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The London Stock Exchange was hit by more bad news last week when Glencore, The Mining Group, said it is thinking about Transfer its basic list To exchange another in search of a higher evaluation. Glencore can join an exit from companies such as FLTER and the CRH building group.

The stock exchange can rest from one thing: it will not lose a company list much larger, which is the most valuable FTSE 100 with a market value of 62 billion pounds at the beginning of this week. This project has transformed the same in the past decade from the goal of acquiring the European champion for a global industry: the London Stock Exchange Group.

The Gulf is in wealth between the London Stock Exchange and its mother Lseg is striking. the The flow of setbacks For the previous, the steady rise in the last financial value has not been hindered. The interpretation is simple: The inclusion of shares and trading is only 3 percent of LSEG revenues due to their diversification over the past decade.

Lseg’s transformation from the stock exchange to a global center for securities and planning, along with data and analyzes, is a defensive strategy. In 2016, it agreed to equal integration with Deutsche Porsus, but this was banned by the European Union. It deserves much more than the latter now, and it is six times the market value of the EuronXT, which has the exchange of Amsterdam and Paris.

But LSEG’s financial success will have a problem with identity. The group does not think about moving to the New York Stock Exchange, but it may be more than that if this happens, thanks to the high -class international trading and data companies. Another project with a less heavy date will be seduced in a financial situation similar to changing its name or selling late business.

Things are also separated, exchange and Lseg They are stuck in a strange relationship. Lseg acquires a luster from a seventeenth century company, while the exchange benefits from being owned by a group that is not subject to seizure. But it would be more simple for both of them if their financial horizons are more compatible.

Investors this week will hear the LSEG response when David Shuimer, CEO Since 2018He shows the results transformation But Shimer, a former banker in Goldman Sachs, developed it. Its most severe axis has implemented 27 billion dollars acquisition In 2019, the financial data provider is Refinitiv.

Leseg Refinitiv has turned somewhat stronger competitor to Bloomberg in the WorkSpace brand, help her An alliance with microsoft. The deal also gave a 51 percent stake in Markets Tradeweb, an American derivative platform and fixed -income derivatives that have grown rapidly. It is less famous than the London Stock Exchange, but it has higher revenues.

There is a broader lesson for exchanges and market platforms: investors often suspend the highest values ​​of excitement. LCC, one of the largest bonds and derivatives in the world, is among the most valuable Lseg origins. While the arrow lists receive more attention, the circulation of bonds and the space are calmly reliable.

Lseg’s opposite is Euronext, which depends heavily on stocks. The market value of Euronext is less, but, on measures such as the total number of new lists and trading sizes on the seven stock exchanges, they were overpowered London. Stéphane Boujnah, CEO, He claimed last month These losing lists in New York were just a “London problem”.

Boujnah clearly loves Lseg to lose his patience with the London Stock Exchange and sell it to him. This is unreasonable, given the importance of exchange to London as a financial center, regardless of the small size of LSEG revenues. LSEG is in a much better position to buy Eurnext itself, but this would raise competition issues as well as European fugitives.

The truth is that LSEG did a good job to remove itself from the old musical stock exchange game, and build a wider work under a relevant brand. Perhaps it will not be thanks by the shareholders for returning back: there are many data, analyzes and operations related to trade or purchase instead.

But the London Stock Exchange and its father should not be drifted. Although LSEG’s financial evaluation may not matter that its original origins face a problem, the stock exchange remains the heart of the brand.

john.gapper@ft.com