L.S.E. Listing

When Sweden's OM Group jolted London's bluebloods with a takeover run at the London Stock Exchange last year, the old boys simply denied it permission to buy. As of July, it won't need to ask. That's because last week the L.S.E. announced it was going to list shares of itself on its own trading platform, the second major European exchange to do so. Deutsche Börse floated shares in February, raking in nearly $1 billion in the process, and the French-Dutch-Belgian exchange Euronext hopes to do the same.

Such moves can have obvious payoffs. Deutsche Börse has built...

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