London, Feb 11, 2026, 08:27 GMT — Regular session
- LSEG jumped 4.7% to 7,714p early after word got out that Elliott Management had taken a stake.
- Elliott wants margins higher and is also pressing for a fresh multibillion-pound buyback, according to the report.
- LSEG has wrapped up its most recent buyback programme, the company said. Results are expected Feb. 26.
Shares in London Stock Exchange Group surged Wednesday, climbing 4.7% to 7,714 pence as of 0810 GMT, after the Financial Times reported that activist hedge fund Elliott Management has taken a “significant” position in the exchange operator. According to FT sources, Elliott is calling for a new multibillion-pound share buyback and sharper margin discipline, though the fund isn’t pushing for a break-up. London South East
LSEG is feeling the heat. The stock has dropped over 35% in the past year, as investors size up fiercer rivals and fast-moving AI developments. Activist investors are circling, often seeking anything from tighter cost discipline to fatter shareholder payouts. The company runs the London Stock Exchange and pushes out trading and data products via its Workspace platform.
Timing is crucial here. LSEG heads into annual results, investors pressing for evidence that the data business still has legs—and that management isn’t letting expenses spiral.
Another round of buybacks? It would put LSEG’s capital allocation under the microscope. The company’s already funneled cash into tech and content in the past few years, and it still needs room to keep investing.
The report didn’t specify how much Elliott owns. Traders are on alert for a filing that spells out the stake—and any hints about how fast the activist intends to ramp up its campaign.
LSEG disclosed new buyback activity Wednesday, revealing it snapped up 353,987 shares on Feb. 10 via broker Citi, paying a volume-weighted average of 7,411.63 pence apiece. Those shares will be canceled, the company said. This marks the final batch under its irrevocable programme with Citi, which launched Nov. 4; LSEG confirmed the programme has now wrapped up.
The obvious question right now: what, if anything, steps in to take its place over the coming weeks—and how significant will it be?
For some investors, pushing on the margin gap stands out as Elliott’s most straightforward tactic, one that avoids any messy calls to break up assets. But there’s another camp: those watching closely to see if AI is shifting the way customers use market data and analytics. That’s the bigger sector-wide question hanging over the debate.
Here’s the immediate worry: if the activist momentum vanishes and no real shift happens, not much changes for LSEG. Should earnings or outlook fall short, or if investors shrug off the buybacks as insufficient against broader growth concerns, those initial share gains might evaporate just as quickly.
Eyes turn to Feb. 26: that’s when LSEG drops its preliminary results for the year wrapped up Dec. 31, 2025. What investors want? Details on any fresh buyback, new margin targets, and some straight talk on how the company plans to shore up its data business as AI keeps encroaching.
