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ICAP to Become NEX Group to Start Life After Voice Broking

  • Tullett Prebon agreed to buy the ICAP name along with brokers
  • ICAP to sell brokers and swaps platform to Tullett this year
Updated on

ICAP Plc will rename itself as NEX Group Plc once it sells its global broking business to Tullett Prebon Plc, completing its transformation into a specialist in electronic markets and post-trade services.

Chief Executive Officer Michael Spencer needed to find a new name after agreeing to include the ICAP brand in the 1.1 billion-pound ($1.5 billion) sale of the ICAP Global Broking Business in November. The deal will complete ICAP’s shift away from voice broking, a business that has suffered from shrinking margins and increased regulation.