The LSE is the crown jewel of European exchanges. It’s the only brand strong enough to get listing revenues from companies…The only way for someone to own U.K. stock trading is to own the LSE.

The stocks are certainly more expensive than they were a year ago. People are piling into this space, but I think that if you look at the benchmarks around the world these are great businesses.

The ISE could buy some of these traditional floor markets that have decent flow, like the Amex. Or it could be bought by one of the floor-based markets, or an equity market or a futures...

The London Stock Exchange is a critical piece on the chess board. So you have to put a big premium on the price.