The London International Financial Futures Exchange (Liffe) is to ask its board to allow it to report separate results for its exchange business and its technology business. Sir Brian Williamson, chairman of Liffe, says this is the latest initiative to reflect shareholder value from Liffe's technological prowess.

Sources suggest that Liffe could be separating the results to argue for a better valuation in the face of a possible bid by the London Stock Exchange. But Williamson says the proposal is being made so that Liffe's prospective shareholders get a better idea of what they are buying into, and how revenue is generated from each unit. The proposal means that the next set of interim results, due in the first quarter of 2002, will reflect the results of the exchange business and the technology business separately.