At last the London Stock Exchange is getting its act together. Signs of a coherent strategy are beginning to emerge and the appoint-ment of Clara Furse as chief executive could mark a turning point.

It is not before time. Despite being the largest and most successful stock exchange in Europe, the LSE has achieved the remarkable feat of becoming virtually a byword for failure and mismanagement. It has lurched from disaster to crisis over the past decade, tossing chief executives overboard as factional infighting in the then member-owned organisation constantly impeded management's ability to chart a clear course.