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OLSEG London Stock Exchange Group plc : Q1 2021 Trading Statement This release contains revenues and key performance indicators ( KPIs ) for the three months ended 31 March 2021 ( Q1 ) . All figures quoted in this release are on an underlying basis . Figures are stated on both a statutory and pro - forma basis for Q1 2021 and Q1 2020. Pro - forma figures assume that the acquisition of Refinitiv took place on 1 January 2021 and the prior year comparator assumes that the acquisition of Refinitiv occurred on 1 January 2020. All pro - forma and statutory figures exclude the financial contribution from Borsa Italiana which is classed as a discontinued item . Constant currency variance is calculated on the basis of consistent FX rates applied across the current and prior year period , the conversions have been made from the transactional values , which will eliminate any transactional and translational movements along with any related accounting adjustments . For more information please refer to " Accounting and modelling notes " section below . Organic variances have been removed from our disclosure due to the large variances associated with the acquisition of Refinitiv . Highlights Note : Unless otherwise stated , variances refer to growth rates on a pro - forma constant currency basis , excluding the impact of a deferred revenue accounting adjustment¹ , to provide the best view of underlying performance Good Q1 performance driven by new business growth and strong customer retention Q1 total income ( excluding recoveries ) up 3.9 % , with good growth in Data & Analytics and Capital Markets ; down 1.2 % on a reported pro - forma basis ( reflecting currency headwinds as USD declined 8 % year on year versus GBP and the impact of the deferred revenue adjustment ) Acquisition of Refinitiv successfully completed on 29 January 2021 and execution of integration plan well underway to deliver on strategic and financial benefits Approximately £ 40 million of cost synergies already realised on a run - rate basis and new products arising from the combination now launched Successfully conducted c . £ 5 billion bond issuance with longer - term financing structure now in place at a blended cost of 1.6 % ² across all LSEG debt Borsa Italiana Group divestment progressing well and expected to complete shortly in Q2 Investor education events scheduled to give deeper insight into the new LSEG business ; first event to be held on 2 July 2021 with an overview of Data and Analytics and deeper dives into Trading and Banking , Enterprise Data , and Customer and Third - Party Risk businesses ; subsequent events to be announced to cover the remaining businesses ¹ The deferred revenue impact is a one - time , non - cash , negative revenue impact resulting from the accounting treatment of deferred revenue within Refinitiv's accounts which have been re - evaluated upon acquisition by LSEG under purchase price accounting rules . The result of this accounting treatment is a £ 22m adjustment reducing revenue for Q1 2021. The vast majority impacts the Data & Analytics business with a smaller impact applied to the FX venues business within Capital Markets . There will be further immaterial impacts in subsequent periods within 2021. Further information is available in the " Accounting and modelling notes " section . Constant currency variance shows underlying financial performance , excluding currency impacts , by comparing the current and prior year period at consistent exchange rates . ² Reflects blended interest cost post divestment of Borsa Italiana Group David Schwimmer , CEO said : " LSEG has delivered good results in the first quarter , with strong underlying performance across all divisions . " Following the completion of the acquisition of Refinitiv , we are executing on our integration plans to deliver the long - term strategic and financial benefits of the transaction ; we are making good progress on our synergies and have already realised £ 40 million of run - rate cost savings . We have also begun to implement a number of programmes to deliver product 1