Activist investment firm Elliott Management Corp. is urging the London Stock Exchange Group (LSEG) to conduct a comprehensive review of its complex corporate structure.

The current structure spans three core business segments: data services, exchange operations, and a 51% majority stake in the electronic trading platform Tradeweb Markets Inc. Elliott believes that the current structure may not fully unlock the overall value of the group. The complexity of its business portfolio—especially the synergy between data services and exchange operations, as well as the significant but non-wholly-owned asset of the Tradeweb stake—are key focuses of this review. Such moves are typically aimed at enhancing operational efficiency and shareholder returns by optimizing the company’s structure.