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.
