The London Stock Exchange has announced that its chief executive plans to step down by the end of 2018.

Xavier Rolet has headed the London exchange for nearly nine years. The London Stock Exchange Group PLC says it's searching for Rolet's successor and will "work closely" with him to ensure a smooth transition.

The London exchange's chairman, Donald Brydon, hailed Rolet's "remarkable achievements" by saying that "under his leadership, LSE Group has been transformed in scale to become a truly diversified and international leader in financial markets infrastructure."

Rolet said that "I am extremely proud of all we have done together in just under a decade to turn LSE Group into a truly global financial market infrastructure group."