,200m)
(\u00a31,254m)
Accumulated amounts of fair value adjustment on
the hedged items
(\u00a343m)
(\u00a345m)
Change in value of hedged items
\u00a32m
(\u00a345m)
Hedge ineffectiveness recorded in net finance
costs in the income statement
\u00a31m
(\u00a32m)
US$750 million interest rate swaps
2024
2023
Fair value of derivative asset on the balance sheet
(\u00a31m)
\u2013
Change in fair value of the derivative
(\u00a39m)
\u2013
Nominal value of the hedging instruments
US$750m
\u2013
Hedge ratio
1:1
\u2013
Carrying amount of the borrowings on the
balance sheet
(\u00a3587m)
\u2013
Accumulated amounts of fair value adjustment on
the hedged items
\u00a39m
\u2013
Change in value of hedged items
\u00a39m
\u2013
Hedge ineffectiveness recorded in net finance
costs in the income statement
\u2013
\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 US$740 million, with a tenure of three years, and US$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 SOFR plus a spread. The cross-currency interest rate swaps have not been designated as hedges as 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 2024 and 31 December 2023 were as follows:
Traded against US
Traded against sterling dollars
2024 2023 2024 2023
Sell/(buy) \u00a3m \u00a3m \u00a3m \u00a3m
Euro
(55)
(598)
121
97
US dollar
(1)
635
\u2013
\u2013
Japanese yen
(49)
(29)
\u2013
\u2013
Singapore dollar
(33)
(22)
\u2013
\u2013
Hong Kong dollar
(32)
(32)
\u2013
\u2013
Romanian leu
(22)
(22)
\u2013
\u2013
Australian dollar
(15)
(20)
\u2013
\u2013
Canadian dollar
(14)
(13)
\u2013
\u2013
South African rand
12
9
\u2013
\u2013
Danish krone
(9)
(7)
\u2013
\u2013
Taiwan dollar
(8)
\u2013
\u2013
\u2013
Swiss franc
(6)
(8)
\u2013
\u2013
Other currencies
(18)
(12)
\u2013
\u2013
17.4e Hedging reserve
2024 2023
Note \u00a3m \u00a3m
1 January
(40)
(102)
Net gains on net
investment hedges
18.2
47
63
Amounts recycled to the
income statement
18.2
6
(3)
Foreign exchange translation
\u2013
2
31 December
13
(40)
As at 31 December 2024, \u00a324 million of losses (2023: \u00a332 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:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-641": { "value": "17.4 Hedging activities and derivatives The Group hedges its exposure to foreign exchange and interest rate movements using derivative financial 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, cross-currency interest rate swaps, used to swap a portion of its euro borrowings into US dollar debt, and foreign exchange forward contracts as net investment hedges. There is an economic relationship between the hedging instruments and hedged items as the borrowings and derivatives (hedging instruments) are matched by the Group\u2019s investments in foreign operations (hedged items). The Group has established a ratio of 1:1 for the hedging relationships as the underlying foreign exchange risk of the hedging instruments is identical to the investments. To ensure the hedge is effective, the Group makes sure that the nominal value of the hedging instruments is always less than the value of the investments. Hedge ineffectiveness only arises if the nominal value of the hedging instrument exceeds the value of the underlying investment. The hedging instruments are detailed below. 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 US$500 million, US$1,000 million and US$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 US$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 \u00a36 million (2023: \u00a33 million) was recycled to the income statement, including \u00a32 million recycled on partial repurchase of the US$1,250 million bond in December 2024. In April 2024, the US$500 million 3-year bond matured. At 31 December 2024, a gain of \u00a311 million (2023: \u00a317 million) remained in the cash flow hedge reserve. 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. 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. In March 2024, the Group issued a US$750 million fixed rate bond, maturing in 2034, as disclosed in note 16.1. On the same day, the Group entered into a series of US dollar interest rate swaps with a notional amount of US$750 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) or the Secured Overnight Financing Rate (SOFR) 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 hedge 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 hedge 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
2024
2023
Fair value of derivative asset on the balance sheet
\u00a357m
\u00a347m
Change in fair value of the derivative
(\u00a32m)
\u00a347m
Nominal value of the hedging instruments
\u20ac1,400m
\u20ac1,400m
Hedge ratio
1:1
1:1
Carrying amount of the borrowings on the
balance sheet
(\u00a31,200m)
(\u00a31,254m)
Accumulated amounts of fair value adjustment on
the hedged items
(\u00a343m)
(\u00a345m)
Change in value of hedged items
\u00a32m
(\u00a345m)
Hedge ineffectiveness recorded in net finance
costs in the income statement
\u00a31m
(\u00a32m)
US$750 million interest rate swaps
2024
2023
Fair value of derivative asset on the balance sheet
(\u00a31m)
\u2013
Change in fair value of the derivative
(\u00a39m)
\u2013
Nominal value of the hedging instruments
US$750m
\u2013
Hedge ratio
1:1
\u2013
Carrying amount of the borrowings on the
balance sheet
(\u00a3587m)
\u2013
Accumulated amounts of fair value adjustment on
the hedged items
\u00a39m
\u2013
Change in value of hedged items
\u00a39m
\u2013
Hedge ineffectiveness recorded in net finance
costs in the income statement
\u2013
\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 US$740 million, with a tenure of three years, and US$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 SOFR plus a spread. The cross-currency interest rate swaps have not been designated as hedges as 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 2024 and 31 December 2023 were as follows:
Traded against US
Traded against sterling dollars
2024 2023 2024 2023
Sell/(buy) \u00a3m \u00a3m \u00a3m \u00a3m
Euro
(55)
(598)
121
97
US dollar
(1)
635
\u2013
\u2013
Japanese yen
(49)
(29)
\u2013
\u2013
Singapore dollar
(33)
(22)
\u2013
\u2013
Hong Kong dollar
(32)
(32)
\u2013
\u2013
Romanian leu
(22)
(22)
\u2013
\u2013
Australian dollar
(15)
(20)
\u2013
\u2013
Canadian dollar
(14)
(13)
\u2013
\u2013
South African rand
12
9
\u2013
\u2013
Danish krone
(9)
(7)
\u2013
\u2013
Taiwan dollar
(8)
\u2013
\u2013
\u2013
Swiss franc
(6)
(8)
\u2013
\u2013
Other currencies
(18)
(12)
\u2013
\u2013
17.4e Hedging reserve
2024 2023
Note \u00a3m \u00a3m
1 January
(40)
(102)
Net gains on net
investment hedges
18.2
47
63
Amounts recycled to the
income statement
18.2
6
(3)
Foreign exchange translation
\u2013
2
31 December
13
(40)
As at 31 December 2024, \u00a324 million of losses (2023: \u00a332 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-642": { "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 (including foreign exchange and interest rate) risks. Details of these risks, which should be read in conjunction with the Principal Risks on pages 81 to 90, are provided below. Capital risk Risk description Risk management approach Capital risk relates to the Group\u2019s ability to meet regulatory capital requirements and minimum internal investment returns. There is a risk that the Group\u2019s entities may not maintain, or have continued access to, sufficient high-quality capital to meet their regulatory, or other obligations. This could result in a loss of regulatory approvals and/or the imposition of financial sanctions. Either separately, or in combination, the main capital risks faced by the Group are: \u2014 An increased regulatory capital requirement of its regulated companies \u2014 Realised, negative yields on its investments \u2014 An inability to raise debt or equity financing as a result of its own poor financial performance, or poor financing conditions The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash generative. It can manage its capital structure (which consists of equity and debt capital) and react to changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019s capital structure is presented below:
2024 2023
Book value of capital \u00a3m \u00a3m
Total shareholders\u2019 funds
23,013
23,807
Group borrowings excluding lease liabilities
9,331
9,063
The Group maintains a Capital Management Policy, the execution of which is overseen by the Group\u2019s Financial, Investment and Capital Committee. The Group seeks to optimally allocate capital in order to maintain a strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders. Regulated entities within the Group monitor compliance with policy and the capital requirements set by their respective regulatory authorities to ensure they have been compliant throughout the year. Regulatory and operational capital represents: \u2014 Amounts held as regulatory cash and cash equivalents \u2014 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:
