The London Stock Exchange
The exchange group said in a regulatory filing the value of share trading was down 2 percent for the 11 months to the end of February while Italian equity trading was up 2 percent for the same period.
The value of new listings was down 8 percent to 34.6 billion pounds as the number of initial public offerings fell 14 percent to 144 for the period.
But the exchange surprised analysts by saying fourth quarter net treasury income, which is the interest it charges for deposits through its clearing unit, would exceed the 33.5 million it earned in the previous quarter.
Treasury income has remained a strong source of revenues in the fourth quarter, and despite lower deposit rates in March the company reports an increase in treasury revenue compared with the third quarter, said JP Morgan
JP Morgan on Friday hiked its estimate for the LSE's treasury income revenue by 12 million pounds to 37 million pounds for the year to the end of March 2012, and increased its forecast for LSE group revenue to 802 million pounds.
Shares in LSE were up 0.4 percent 1,022 pence at 9.36 a.m. British Time.
The results came as the LSE faces a crucial shareholder vote on Tuesday on its planned acquisition of London-based clearing house LCH.Clearnet.
The LSE said this month it wants to take up 60 percent of LCH, offering shareholders 20 euros per share, which values LCH at 813 million euros (678.1 million pounds).
(Editing by Hans-Juergen Peters)