The sale of ICAP’s
globally hybrid voice broking and information business to Tullett Prebon, now
named TP ICAP (TP Icap), which includes the associated technology and broking
platforms and certain joint ventures and associates, has completed today.
business, which includes EBS BrokerTec, as well as Traiana, will remain under
the newly named NEX Group (Nex). The board of NEX also announces that the Share
Consolidation will become effective with effect from Admission today, at which
point the total issued ordinary share capital of NEX will be 379,735,432 ordinary
shares of 17.5 pence each.
Michael Spencer, CEO
of Nex, says: “This is a
momentous and exciting day for us all. In 1986 we were a start-up of four
people, which in 30 years transformed into ICAP plc, one of the true market
leaders in financial services. Today we complete our transformation as we
officially launch Nex Group, a technology services company ready to capitalise
on the enormous opportunities that technology affords to financial markets in
the 21st century.
“Nex Group provides services that underpin the entire transaction
lifecycle, from pre-trade to execution and post-trade, so we have structured
the company into four key business lines: Nex Markets leverages our established
electronic trading platforms to help clients access liquidity in the fixed
income and foreign exchange markets and execute efficiently; Nex Optimisation
leads the transformation of market structure by offering a portfolio of cloud
hosted services that simplify client workflows, optimise resources, reduce
costs and mitigate risk for our clients; Nex Opportunities invests in
exceptional financial technology companies that challenge convention, solve
issues and reshape financial markets; and Nex Exchange operates a regulated UK
stock exchange for small and medium companies to help entrepreneurs access
investors and raise capital,” he continues.
“Nex will begin 2017 as a new company, but one with a long and
successful heritage. I’m proud of where we’ve come from and incredibly excited
about where we are going. In an era of rapid regulatory and technological
change, Nex will empower financial markets and bring greater efficiency, transparency
and scale to our clients,” adds Spencer.
Cazenove and Evercore are acting as joint financial advisors and joint sponsors
to Icap and Nex in connection with the transaction.