2024 2023
Regulatory and operational capital \u00a3m \u00a3m
Regulatory cash and cash equivalents
1,342
1,329
Letters of credit
16
19
Total regulatory and operational capital
1,358
1,348
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. 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 2024, leverage was 1.7 times (2023: 1.8 times). While the Group\u2019s bank borrowing facilities no longer include leverage and interest cover ratio covenants, the Group takes into account the potential impact to the key metrics monitored by credit rating agencies 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. Credit and concentration risk Risk description Risk management approach Credit risk relates to the potential for a Group counterparty (including CCP members, and any counterparty where there is exposure through payment, clearing or settlement processes) to be unable to meet its financial obligations to the Group when due. Credit concentration risk may arise through Group entities having large individual or connected exposures to groups of counterparties whose likelihood of default is driven by common underlying factors. Group Credit risk is governed by policies developed at Group level by the Group Risk function. Limits and thresholds for credit and concentration risk are reviewed regularly. Group companies make judgements on the credit quality of their clients. This is based on the client\u2019s financial position, the recurring nature of billing and collection arrangements and historical evidence relating to the client\u2019s ability to meet its financial liabilities as they fall due. The Group\u2019s client base is large and so management deems concentration risk on the Group\u2019s receivables to be low. 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 recognised on other financial instruments. Non-CCP entities The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with 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 creditworthiness. 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. This must include a minimum level of cash and can also include 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:
2024 2023
Total collateral held \u00a3bn \u00a3bn
Collateral security
Cash received
92
110
Non-cash pledged
177
172
Guarantees pledged
1
2
Total collateral as at 31 December
270
284
Maximum collateral held during the year
334
312
Group CCPs manage the credit risk associated with margin and default fund contributions by investing the cash element in instruments or structures deemed secure by the relevant regulatory bodies. This includes direct investments in highly rated, regulatory qualifying sovereign bonds and supranational 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.
2024 2023
\u00a3bn \u00a3bn
Total investment portfolio
90
104
Maximum portfolio size during the year
110
147
Additional portfolio information:
Amount invested securely
99.98%
99.99%
Weighted average maturity (days)
72
65
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 2024 was with the French Government with an aggregate exposure of 40% of the total investment portfolio (2023: 43% 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 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
18.0%
Total receivables
300
865
86
1,251
Expected credit loss
\u2013
(2)
(18)
(20)
Net trade and fees receivables
300
863
68
1,231
Fees Trade receivables
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
Country risk Risk description Risk management approach Country risk relates to those risks that are inherent when doing business with, or operating in, a country. Some governments may be unable or find it difficult to service their debts. This could have adverse effects, particularly on the Group\u2019s CCPs, potentially impacting cleared products, margin collateral, investments, the clearing membership and the financial industry as a whole. In addition, geopolitical events could impact our ability to operate in a country or impact the value of our assets in that country. We may even need to relocate activities or change our operating model in response. The Group has a country risk framework which facilitates assessment and monitoring of the risk associated with doing business with, or operating in, a country. Group CCPs have specific risk management frameworks that address country risk for both clearing and margin operations. Contained in these frameworks are a suite of stress scenarios that consider deterioration of sovereign credit quality as well as other risk factors. These scenarios support CCPs in developing and maintaining the appropriate country risk measurement, monitoring and mitigation tools. Risk Committees oversee these risks and the associated policy frameworks to protect the Group against a potentially adverse impact arising from volatility in the sovereign debt markets. The Group CCPs\u2019 sovereign exposures at the end of the financial reporting periods were:
2024 2023
Country/organisation \u00a3bn \u00a3bn
France
20
22
US
17
13
UK
10
11
European Union (supranational)
2
2
Other
2
2
Liquidity, settlement and custodial risk Risk description Risk management approach The Group\u2019s liquidity risk relates to its ability to meet its short- and long-term payment obligations as they fall due. Additionally, the Group\u2019s CCPs, and certain other Group entities, must maintain a level of liquidity (consistent with regulatory requirements) to ensure the smooth operation of their respective services and to be able to continue to operate in the event of a significant stress event. The Group\u2019s settlement and custodial risks relate to the potential for a partner firm to default on its obligations in respect of custody, settlement, payment or other administration activities, or that no action is taken by the Group to mitigate these risks. This also includes the risk that client assets are immobilised as a result of a third-party bankruptcy. Group The Group maintains sufficient liquid resources to meet its financial obligations as they fall due, and to invest in capital expenditure, pay dividends, meet its pension commitments and appropriately support or fund acquisitions or repay borrowings. Subject to regulatory constraints impacting certain entities, funds can (generally) be lent across the Group and cash earnings remitted through regular dividend payments by subsidiary companies. This is an important component of the Group Treasury cash management policy and approach. The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not significantly impacted by seasonal variations. Management monitors forecasts of the Group\u2019s cash flow and overlays sensitivities to these forecasts to reflect assumptions about more challenging market conditions or stress events. The Group will take the appropriate 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. Non-CCP entities The Group Treasury Policy requires the Group to maintain adequate credit facilities provided by a diversified lending group to cover its expected funding requirements and ensure a minimum level of headroom for at least the next 24 months. The financial strength of the Group\u2019s lenders is monitored regularly. For full details of the Group\u2019s borrowings and facilities, see note 16.1. CCPs 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.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
1,664
1,584
3,423
3,932
10,603
Lease liabilities
158
113
215
213
699
Trade and other payables
1,845
\u2013
\u2013
\u2013
1,845
Clearing member liabilities
692,640
\u2013
\u2013
\u2013
692,640
Other non-current payables
\u2013
28
335
195
558
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)
1
2,209
581
3,394
3,930
10,114
Lease liabilities
137
113
235
253
738
Trade and other payables
1
1,853
\u2013
\u2013
\u2013
1,853
Clearing member liabilities
764,041
\u2013
\u2013
\u2013
764,041
Other non-current payables
\u2013
55
314
241
610
1 For 2023, \u00a343 million was presented within the financial liability maturity of trade and other payables. These have been reclassified to the financial liability maturity of borrowings to align with disclosure for 2024. The table below analyses the cash flows of the Group\u2019s derivative financial instruments. Net amounts are shown for interest rate swaps and cross-currency interest rate swaps for which net cash flows are exchanged. When the amounts payable or receivable are based on floating interest rates, future cash flows have been calculated using ESTR or SOFR at the balance sheet date.
