London Stock Exchange Group (LSEG.L): Focus on MCP commercialisation and healthy 2Q markets revenues ahead of 1H26

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London Stock Exchange Group (LSEG.L): Focus on MCP commercialisation and healthy 2Q markets revenues ahead of 1H26

Equity Research

7 July 2026 | 4:02PM BST

London Stock Exchange Group (LSEG.L): Focus on MCP

commercialisation and healthy 2Q markets revenues ahead of 1H26

LSEG shares are broadly flat YTD, underperforming European exchange peers and Oliver Carruthers, CFA

+44(20)7552-9364 |

the SXFP, with the stock remaining sensitive to debates on AI disruption to its data oliver.carruthers@gs.com

Goldman Sachs International

businesses. We continue to believe these concerns are overstated with current

Tom Ferguson

uncertainties priced in and with limited near-term disruption evidence. Further, we +44(20)7051-0547 |

continue to see opportunities through increasing AI usage and LSEG’s AI strategy, tom.ferguson@gs.comGoldman Sachs International

particularly through its aim to drive greater consumption through MCP-based data Anshika Mehrotra

distribution. We expect increasing focus on this at LSEG’s upcoming 1H results, at +1(212)934-7679anshika.mehrotra@gs.com|

which the group will also outline its commercial framework on MCP monetisation. We Goldman Sachs India SPL

Sabouriansee MCP as a powerful accelerant to this existing trend of rising data consumption Naimeh | +44(20)7051-0573

across financial institutions. Going forward, we expect three more nuanced but naimeh.sabourian@gs.com Goldman Sachs International

important areas of debate will emerge as part of increasing investor discussions on

MCP: (1) MCP-based data distribution increasing scope for greater cross-selling from

data vendors, (2) vendors investing in their data estate infrastructure to aid the

speed of onboarding new datasets, and (3) token usage economics and the pricing

advantage of large vendors.