The chief executive of Borsa Italiana, the Italian market owned by the London Stock Exchange Group, has received a 12% rise in basic pay and a 36% hike in his annual bonus, according to the company's annual report. The rise in his remuneration follows a year in which the exchange delivered strong results buoyed by the company's Italian clearing house.

The exchange raised Raffaele Jerusalmi's basic salary from €380,000 as of 1 April 2011 to €425,000 as of April 2012, while his bonus rose from €550,000 to €750,000, the exchange said today.