Less than 1 Between 1 Between 2 Over 5
year and 2 years and 5 years years Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross inflow
3,250
642
277
669
4,838
Gross outflow
(3,253)
(671)
(355)
(689)
(4,968)
Less than 1 Between 1 Between 2 Over
year and 2 years and 5 years 5 years Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross inflow
3,881
61
724
833
5,499
Gross outflow
(3,960)
(90)
(758)
(850)
(5,658)
Market risk \u2013 foreign exchange risk Risk description Risk management approach The Group operates globally with primary centres in the UK, Europe and North America. It also has growing and strategically important businesses in Asia. The Group\u2019s principal currencies of operation are sterling, US dollars, and the euro. The Group is exposed to transactional foreign exchange risk and translational risk. Transactional risk arises when we buy or sell goods or services in a currency other than our entities\u2019 functional currencies. We may be exposed to movements in that currency. Translational risk arises from the translation of balances recorded in an entity\u2019s functional currency into the Group\u2019s reporting currency for the purpose of statutory reporting. Transactional foreign exchange risk may present itself in the payment of intragroup transactions or when interest obligations, which are in a different currency, are due. However, both of these operations play their part in controlling the level of translational foreign exchange exposure the Group faces. Transactional foreign exchange risk may also arise when investing in, or divesting from, operations denominated in currencies other than sterling. In addition, the Group has some contracts/ cash flow profiles with a foreign exchange component that could trigger embedded derivative recognition and, as such, fair value accounting treatment. Translational risk The Group manages its translational risk, where possible, by matching the currency of its debt to the currency of its earnings, to make sure certain key financial metrics are protected from material foreign exchange rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order to mitigate the impact of unfavourable currency exchange rate movements on earnings and net assets, non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency. Where required, currency of debt is re-balanced using cross-currency interest rate swaps to better match the currency of debt to the overall currency of earnings. A material proportion of the Group's debt is held in or swapped into euros and US dollars (see the table showing the currency of borrowings in note 16.1). A proportion of the euro denominated debt and cross-currency interest rate swaps provide a hedge against the Group\u2019s net investment in euro and US dollar foreign operations. During the year, the Group also entered into Japanese Yen and Swiss Franc foreign exchange forward contracts to hedge against the Group\u2019s net investments in Japanese and Swiss operations. At 31 December 2024, the Group\u2019s designated hedges of its net investments were effective. Transactional risk While transactional foreign exchange exposure is limited, the Group mitigates this by either hedging material transactions with appropriate derivative instruments or by settling currency payables or receivables within a short timeframe. The Group Treasury Policy requires net balance sheet positions over \u00a32 million or equivalent to be hedged. The risk is also minimised by the periodic exchange of cash into each Group entity\u2019s functional currency. Where appropriate, hedge accounting for derivatives is considered in order to mitigate material levels of income statement volatility. Governance and sensitivity The Group\u2019s Risk Committee reviewed the approach to foreign exchange risk management during the quarter ended 31 December 2024. 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 2024 and 2023 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:
2024
2023
Profit Profit
after tax Equity after tax Equity
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
Sterling weakens
18
(66)
5
(68)
Sterling strengthens
(16)
60
(4)
64
US dollar
Sterling weakens
18
(19)
7
(66)
Sterling strengthens
(16)
7
(6)
60
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 borrowings and derivative financial instruments 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 impact of changes in interest rates on cash held and investments in financial assets, and on borrowings held at floating rates. The Group may also face future interest rate exposure connected to M&A transactions where significant debt financing is involved. The Group\u2019s CCPs have member liabilities, and separately achieve returns which support the payment of these liabilities. A CCP\u2019s interest rate risk can increase if the reference rates used to calculate liabilities increase while the reference rates that underpin investment returns decrease (or do not increase by the same amount). Group companies that offer guaranteed settlement of traded securities can also be exposed to latent interest rate risk (and market risk more generally) in the event of a counterparty default. The Group\u2019s interest rate management policy focuses on protecting the Group\u2019s credit rating and limiting the impact of interest rate changes on Group earnings. To support this objective, the Group monitors the impact of changes in key interest rates on the annualised net finance costs and maintains a maximum debt floating rate component of 50%. This approach reflects: \u2014 a focus on the Group\u2019s cost of gross debt rather than its net debt given the material cash and cash equivalents set aside for regulatory purposes; \u2014 the short duration allowed for investments of cash and cash equivalents held for regulatory purposes which, by their nature, generate low investment yields; and \u2014 the broad natural hedge of floating rate borrowings provided by the significant balances of cash and cash equivalents held effectively at floating rates of interest. At 31 December 2024 the floating rate component of total debt was 30% (2023: 26%). Where the Group has committed to M&A transactions and is exposed to prospective interest rate risk on borrowings, the Group Treasury function will assess the exposure and consider hedging solutions that conform with policy and seek to limit future interest costs. In the Group\u2019s CCPs, interest-bearing assets are generally invested in secured instruments or structures and for a longer term than interest-bearing liabilities, whose interest rate is reset daily. This makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite parameters against which sensitivities are monitored daily. In its review of the sensitivities to potential movements in interest rates, the Group has considered interest rate volatility over the last year and prospects for rates over the next 12 months. It has concluded that a 1 percentage point downward movement (with a limited prospect of material upward movement) reflects a reasonable level of risk to current rates. If interest rates on cash and cash equivalents, borrowings and derivative financial instruments had been 1 percentage point lower, with all other variables held constant, profit after tax for 2024 would have been \u00a35 million lower (2023: \u00a39 million) 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 (2023: \u00a31 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-659": { "value": "Capital risk Risk description Risk management approach Capital risk relates to the Group\u2019s ability to meet regulatory capital requirements and minimum internal investment returns. There is a risk that the Group\u2019s entities may not maintain, or have continued access to, sufficient high-quality capital to meet their regulatory, or other obligations. This could result in a loss of regulatory approvals and/or the imposition of financial sanctions. Either separately, or in combination, the main capital risks faced by the Group are: \u2014 An increased regulatory capital requirement of its regulated companies \u2014 Realised, negative yields on its investments \u2014 An inability to raise debt or equity financing as a result of its own poor financial performance, or poor financing conditions The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash generative. It can manage its capital structure (which consists of equity and debt capital) and react to changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019s capital structure is presented below:
2024 2023
Book value of capital \u00a3m \u00a3m
Total shareholders\u2019 funds
23,013
23,807
Group borrowings excluding lease liabilities
9,331
9,063
The Group maintains a Capital Management Policy, the execution of which is overseen by the Group\u2019s Financial, Investment and Capital Committee. The Group seeks to optimally allocate capital in order to maintain a strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders. Regulated entities within the Group monitor compliance with policy and the capital requirements set by their respective regulatory authorities to ensure they have been compliant throughout the year. Regulatory and operational capital represents: \u2014 Amounts held as regulatory cash and cash equivalents \u2014 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:
2024 2023
Regulatory and operational capital \u00a3m \u00a3m
Regulatory cash and cash equivalents
1,342
1,329
Letters of credit
16
19
Total regulatory and operational capital
1,358
1,348
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. 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 2024, leverage was 1.7 times (2023: 1.8 times). While the Group\u2019s bank borrowing facilities no longer include leverage and interest cover ratio covenants, the Group takes into account the potential impact to the key metrics monitored by credit rating agencies 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-660": { "value": "Credit and concentration risk Risk description Risk management approach Credit risk relates to the potential for a Group counterparty (including CCP members, and any counterparty where there is exposure through payment, clearing or settlement processes) to be unable to meet its financial obligations to the Group when due. Credit concentration risk may arise through Group entities having large individual or connected exposures to groups of counterparties whose likelihood of default is driven by common underlying factors. Group Credit risk is governed by policies developed at Group level by the Group Risk function. Limits and thresholds for credit and concentration risk are reviewed regularly. Group companies make judgements on the credit quality of their clients. This is based on the client\u2019s financial position, the recurring nature of billing and collection arrangements and historical evidence relating to the client\u2019s ability to meet its financial liabilities as they fall due. The Group\u2019s client base is large and so management deems concentration risk on the Group\u2019s receivables to be low. 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 recognised on other financial instruments. Non-CCP entities The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with 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 creditworthiness. 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. This must include a minimum level of cash and can also include 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:
2024 2023
Total collateral held \u00a3bn \u00a3bn
Collateral security
Cash received
92
110
Non-cash pledged
177
172
Guarantees pledged
1
2
Total collateral as at 31 December
270
284
Maximum collateral held during the year
334
312
Group CCPs manage the credit risk associated with margin and default fund contributions by investing the cash element in instruments or structures deemed secure by the relevant regulatory bodies. This includes direct investments in highly rated, regulatory qualifying sovereign bonds and supranational 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.
