London Stock Exchange's CEO Xavier Rolet has axed as many as 133 jobs, in a move that would save £11 million annually, with one-off costs of around £14 million.

The London Stock Exchange said that cost-cutting measures would help in contending its rivals such as Turquoise and Chi-X more efficiently.

133 job-cuts represent a loss of 12 of the total workforce.

Speaking on the topic, Xavier Rolet said, "Our clients are suffering, there are pressures on fees. We ourselves need to do our bit to pass on cost reductions to our clients." The average salary including benefits of the affected workers was £80,000.

Mr. Rolet who served previously Lehman Brothers as a banker, has also trimmed the notice period for tariff changes from two months to two weeks, which would allow the company to react quickly to any new move made by its rivals.

Shares traded on the LSE's electronic trading system witnessed a fall of 43 per cent in their average daily value during 5-month period of 2009 to £4.6 billion. LSE's profit margin also plunged.

Shares in the LSE dropped to 8521/2p, losing 27p.

(Via TopNews United Kingdom. Contributed by Sunil Kumar)