The London Stock Exchange has said its recent tie-up with Microsoft will help transform its business in the face of a continue rut in equity markets.

Microsoft took a 4% stake in LSEG and announced a 10-year deal for cloud and data services in December. Speaking to journalists after releasing the exchange's annual results on 2 March, LSEG chief executive David Schwimmer said the deal is helping refocus the business towards data services and away from struggling capital markets.