2024 2023
\u00a3bn \u00a3bn
Total investment portfolio
90
104
Maximum portfolio size during the year
110
147
Additional portfolio information:
Amount invested securely
99.98%
99.99%
Weighted average maturity (days)
72
65
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 2024 was with the French Government with an aggregate exposure of 40% of the total investment portfolio (2023: 43% 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 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
<1%
<1%
18.0%
Total receivables
300
865
86
1,251
Expected credit loss
\u2013
(2)
(18)
(20)
Net trade and fees receivables
300
863
68
1,231
Fees Trade receivables
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-661": { "value": "Liquidity, settlement and custodial risk Risk description Risk management approach The Group\u2019s liquidity risk relates to its ability to meet its short- and long-term payment obligations as they fall due. Additionally, the Group\u2019s CCPs, and certain other Group entities, must maintain a level of liquidity (consistent with regulatory requirements) to ensure the smooth operation of their respective services and to be able to continue to operate in the event of a significant stress event. The Group\u2019s settlement and custodial risks relate to the potential for a partner firm to default on its obligations in respect of custody, settlement, payment or other administration activities, or that no action is taken by the Group to mitigate these risks. This also includes the risk that client assets are immobilised as a result of a third-party bankruptcy. Group The Group maintains sufficient liquid resources to meet its financial obligations as they fall due, and to invest in capital expenditure, pay dividends, meet its pension commitments and appropriately support or fund acquisitions or repay borrowings. Subject to regulatory constraints impacting certain entities, funds can (generally) be lent across the Group and cash earnings remitted through regular dividend payments by subsidiary companies. This is an important component of the Group Treasury cash management policy and approach. The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not significantly impacted by seasonal variations. Management monitors forecasts of the Group\u2019s cash flow and overlays sensitivities to these forecasts to reflect assumptions about more challenging market conditions or stress events. The Group will take the appropriate 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. Non-CCP entities The Group Treasury Policy requires the Group to maintain adequate credit facilities provided by a diversified lending group to cover its expected funding requirements and ensure a minimum level of headroom for at least the next 24 months. The financial strength of the Group\u2019s lenders is monitored regularly. For full details of the Group\u2019s borrowings and facilities, see note 16.1. CCPs 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.
Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings (excluding lease liabilities)
1,664
1,584
3,423
3,932
10,603
Lease liabilities
158
113
215
213
699
Trade and other payables
1,845
\u2013
\u2013
\u2013
1,845
Clearing member liabilities
692,640
\u2013
\u2013
\u2013
692,640
Other non-current payables
\u2013
28
335
195
558
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)
1
2,209
581
3,394
3,930
10,114
Lease liabilities
137
113
235
253
738
Trade and other payables
1
1,853
\u2013
\u2013
\u2013
1,853
Clearing member liabilities
764,041
\u2013
\u2013
\u2013
764,041
Other non-current payables
\u2013
55
314
241
610
1 For 2023, \u00a343 million was presented within the financial liability maturity of trade and other payables. These have been reclassified to the financial liability maturity of borrowings to align with disclosure for 2024. The table below analyses the cash flows of the Group\u2019s derivative financial instruments. Net amounts are shown for interest rate swaps and cross-currency interest rate swaps for which net cash flows are exchanged. When the amounts payable or receivable are based on floating interest rates, future cash flows have been calculated using ESTR or SOFR at the balance sheet date.
Less than 1 Between 1 Between 2 Over 5
year and 2 years and 5 years years Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross inflow
3,250
642
277
669
4,838
Gross outflow
(3,253)
(671)
(355)
(689)
(4,968)
Less than 1 Between 1 Between 2 Over
year and 2 years and 5 years 5 years Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross inflow
3,881
61
724
833
5,499
Gross outflow
(3,960)
(90)
(758)
(850)
(5,658)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-662": { "value": "
Market risk \u2013 foreign exchange risk
Risk description Risk management approach
The Group operates globally with primary
centres in the UK, Europe and North America.
It also has growing and strategically important
businesses in Asia. The Group\u2019s principal
currencies of operation are sterling, US dollars,
and the euro.
The Group is exposed to transactional
foreign exchange risk and translational risk.
Transactional risk arises when we buy or sell
goods or services in a currency other than
our entities\u2019 functional currencies. We may
be exposed to movements in that currency.
Translational risk arises from the translation
of balances recorded in an entity\u2019s functional
currency into the Group\u2019s reporting currency
for the purpose of statutory reporting.
Transactional foreign exchange risk may
present itself in the payment of intragroup
transactions or when interest obligations, which
are in a different currency, are due. However,
both of these operations play their part in
controlling the level of translational foreign
exchange exposure the Group faces.
Transactional foreign exchange risk may also
arise when investing in, or divesting from,
operations denominated in currencies other
than sterling.
In addition, the Group has some contracts/
cash flow profiles with a foreign exchange
component that could trigger embedded
derivative recognition and, as such, fair value
accounting treatment.
Translational risk
The Group manages its translational risk, where possible, by matching the currency of its debt to the
currency of its earnings, to make sure certain key financial metrics are protected from material foreign
exchange rate volatility. The Group also seeks to balance the currency of its assets with its liabilities.
In order to mitigate the impact of unfavourable currency exchange rate movements on earnings and net
assets, non-sterling cash earnings are centralised and applied to debt and interest payments in the same
currency. Where required, currency of debt is re-balanced using cross-currency interest rate swaps to
better match the currency of debt to the overall currency of earnings.
A material proportion of the Group's debt is held in or swapped into euros and US dollars (see the
table showing the currency of borrowings in note 16.1). A proportion of the euro denominated debt and
cross-currency interest rate swaps provide a hedge against the Group\u2019s net investment in euro and
US dollar foreign operations.
