Caroline Hepker

Shares in the London Stock Exchange Group jumped by more than 8% at the European Open following news that Elliott Management has built a significant stake in the firm.

It is not yet clear how large a stake the activist hedge fund has taken or the exact changes that it is pushing for.

Under UK rules, investors must disclose holdings of 3% or more in publicly traded companies.

The Financial Times earlier reported that Elliott has been engaging with ELSEG to help engineer an improvement in the group's performance.

Bloomberg LP, the parent of Bloomberg News, competes with ELSEG in providing financial data.

The U.S.

Commerce Secretary Howard Lutnick has also come under fire for his appearance in the files.

Lutnick said that he did visit Epstein's private island in 2012 after Epstein was convicted as a sex offender.

Here is an exchange between the Maryland Senator Chris Van Hollen and Lutnick.

Lutnick is facing calls to resign over his relationship with Epstein since the files show his ties to this disgraced financier were more extensive than he previously revealed.

The White House says President Trump has no plans to remove Lutnick from his post.

I'm Caroline Hepka and this is Bloomberg.

And I'm Caroline Hepker.

And in other news, the European Council president has told Bloomberg that the EU must review its powerful competition rules to boost the bloc's economy.

Antonio Costa was speaking ahead of a gathering of EU leaders this week, which will focus on improving competitiveness as the region faces challenges from both the United States and China.

The European Council president was speaking after the German and Italian governments warned that Europe must act now on reforming its single market.

In a paper circulated ahead of tomorrow's leaders' meeting, they called, among other measures, for the EU to loosen merger rules, allowing European firms to scale up and rival America's tech giants.

Now, shares in the London Stock Exchange Group are down by 2% this morning at the European Open after a report that Elliott Management has built a significant stake in the firm.

According to the Financial Times, Elliott has been engaging with Elsec to help engineer an improvement in the group's performance.

Sources who spoke to the newspaper also said that Elliott encouraged the company to consider a multi-billion pound share buyback