The London Stock Exchange is in discussions with a Russian stock exchange about a strategic alliance involving Russian companies listing in London and could announce a deal as early as this month, according to senior banking sources.

The LSE is fighting an unsolicited £1.8bn (€2.6bn) bid from Australian bank Macquarie. In its defence document, the LSE highlighted its strength in attracting international listings as a central part of its growth strategy and described itself as "the international venue of choice for initial public offerings". It said a record 129 companies from 29 countries had listed on the LSE in the past year.