During the year, the Group also entered into Japanese Yen and Swiss Franc foreign exchange forward
contracts to hedge against the Group\u2019s net investments in Japanese and Swiss operations.
At 31 December 2024, the Group\u2019s designated hedges of its net investments were effective.
Transactional risk
While transactional foreign exchange exposure is limited, the Group mitigates this by either hedging material
transactions with appropriate derivative instruments or by settling currency payables or receivables within
a short timeframe. The Group Treasury Policy requires net balance sheet positions over \u00a32 million or
equivalent to be hedged. The risk is also minimised by the periodic exchange of cash into each Group
entity\u2019s functional currency. Where appropriate, hedge accounting for derivatives is considered in order
to mitigate material levels of income statement volatility.
Governance and sensitivity
The Group\u2019s Risk Committee reviewed the approach to foreign exchange risk management during the
quarter ended 31 December 2024.
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 2024 and 2023 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:
2024
2023
Profit Profit
after tax Equity after tax Equity
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
Sterling weakens
18
(66)
5
(68)
Sterling strengthens
(16)
60
(4)
64
US dollar
Sterling weakens
18
(19)
7
(66)
Sterling strengthens
(16)
7
(6)
60
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 borrowings
and derivative financial instruments 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 impact of changes in interest rates on cash held and investments in financial assets, and on borrowings held at floating rates. The Group may also face future interest rate exposure connected to M&A transactions where significant debt financing is involved. The Group\u2019s CCPs have member liabilities, and separately achieve returns which support the payment of these liabilities. A CCP\u2019s interest rate risk can increase if the reference rates used to calculate liabilities increase while the reference rates that underpin investment returns decrease (or do not increase by the same amount). Group companies that offer guaranteed settlement of traded securities can also be exposed to latent interest rate risk (and market risk more generally) in the event of a counterparty default. The Group\u2019s interest rate management policy focuses on protecting the Group\u2019s credit rating and limiting the impact of interest rate changes on Group earnings. To support this objective, the Group monitors the impact of changes in key interest rates on the annualised net finance costs and maintains a maximum debt floating rate component of 50%. This approach reflects: \u2014 a focus on the Group\u2019s cost of gross debt rather than its net debt given the material cash and cash equivalents set aside for regulatory purposes; \u2014 the short duration allowed for investments of cash and cash equivalents held for regulatory purposes which, by their nature, generate low investment yields; and \u2014 the broad natural hedge of floating rate borrowings provided by the significant balances of cash and cash equivalents held effectively at floating rates of interest. At 31 December 2024 the floating rate component of total debt was 30% (2023: 26%). Where the Group has committed to M&A transactions and is exposed to prospective interest rate risk on borrowings, the Group Treasury function will assess the exposure and consider hedging solutions that conform with policy and seek to limit future interest costs. In the Group\u2019s CCPs, interest-bearing assets are generally invested in secured instruments or structures and for a longer term than interest-bearing liabilities, whose interest rate is reset daily. This makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite parameters against which sensitivities are monitored daily. In its review of the sensitivities to potential movements in interest rates, the Group has considered interest rate volatility over the last year and prospects for rates over the next 12 months. It has concluded that a 1 percentage point downward movement (with a limited prospect of material upward movement) reflects a reasonable level of risk to current rates. If interest rates on cash and cash equivalents, borrowings and derivative financial instruments had been 1 percentage point lower, with all other variables held constant, profit after tax for 2024 would have been \u00a35 million lower (2023: \u00a39 million) 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 (2023: \u00a31 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-667": { "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 not
Amount as netted, but
reported in available in
the balance event of
Gross amount Amount offset sheet
default
1
Net amount
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
1,804,271
(1,799,904)
4,367
(4,367)
\u2013
Reverse repurchase agreements
2
686,211
(96,023)
590,188
(590,188)
\u2013
Derivative financial instruments
4
86
\u2013
86
(48)
38
Total assets
2,490,568
(1,895,927)
594,641
(594,603)
38
Other financial liabilities
2,3
(1,819,018)
1,814,651
(4,367)
4,367
\u2013
Repurchase agreements
2
(686,211)
96,023
(590,188)
590,188
\u2013
Derivative financial instruments
4
(75)
\u2013
(75)
48
(27)
Total liabilities
(2,505,304)
1,910,674
(594,630)
594,603
(27)
Amounts not
netted, but
Amount as available in
reported in the event of
Gross amount Amount offset balance sheet
default
1
Net amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Reverse repurchase agreements
2
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
4
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
2,3
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
4
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
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 gross and offset amounts is caused by the exclusion of variation margin on qualifying clearing activities. 4 Balance excludes embedded derivatives .", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-663": { "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 not
Amount as netted, but
reported in available in
the balance event of
Gross amount Amount offset sheet
default
1
Net amount
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
1,804,271
(1,799,904)
4,367
(4,367)
\u2013
Reverse repurchase agreements
2
686,211
(96,023)
590,188
(590,188)
\u2013
Derivative financial instruments
4
86
\u2013
86
(48)
38
Total assets
2,490,568
(1,895,927)
594,641
(594,603)
38
Other financial liabilities
2,3
(1,819,018)
1,814,651
(4,367)
4,367
\u2013
Repurchase agreements
2
(686,211)
96,023
(590,188)
590,188
\u2013
Derivative financial instruments
4
(75)
\u2013
(75)
48
(27)
Total liabilities
(2,505,304)
1,910,674
(594,630)
594,603
(27)
Amounts not
netted, but
Amount as available in
reported in the event of
Gross amount Amount offset balance sheet
default
1
Net amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Reverse repurchase agreements
2
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
4
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
2,3
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
4
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
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 gross and offset amounts is caused by the exclusion of variation margin on qualifying clearing activities. 4 Balance excludes embedded derivatives ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-643": { "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 not
Amount as netted, but
reported in available in
the balance event of
Gross amount Amount offset sheet
default
1
Net amount
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
1,804,271
(1,799,904)
4,367
(4,367)
\u2013
Reverse repurchase agreements
2
686,211
(96,023)
590,188
(590,188)
\u2013
Derivative financial instruments
4
86
\u2013
86
(48)
38
Total assets
2,490,568
(1,895,927)
594,641
(594,603)
38
Other financial liabilities
2,3
(1,819,018)
1,814,651
(4,367)
4,367
\u2013
Repurchase agreements
2
(686,211)
96,023
(590,188)
590,188
\u2013
Derivative financial instruments
4
(75)
\u2013
(75)
48
(27)
Total liabilities
(2,505,304)
1,910,674
(594,630)
594,603
(27)
Amounts not
netted, but
Amount as available in
reported in the event of
Gross amount Amount offset balance sheet
default
1
Net amount
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other financial assets
2,3
2,340,881
(2,333,561)
7,320
(7,320)
\u2013
Reverse repurchase agreements
2
769,971
(124,698)
645,273
(645,273)
\u2013
Derivative financial instruments
4
115
\u2013
115
(12)
103
Total assets
3,110,967
(2,458,259)
652,708
(652,605)
103
Other financial liabilities
2,3
(2,353,867)
2,346,547
(7,320)
7,320
\u2013
Repurchase agreements
2
(769,971)
124,698
(645,273)
645,273
\u2013
Derivative financial instruments
4
(69)
\u2013
(69)
12
(57)
Total liabilities
(3,123,907)
2,471,245
(652,662)
652,605
(57)
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 gross and offset amounts is caused by the exclusion of variation margin on qualifying clearing activities. 4 Balance excludes embedded derivatives .", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-620": { "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
1
share capital
1
premium
2
Total
millions \u00a3m \u00a3m \u00a3m
1 January 2023
554
39
978
1,017
Share buyback
(15)
(1)
\u2013
(1)
Issue of shares to the Employee Benefit Trust
3
2
\u2013
\u2013
\u2013
31 December 2023
541
38
978
1,016
Share buyback
(11)
\u2013
\u2013
\u2013
Issue of shares to the Employee Benefit Trust
3
1
\u2013
\u2013
\u2013
31 December 2024
531
38
978
1,016
1 Ordinary share capital consists of 543,573,966 ordinary shares of 6
79/86
pence. At 31 December 2024, the Group held 12,122,106 (2023: 7,632,733) 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 176,777 ordinary shares at par to the EBT (2023: 98,158 ordinary shares at par) and the transfer of 1,375,000 treasury shares (2023: 1,904,252)
to settle employee share plans.
