London Stock Exchange's outgoing boss will cast a long shadow over his successor

A French former Lehman Brothers banker, Xavier Rolet seemed no more likely to win fans among the City’s old school than did Clara Furse, whom he succeeded as chief executive of the London Stock Exchange.

Turns out, he didn’t need their support.

The exchange’s dealers paid him the ultimate tribute upon learning of his plans to step down in 14 months: They cut the price of the shares.

No wonder. While Furse spent most of her time fending off takeover approaches, leading to something of a ghetto mentality in its halls, Rolet turned a company regarded as prey into a predator.

Russell Investments, FTSE indices, a majority stake in LCH, the clearing house, all were brought into his empire, contributing to the creation of a post trade and information heavyweight.

In the process, the market value of the business ballooned, from £800m to £14bn. The London Stock Exchange itself is only a tiny part of it.

Of course, what Rolet never had to contend with was the misogyny that often greeted Furse. The paid up members of the City’s antediluvian tendency could never bring themselves to accept a woman in charge of what they had seen as their private club.

Mr Rolet, a relative unknown when he took on the job, however, soon had them eating out of his hands. He might not have needed them, but their quiescence did make life a lot easier for him than it was for her.

Charming, with a biting wit, and a willingness to indulge in just the right amount of indiscretion in conversation, he rapidly became a figure of considerable influence in the city.

He showed courage in facing down the baying mob of Brexit, of which he has been a vocal opponent, but also in lecturing Europe on the danger of trying to humble the City of London.

The only real blemish on his record: his support for one last attempt to secure an unwieldy marriage with Deutsche Borse, which was ultimately shot down by Europe’s competition watchdogs and led to him staying on for longer than he intended.

Rolet was brought up by military parents - part of his childhood was spent in Algeria during its battle for independence - and took an MBA at America’s Columbia University before securing his first job in banking at Goldman Sachs.

In addition to competing in the Dakar rally, he and his wife also own vineyards. The wine they produce is extremely good.

He will cast a long shadow over his successor, for whom an international search has commenced. They will join a business at a crossroads, in a city and a country at a crossroads. The latter two would appear to have little to be optimistic about. If they can do half the job Rolet did, the London Stock Exchange might be the exception.