Icap Renamed NEX Group

Name change will go into effect after deal with Tullet Prebon is completed later this year.

michael-spencer-icap
Michael Spencer, Icap chief executive officer

Markets operator and post-trade services provider Icap will be called NEX Group following the completion of the sale of its hybrid voice-broking and information business to Tullet Prebon, which was announced last year.

Icap will begin trading as NEX Group one day after the transaction with Tullet Prebon is completed, which is expected before the end of 2016.

"The process to decide our new name has been a lot of fun and hugely important. It has been a true collaborative process and we assessed more than 300 names suggested to us by employees, friends, customers and members of the great general public, in addition to 600 other suggestions," said Icap chief executive officer Michael Spencer in a statement.

The company will trade as NXG on the London Stock Exchange.

Icap's voice-broking and information business were sold to Tullet Prebon for $1.68 billion in November 2015. Tullet Prebon gained rights to the Icap name as part of the deal.

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