Share buyback
During 2024, the Company completed \u00a31 billion of off-market purchases of ordinary shares and limited voting ordinary shares from York Holdings II
Limited and York Holdings III Limited. The limited voting shares repurchased were cancelled immediately. The deduction from retained earnings of
\u00a31,005 million reflects:
\u2014 \u00a3515 million to repurchase 5.9 million ordinary shares;
\u2014 \u00a3485 million to repurchase 5.4 million limited voting ordinary shares; and
\u2014 total costs directly attributable to this repurchase of \u00a35 million.
18.2 Other reserves
Foreign
Merger Capital Reverse exchange
relief redemption acquisition Hedging translation
reserve
1
reserve
2
reserve
3
reserve
4
reserve
5
Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
18,286
514
(512)
(102)
2,953
21,139
Shares cancelled
\u2013
1
\u2013
\u2013
\u2013
1
Net gains on net investment hedges
17.4e
\u2013
\u2013
\u2013
63
\u2013
63
Amounts recycled to income statement
17.4e
\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
Shares cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net gains on net investment hedges
17.4e
\u2013
\u2013
\u2013
47
\u2013
47
Amounts recycled to income statement
17.4e
\u2013
\u2013
\u2013
6
\u2013
6
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
\u2013
191
191
31 December 2024
18,286
515
(512)
13
1,816
20,118
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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-579": { "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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-580": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-644": { "value": "18.1 Ordinary share capital issued and fully paid
Number of Ordinary Share
shares
1
share capital
1
premium
2
Total
millions \u00a3m \u00a3m \u00a3m
1 January 2023
554
39
978
1,017
Share buyback
(15)
(1)
\u2013
(1)
Issue of shares to the Employee Benefit Trust
3
2
\u2013
\u2013
\u2013
31 December 2023
541
38
978
1,016
Share buyback
(11)
\u2013
\u2013
\u2013
Issue of shares to the Employee Benefit Trust
3
1
\u2013
\u2013
\u2013
31 December 2024
531
38
978
1,016
1 Ordinary share capital consists of 543,573,966 ordinary shares of 6 79/86 pence. At 31 December 2024, the Group held 12,122,106 (2023: 7,632,733) 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 176,777 ordinary shares at par to the EBT (2023: 98,158 ordinary shares at par) and the transfer of 1,375,000 treasury shares (2023: 1,904,252) to settle employee share plans. Share buyback During 2024, the Company completed \u00a31 billion of off-market purchases of ordinary shares and limited voting ordinary shares from York Holdings II Limited and York Holdings III Limited. The limited voting shares repurchased were cancelled immediately. The deduction from retained earnings of \u00a31,005 million reflects: \u2014 \u00a3515 million to repurchase 5.9 million ordinary shares; \u2014 \u00a3485 million to repurchase 5.4 million limited voting ordinary shares; and \u2014 total costs directly attributable to this repurchase of \u00a35 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-645": { "value": "18.2 Other reserves
Foreign
Merger Capital Reverse exchange
relief redemption acquisition Hedging translation
reserve
1
reserve
2
reserve
3
reserve
4
reserve
5
Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2023
18,286
514
(512)
(102)
2,953
21,139
Shares cancelled
\u2013
1
\u2013
\u2013
\u2013
1
Net gains on net investment hedges
17.4e
\u2013
\u2013
\u2013
63
\u2013
63
Amounts recycled to income statement
17.4e
\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
Shares cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net gains on net investment hedges
17.4e
\u2013
\u2013
\u2013
47
\u2013
47
Amounts recycled to income statement
17.4e
\u2013
\u2013
\u2013
6
\u2013
6
Foreign exchange differences on translation of foreign operations
\u2013
\u2013
\u2013
\u2013
191
191
31 December 2024
18,286
515
(512)
13
1,816
20,118
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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-621": { "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
2024
2023
Tradeweb group
49.2%
49.0%
LCH Group
1
5.8%
17.4%
Turquoise Global Holdings Limited
15.8%
15.8%
1 During the year, the Group acquired an additional 11.6% of LCH Group Holdings Limited for \u00a3507 million. The Group recognised a decrease in non-controlling interests of \u00a3201 million and a decrease in equity attributable to owners of the parent of \u00a3306 million.
Profit for the year allocated to 2024 2023
non-controlling interests
Notes
\u00a3m \u00a3m
Tradeweb group
19.1
184
110
LCH Group
19.2
53
77
Other
(1)
\u2013
236
187
Accumulated balance of 2024 2023
non-controlling interests
Notes
\u00a3m \u00a3m
Tradeweb group
19.1
2,026
1,828
LCH Group
19.2
106
300
Other
8
9
2,140
2,137
Summarised financial information for the Tradeweb and LCH groups is
provided below.
19.1 Tradeweb group
The Group has a 45.5% 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 50.8%
in Tradeweb Markets LLC (2023: 51.0%).
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 2024 2023
attributable to non-controlling interests
1
\u00a3m \u00a3m
Profit for the year attributable to
non-controlling interests
184
110
Total comprehensive income for the year
attributable to non-controlling interests
222
3
Dividends paid to non-controlling interests
in the year
37
33
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.
2024 2023
Summarised balance sheet
1
\u00a3m \u00a3m
Non-current assets
8,814
7,909
Current assets
1,406
1,846
Current liabilities
(345)
(540)
Non-current liabilities
(492)
(504)
Net assets
9,383
8,711
Attributable to:
Equity holders of the company
7,357
6,883
Non-controlling interests
2,026
1,828
Total equity
9,383
8,711
1 The summarised balance sheet includes goodwill and purchased intangible assets together
with associated amortisation, impairment and deferred tax.
Summarised total comprehensive 2024 2023
income
1
and cash flows
\u00a3m \u00a3m
Total income for the year
1,350
1,078
Total profit for the year
2
446
338
Total comprehensive income for the year
2
544
75
Net (decrease)/increase in cash and cash
equivalents
(268)
288
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).
2 For 2023, the total profit and comprehensive income for the year have been restated to
include the results of the Tradeweb Markets Inc consolidated group. Previously the results
of Tradeweb Markets LLC sub-group were shown.
