ICAP is set to change its name to NEX Group after the sell-off of its hybrid voice broking and information business.
The markets operator and service provider will re-brand once the deal to sell the business to Tullet Prebon is completed. As part of the transaction agreement, the ICAP name will be transferred to Tullet Prebon in the sale.
ICAP will take on its new identity from the day after the proposed transaction is completed, expected to be before the end of 2016.
As NEX Group, the operator will focus on electronic markets and post-trade business. It intends to position itself to be able to meet the changing requirements of customers, and to enter new market segments through innovation and product developments.
It also intends to help clients manage demand from regulators for post-trade risk mitigation and electronic trading.
ICAP CEO Michael Spencer said: “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.”
“I would like to thank everyone who took part in this process for their ideas, energy and creativity. NEX Group will be a fast moving, entrepreneurial pure electronic and post trade leader, well positioned for growth.”
