ICAP to become NEX Group
The electronic broker said the name change will take effect once the sale of its voice brokerage business to Tullett Prebon is completed.
The electronic broker said the name change will take effect once the sale of its voice brokerage business to Tullett Prebon is completed.
Markets operator ICAP, which also provides post trade risk mitigation and information services, said that following the completion of the proposed sale by ICAP of its global hybrid voice broking and information business to Tullett Prebon, it will be re-named NEX Group. As part of the transaction agreement, the ICAP brand will be transferred to Tullett Prebon.
ICAP will begin to trade as NEX Group from day one following completion of the proposed transaction, when the new name will be adopted. Until that time, the company will continue to be known as ICAP. Completion of the transaction with Tullett Prebon continues to be expected before the end of 2016. NEX Group plc will be a focused electronic markets and post trade business with a leading portfolio at the heart of the financial market infrastructure, the group added.