19.2 LCH Group
The Group owns 94.2% (2023: 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 Group acquired an additional
11.6% non-controlling interest in LCH Group.
Summarised financial information 2024 2023
attributable to non-controlling interests
1
\u00a3m \u00a3m
Profit for the year attributable to
non-controlling interests
53
77
Total comprehensive income for the year
attributable to non-controlling interests
45
65
Dividends paid to non-controlling interests
in the year
38
47
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.
2024 2023
Summarised balance sheet
1
\u00a3m \u00a3m
Non-current assets
487
501
Current assets
694,487
765,621
Current liabilities
(693,265)
(764,511)
Non-current liabilities
(46)
(24)
Net assets
1,663
1,587
Attributable to:
Equity holders of the company
1,557
1,287
Non-controlling interests
106
300
Total equity
1,663
1,587
1 The summarised balance sheet includes goodwill and purchased intangible assets together
with associated amortisation, impairment and deferred tax.
Summarised total comprehensive income
1
2024 2023
and cash flows \u00a3m \u00a3m
Total income for the year
1,070
1,063
Total profit for the year
407
418
Total comprehensive income for the year
356
356
Net increase in cash and cash equivalents
101
239
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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-581": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-622": { "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:
2024 2023
Notes \u00a3m \u00a3m
Group share plans
1
20.1
92
87
Shares issued to Management
Incentive Plan (MIP) participants
\u2013
2
92
89
Tradeweb share schemes
(recognised in
non-controlling interests)
20.2
73
54
Total share-based payment expense
4.1
165
143
1 Charges of \u00a33 million (2023: \u00a33 million) relate to plans that are cash-settled as a result of local regulations. The following amounts were recognised in equity:
2024 2023
\u00a3m \u00a3m
Share-based payments
89
86
Cash receipts from employees on vesting
13
6
102
92
20.1 Group share plans
In April 2024, the Equity Incentive Plan (EIP) was approved by ordinary
resolution of shareholders at the Annual General Meeting, replacing the
Long Term Incentive Plan 2014 (LTIP) and the Restricted Share Award
Plan 2018 (RSAP). No awards have been granted under these legacy
plans since April 2024.
The Group has the following active share plans:
\u2014 LSEG Equity Incentive Plan
Awards over performance share units (PSU) are granted at nil cost
to employees. Vesting of PSU awards is dependent on both market
and non-market performance conditions and continuing employment.
The performance conditions include achievement of relative TSR
(40%) and adjusted EPS (60%) targets.
Awards over restricted share units (RSU) are granted at nil cost to
employees and generally vest in tranches after one, two and three
years, subject to continuing employment.
Awards granted under the EIP may attract dividend equivalents in
shares or cash and a post-vesting holding period may be applied.
All awards are subject to malus and clawback provisions.
Unvested PSU and RSU awards granted before April 2024 are
subject to the rules of the LTIP and RSAP respectively. Awards
granted under the LTIP and RSAP do not attract dividend equivalents.
\u2014 LSEG Deferred Bonus Plan (DBP)
DBP awards are granted at nil cost to employees. Awards usually
either vest after three years or in tranches after one, two and three
years, subject to continuing employment and malus and clawback
provisions. Awards granted under the DBP may attract dividend
equivalents in shares or cash.
\u2014 Save As You Earn and International Sharesave Plan 2018 (SAYE)
The SAYE plans 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 International Share Incentive Plan (ISIP)
The ISIP is a plan in which employees can buy shares in the Company
monthly via salary deduction. For every two shares purchased by
the employee (purchased shares), 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 122 to 147.
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 2024, 1,605,133 Company shares
were held by the trust (2023: 1,178,957). 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 is recognised directly
in equity.
Movements in the number of share options and awards outstanding and
their weighted average exercise prices are as follows:
PSU/RSU/
SAYE
DBP
1
ISIP
1
Weighted
average
exercise
price
Number
\u00a3
Number
Number
1 January 2023
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
Granted
218,628
81.73
1,349,115
46,978
Exercised
(193,401)
64.91
(944,652)
(482)
Lapsed/forfeited
(43,906)
65.79
(571,860)
(3,634)
31 December 2024
527,419
71.88
3,000,730
74,195
Exercisable at
31 December 2024
37,177
66.99
\u2013
\u2013
31 December 2023
10,804
64.61
\u2013
\u2013
1 The PSU, RSU, DBP and ISIP awards have a nil exercise price. No matching shares were
granted under the RSAP in the year (2023: 9,192).
The weighted average share price of London Stock Exchange Group plc
shares during the year was \u00a397.73 (2023: \u00a381.66).
The range of exercise prices and weighted average remaining
contractual life of awards and options outstanding are as follows:
2024
2023
Weighted Weighted
average average
remaining remaining
contractual contractual
Number life Number life
outstanding Years outstanding Years
SAYE
\u2014 Less than \u00a360
\u2013
\u2013
414
0.1
\u2014 Between
\u00a360 and \u00a365
147,911
0.7
364,237
1.3
\u2014 Between
\u00a365 and \u00a370
163,037
1.8
181,447
2.9
\u2014 Between
\u00a380 and \u00a385
216,471
2.8
\u2013
\u2013
PSU/RSU/DBP
3,000,730
1.2
3,168,127
1.3
ISIP
74,195
1.6
31,333
1.7
Total
3,602,344
3,745,558
A Monte Carlo simulation was used to calculate the fair value of the
PSU 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 and global peers.
The valuation of RSU, DBP, SAYE and ISIP awards and the remaining
60% of PSU awards that are subject to adjusted EPS targets depends
on whether they are entitled to dividend equivalents. The market price
at grant date is deemed to reflect the fair value for the awards that are
eligible for dividend equivalents. The Black-Scholes model was used to
determine the related fair value for the awards and options that are not
eligible for dividend equivalents.
The inputs into both models include the share price at grant date,
expected volatility, dividend yields, 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 of awards not eligible for dividend equivalents were as follows:
RSU
SAYE
ISIP
Date of grant
from
13-Mar
26-Apr
14-Jun
11-Sep
12-Dec
30-Sep
1-Jan
to
31-Dec
Grant date share price (\u00a3)
from
93.68
88.90
93.62
103.75
113.30
102.75
89.89
to
115.21
Expected life (years)
from
0.00
1.00
0.26
0.50
0.23
3.34
2.20
to
4.01
4.01
2.25
2.00
2.26
3.20
Exercise price (\u00a3)
nil
nil
nil
nil
nil
81.73
nil
Dividend yield (%)
from
1.11
1.13
1.06
1.23
1.13
1.22
1.17
to
1.31
1.30
1.32
1.29
1.27
1.28
Risk-free interest rate (%)
from
4.00
4.35
3.74
3.22
3.86
3.58
3.34
to
4.66
4.86
4.32
4.10
4.15
4.14
Volatility (%)
from
10.56
13.48
13.08
13.11
13.27
21.00
15.32
to
27.76
27.56
21.88
15.96
15.74
24.58
Fair value (\u00a3)
from
89.62
84.97
91.11
101.11
110.09
29.95
95.89
to
93.68
87.77
93.32
103.11
113.00
PSU
Date of grant
26-Apr
14-Jun
11-Sep
Grant date share price (\u00a3)
88.90
93.62
103.75
Expected life (years)
from
2.89
2.76
3.00
to
4.01
Exercise price (\u00a3)
nil
nil
nil
Dividend yield (%)
1.12
Risk-free interest rate (%)
from
4.35
4.17
3.63
to
4.51
Volatility (%)
from
22.04
21.59
21.13
to
27.56
Fair value TSR (\u00a3)
from
38.97
44.36
47.08
to
42.43
47.44
61.59
Fair value EPS (\u00a3)
84.97
20.2 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-596": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-623": { "value": "21. Business combinations During the year, the Group acquired the businesses listed below. The results of the businesses have been consolidated since the date of acquisition: \u2014 r8fin \u2014 Institutional Cash Distributors (ICD) 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 Fair value of intangible assets acquired as part of a business combination The initial 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 customer 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).
