STRONG START FOR SETSmm; SPREADS NARROW BY 40% ON AVERAGE

The first full month of trading on SETSmm™, the London Stock Exchange’s new hybrid trading service, was completed in November. The average number of trades per day was 9,841, up 65 per cent on an average of 5,978 trades per day in October 2003. The average daily value represented by these trades was £383 million. The average spreads for FTSE 250 stocks have improved by 40 per cent since the start of the market on 3 November, from 178 basis points in October 2003 to 107 basis points in November 2003.

The number of trades on SETS™, the Exchange’s electronic order book also increased, to 2.8 million in November 2003, a rise of 18 per cent on the number of trades in November 2002. The value traded on SETS during the month was £62.9 billion, up from £58.4 billion in November 2002. The average daily number of trades on SETS was 140,674, up from 113,122 in November 2002.

The total number of equity trades on the Exchange was 4.64 million in November 2003. This is down one per cent from a total of 4.68 million equity trades in November 2002. The total value of shares traded in November 2003 was £316.3 billion, down from £361.7 billion in November 2002.

The number of UK equity trades on the market was up 13 per cent to 3.91 million trades, compared with 3.46 million trades in November 2002. There were 20 business days in November 2003 compared with 21 days in November 2002.

The number of trades in the covered warrant market increased to 4,268 trades in November 2003, compared with 766 trades in November 2002, the first full month of trading for the market. The value of these trades was £35 million, compared with £2.2 million in November 2002.

On the primary market, there were 18 new issues during November 2003, ten of which were IPOs: two on the UK Main Market, one international company on the Main Market and seven on AIM, raising £384.7 million between them. This compares with 13 new issues, of which 2 were IPOs, in November 2002.

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Notes to editors:

• About the London Stock Exchange:

  The London Stock Exchange is one of the world’s leading equity exchanges and a leading provider of services that facilitate the raising of capital and the trading of shares.

  The London Stock Exchange is the most international equities exchange by trading in the world and Europe's largest pool of liquidity. By the end of 2002, the market capitalisation of UK and international companies on its markets amounted to £3.1 trillion, with £4.6 trillion of equity business transacted over the year.

  The London Stock Exchange is a Recognised Investment Exchange (RIE) under the Financial Services and Markets Act 2000 and is supervised by the Financial Services Authority.

• SETS – the electronic order book.

  It is now six years since the launch of SETS and the service continues to go from strength to strength. Overall, the market is benefiting from tighter spreads and greater liquidity. Usage of SETS continues to grow, as shown by recent record increases in the number of orders entered, the number of firms using the order book and order book share of business.

  Indices are calculated and managed by FTSE Group, a world-leader in the creation and management of global equity indices. The FTSE Group is jointly owned by the London Stock Exchange and the Financial Times, but operates as a wholly autonomous company.

  For information about the company or any FTSE indices, please contact media@ftse.com.

  IPO - when a new company joins our market raising money. This excludes transfers and introductions (a company that joins a market without raising money).

• SETSmm

  SETSmm is the Exchange’s new trading service for FTSE 250 and other leading non order book securities. By combining the best features of the existing SETS and SEAQ trading services, SETSmm appeals to market users who want to trade electronically, as well as those customers who use the market making system.

• Retail Trading Figures

  Retail trading figures are available from our website at - http://www.londonstockexchange.com/trading/retailtrade.asp.
  Figures are available from November 2002 to date.

LONDON STOCK EXCHANGE

MONTHLY FACTSHEET FIGURES

	November 2003
		2003		2002
	DOMESTIC EQUITY TRADING	Month	Year to date	Month	Year to date
	Equity Trading Value (£m)	169,477	1,729,526	158,455	1,709,100
	Number of Equity Trades	3,907,572	42,498,937	3,460,525	34,696,459
	INTERNATIONAL EQUITY TRADING
	Equity Trading Value (£m)	146,861	1,602,197	203,288	2,627,909
	Number of Equity Trades	733,581	9,144,667	1,218,146	14,157,215
	ORDER BOOK TRADING
	Order Book Value £m	73,007	599,074	58,383	630,335
	Order Book Trades	3,272,393	30,225,715	2,375,552	21,865,186
		November 2003		November 2002
	DOMESTIC MARKET CAPITALISATION £bn		1,334		1,225
	TOTAL NUMBER OF COMPANIES		2,682		2,828
	UK list	1,562		1,710
	Foreign	389		420
	AIM	731		698
	of which techMARK	181		220
		2003		2002
	MONEY RAISED £m	Month	Year to date	Month	Year to date
	UK & AIM New Issues Equity	267	2,281	153	5,204
	Further, Rights and Other	443	5,167	313	11,839
	Bonds, Warrants, Fixed Interest	12,178	111,879	9,402	79,250
	Int. New Issues Equity	165	1,134	-	-
	Further, Rights and Other	303	5,192	-	5,455
	Bonds, Warrants, Fixed Interest	6,687	88,256	4,578	67,188
	COMPANIES ADMITTED	18	159	13	211

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