Half Year 2021 London Stock Exchange Group PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Philip David Middleton - BofA Securities, Research Division - Analyst : Thanks very much for the presentation and the added disclosure. I wonder if you could please come back to Slide 18. You set out 5 different items here, which is very helpful, but we don't know the quantum of any of these. So how much -- how big are the blocks of your running costs, revenue synergy, operating costs and such like that you expect to drop away after 2023? Because if that's GBP 1, it doesn't matter. If that's GBP 100 million, it does matter. So how big are these?

Question: Philip David Middleton - BofA Securities, Research Division - Analyst : Paul cruelly cut me off last time. If we turn to Slide 40, just trying to get some sense of what you're talking about in Slide 18. We have GBP 27 million of technology, 20 -- GBP 33 million investment for growth. Do these correspond to your lines that drop away in '23? Or it looks like, within both of these, there are some slightly more persistent expenses. So again, I'm just trying to get some sense for beyond material, what's actually going on here? So which of the costs in Slide 40, do you think are these costs that drop away?

Question: Philip David Middleton - BofA Securities, Research Division - Analyst : No, no, no. That's all. That's helpful. Paul does want to cut me off.