Press releases 2000

20 April 2000

ANNOUNCEMENTS FROM LONDON STOCK EXCHANGE

APPOINTMENT OF NEW CHAIRMAN

The London Stock Exchange today announced the appointment of Don Cruickshank as its new Chairman. He will join the board today and will take over from Sir John Kemp-Welch as Chairman on 25 May, following the meeting of the Board.

Sir John Kemp-Welch, Chairman of the Exchange since July 1994, said: "I am delighted that Don Cruickshank will be taking over as Chairman of the London Stock Exchange. His considerable experience in both the private and the public sectors will ensure that he brings a range and breadth of skills to the Exchange at an important time in its history."

Commenting on his appointment, Don Cruickshank said: "I am particularly pleased to be taking over as Chairman of the London Stock Exchange as it enters a new era as a fully commercial organisation. As one of the world's foremost stock exchanges, it is clear that London will be playing a leading role in the European and international developments that are already taking shape and I very much look forward to working with Gavin Casey and the management team on the exciting opportunities that lie ahead."

DISCUSSIONS WITH DEUTSCHE BRSE

In view of misleading press reports about the status of discussions with Deutsche Brse, the Board of the London Stock Exchange is issuing the following clarifying announcement.

The London Stock Exchange confirms that it is aiming to achieve rationalisation of securities trading across Europe and internationally, to meet the needs of users who naturally want the simplest, most straightforward and cheapest way to deal in shares in international companies across the world.

Discussions are taking place with Deutsche Brse to see if a merger between the two exchanges can be the first major step in this process. London's leading position in the trading of international securities gives it a pivotal role in the realignment of exchanges and it is not yet clear that a merger with Deutsche Brse can be agreed.