Source: Icap
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, is delighted to announce that following the completion of the proposed transaction by ICAP to sell its global hybrid voice broking and information business to Tullett Prebon, ICAP plc will be re-named NEX Group plc.
As part of the transaction agreement, the ICAP brand will be transferred to Tullett Prebon.
ICAP will begin to trade as NEX Group plc 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, well positioned for growth across all services. The Group will be ideally placed to meet customers’ changing requirements. NEX Group plc will be better positioned to go into new market segments with innovation and product development and will benefit from the increased demand made by regulators for post trade risk mitigation and electronic trading.
The new name encompasses the spirit of an agile and innovative company that is robust, resilient and trusted. It aims to convey the business as ambitious, cutting edge and able to compete in the fintech space. It is brief and unique and works well with existing Group company brands.
ICAP has secured rights to the top level domains nex.com and nex.co.uk as well as a number of associated domains. The company is expected to use the symbol NXG as its trading ticker symbol following the completion of the transaction.
Commenting on the new name, Michael Spencer, CEO of ICAP plc, 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 plc will be a fast moving, entrepreneurial pure electronic and post trade leader, well positioned for growth. We wanted a name to truly reflect this and which was truly global. NEX Group plc does this. I am very excited about our new name and very excited about the future.”