The London Stock Exchange said it suffered a fall of 38 per cent in first-half profits as rival share-trading platforms snatched some of its market share.

LSE's pre-tax profits slipped from £127 million to £79.4 million during six months ended September 30.

Revenues slipped 13 per cent at constant currency levels during the same period.

Cut-throat competition posed by rivals such as Chi-X and BATS Europe has compelled LSE to slash fees. LSE's market share in FTSE 100 stocks has dropped less than 60 per cent.

Speaking on the topic, Xavier Rolet, chief executive of LSE, said, "We probably have another six to nine months to address these issues and solidify our market share."

Mr. Rolet has already slashed 12 per cent of workforce since he replaced Dame Clara Furse in May.

The LSE has announced recently that it would buy Sri Lanka-based technology services company MillenniumIT to obtain a new cutting-edge trading platform.

In the recent trading, shares in the LSE slipped 32½p to close at 814½p.