It hasn't taken long for some of the London Stock Exchange's new Italian shareholders to bail out of the business.
After the LSE completed its merger with Bora Italiana, the Milan exchange, in early October, Italian banks ended up with around 28% of the enlarged group.
This morning one of them - Banca Monte Paschi Di Siena - sold its 2.93% shareholding, amounting to 8.2m shares, for £17.70 each. UBS is placing the shares on behalf of the bank. Traders believe the sale is tied up with Banca Monte's agreement to buy rival Banca Antonveneta.
The LSE's shares have fallen nearly 6% to £17.75, but the exchange is putting a brave face on the news. It pointed out that it now has a more diversified shareholder base than in the past, which is fair enough. It is also coming to the attention of tracker funds, ahead of its probable elevation to the FTSE 100 next month. The review takes place on December 12.