21.1 Details of businesses acquired
Voting
equity
Acquisition interest
Acquired business
Description of business
Reason for acquisition
date acquired
r8fin
Specialises in algorithmic-based
r8fin complements Tradeweb's existing Dealerweb 19 January 100%
execution for US Treasuries and Active Streams, Dealerweb Central Limit Order Book, 2024
interest rate futures. Request-for-Quote and AiEX offerings.
ICD
A provider of institutional
ICD complements Tradeweb\u2019s existing focus on 1 August 100%
investment technology for institutional, wholesale and retail clients. 2024
corporate treasury organisations
trading short-term investments.
21.2 Consideration transferred, assets acquired and liabilities assumed, and resulting goodwill
Goodwill arising from the acquisitions has been recognised as follows:
r8fin
ICD
1
Total
Note \u00a3m \u00a3m \u00a3m
Purchase consideration
\u2014 Cash (including settlement of share options)
71
614
685
\u2014 Equity consideration
2
29
3
32
Total purchase consideration
100
617
717
Less: Fair value of identifiable net assets acquired
\u2014 Intangible assets: Customer and supplier relationships
3
9
(44)
(263)
(307)
\u2014 Intangible assets: Software
3
9
(22)
(124)
(146)
\u2014 Intangible assets: Trade names
3
9
\u2013
(3)
(3)
\u2014 Other non-current assets, excluding deferred tax assets
\u2013
(1)
(1)
\u2014 Cash and cash equivalents
(1)
(18)
(19)
\u2014 Other current assets
(1)
(10)
(11)
\u2014 Total liabilities, excluding deferred tax liabilities
1
8
9
\u2014 Deferred tax liabilities
4
\u2013
19
19
Fair value of identifiable net assets acquired
(67)
(392)
(459)
Goodwill
9
33
225
258
Allocated to cash-generating unit
Tradeweb
Tradeweb
1 This purchase price allocation has 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 or any additional provisions that existed at the date of acquisition, then the accounting
for the acquisition will be revised.
2 Tradeweb issued 374,601 and 41,705 shares as partial consideration for the r8fin and ICD acquisitions respectively. The fair value of the shares issued was based on the closing share price
on the acquisition dates. The fair value of the shares issued for the r8fin acquisition was allocated to consideration transferred and of the fair value of the shares issued for the ICD acquisition,
\u00a33 million was allocated to consideration transferred and \u00a31 million will be recognised as a share-based payment expense over the service period subsequent to the acquisition date.
3 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 and trade names: relief from royalty method (income approach)
4 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.
Goodwill recognised of \u00a3217 million is expected to be deductible for income tax purposes.
21.3 Revenue and profit contribution
If the acquisitions had all occurred on 1 January 2024, estimated Group
revenue and profit before tax would have been as follows:
2024
Pro-forma
Group
\u00a3m
Revenue
8,622
Profit before tax
1,254
From the acquisition date, for the period ended 31 December 2024, ICD
contributed revenue of \u00a333 million and profit before tax of \u00a32 million.
21.4 Acquisition-related costs
Acquisition-related costs, which include retention bonuses and advisor
fees, are recognised as non-underlying items in the income statement
(see note 2.3). The Group incurred acquisition-related costs as follows:
2024
r8fin ICD
\u00a3m \u00a3m
Acquisition-related costs
1
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-597": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-582": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-647": { "value": "
22. Transactions with related parties
The Group\u2019s related parties are associates, Directors and Executive
Committee members (see note 4.1 for compensation for key
management personnel). All significant transactions with related parties
are carried out on an arm\u2019s length basis.
Transactions with associates
In 2023, the Group advanced \u00a315 million to Fomtech Limited. During
2024, the Group converted the advance to equity, increasing our share
ownership to 39.8% (see note 10.2 of the Company financial statements).
Transactions with other related parties
In connection with LSEG\u2019s acquisition of the Refinitiv business, Refinitiv\u2019s
former owners (Thomson Reuters Corporation and a consortium of
certain investment funds managed by Blackstone Group Inc.) collectively
held an economic stake in LSEG via the entities: York Holdings II Limited,
York Holdings III Limited and BCP York Holdings (Delaware) L.P. During
2024, LSEG completed a \u00a31 billion directed off-market purchase of
shares in the Company from York Holdings II Limited and York Holdings
III Limited (see note 18.1), following which these entities are no longer
deemed related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-625": { "value": "22. Transactions with related parties The Group\u2019s related parties are associates, Directors and Executive Committee members (see note 4.1 for compensation for key management personnel). All significant transactions with related parties are carried out on an arm\u2019s length basis. Transactions with associates In 2023, the Group advanced \u00a315 million to Fomtech Limited. During 2024, the Group converted the advance to equity, increasing our share ownership to 39.8% (see note 10.2 of the Company financial statements). Transactions with other related parties In connection with LSEG\u2019s acquisition of the Refinitiv business, Refinitiv\u2019s former owners (Thomson Reuters Corporation and a consortium of certain investment funds managed by Blackstone Group Inc.) collectively held an economic stake in LSEG via the entities: York Holdings II Limited, York Holdings III Limited and BCP York Holdings (Delaware) L.P. During 2024, LSEG completed a \u00a31 billion directed off-market purchase of shares in the Company from York Holdings II Limited and York Holdings III Limited (see note 18.1), following which these entities are no longer deemed related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-626": { "value": "23. 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 the
Minimum cloud-related spend of $2.8 billion
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
US$384 million for 2024
Lease for Tradeweb\u2019s New York City headquarters
Lease signed but not yet commenced as of
Future minimum lease payments of \u00a3127 million
31 December 2024, expected to commence over an expected initial lease term of approximately
in mid-2025 16 years
1 The remaining commitment at 31 December 2024 is US$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, tax 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,
tax 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, tax and regulatory matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-646": { "value": "
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 the
Minimum cloud-related spend of $2.8 billion
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
US$384 million for 2024
Lease for Tradeweb\u2019s New York City headquarters
Lease signed but not yet commenced as of
Future minimum lease payments of \u00a3127 million
31 December 2024, expected to commence over an expected initial lease term of approximately
in mid-2025 16 years
1 The remaining commitment at 31 December 2024 is US$2.8 billion
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-624": { "value": "
24. Events after the reporting period
We plan to execute an ordinary share buyback of \u00a3500 million.
The share buyback programme will commence as soon as is
practicable and is expected to be completed by July 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QAUUUP6I445N30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }