Half Year 2023 London Stock Exchange Group PLC Earnings Call Transcript

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

Question: Enrico Bolzoni - JPMorgan Chase & Co, Research Division - Analyst : So the first question I have is on your dealing -- making bigger deals. So you say you're starting bigger deals, 15% higher. And at the same time, we did see the drop in ASV. So I presume that when you onboard the bigger clients, the lag between when you sign the contract and when you start to recognize revenues might be a bit longer, correct me if I'm wrong. But if this is the case, is it fair to expect a material pickup in ASV going forward because of the large increase in larger deals that you've been signing recently? So this is my first question. My second question is actually related to the color you provided on the partnership with HSBC. I think it's very useful. You mentioned 750 terminals that have been replaced. It seems like quite a big number. Can you just give us some color on whether these are desktop solution or actually the mix of desktop and feeds that you managed to replace? And what was the driving factor? Is it because you offer a better deal? Or is it because of the product itself, so you're offering some data, some capabilities that the competitors didn't have? And finally, just on customer satisfaction, the number is going up quite nicely. Can you give some color on what customers are liking more? Is it the product that has improved? Or is it the customer service that has improved? And if you can be a bit more granular in terms of what specific division -- in what specific division you're seeing the biggest uptick in customer satisfaction? David A. Schwimmer - London Stock Exchange Group plc - Interim Group Head of Data and Analytics, Group CEO & Executive Director Sure. I think I've got that, but we might need you to remind us on a couple of things. Maybe just on the -- your first question about the bigger deals, the important thing to think about is not the size of the deal, it's the kind of product. So -- because as Anna was touching on earlier, there are some products that you can basically switch on in a day. There are some products, and I touched on this a little bit earlier as well, that for a variety of reasons could take 3, 6, 9 months. And it comes into ASV not when the initial sale is made, but when the billing starts. If it's a big, complex deal, then perhaps that takes longer, but it's really more driven by what the nature of the product is. Your question around the 750 terminals that we displaced, the first point I should just make on this, we often get asked questions when one of our competitors makes a specific announcement about a competitive process or a displacement, we tend not to do that. We have a lot of successful displacements of competitors, and this is just one example of that. And we thought it would be useful to share that with you all. The 750 displacements, likely to be terminals, not electronic feeds. We called out that we have also displaced the #2 provider of a feed there. So that's separate and distinct. But I just think maybe for everyone to understand that we don't put out a press release every competitive process we win or every displacement we have. But we do -- you would not see the growth that you are seeing in our numbers without our having a lot of displacements of our competitors in a number of different areas. So that should just give you a little bit of a sense of the receptivity to our product and the success we're having. And then with respect to your third question, on customer satisfaction, this is largely -- that specific customer satisfaction survey was for Workspace. And as I mentioned, we are -- we have a program of continuous improvement and have put out, I think, 100...