Xavier Rolet, the new chief executive of the London Stock Exchange, is to cut 120 jobs under a new structure in his first decisive move since taking over a month ago. He has also called into question the future of the exchange's main trading system.

The LSE today outlined to its own staff a new structure that could lead to job losses shared equally across its two main trading centres in London and Milan. A source close to the exchange said its marketing and account management teams will be hardest hit.