Brokers ICAP to become NEX Group later this year after Tullet Prebon deal
Trading firm ICAP is to change its name to NEX Group later this year, in an announcement set to be made on Monday, according to Sky News.
ICAP is an electronic broker which specialises in wholesale trading for the likes of financial institutions rather than individuals.
The name change signifies a shift in strategy for the FTSE 250 firm, which Sky News suggests will move more heavily into providing financial infrastructure and technology for its clients.
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ICAP is headed up by city grandee Michael Spencer, a former treasurer of the Conservative Party with close links to David Cameron. Spencer previously offered a case of red wine to anybody who could suggest a new name for the firm.
The announcement will come tomorrow as the group confirms its full year results. Revenues at the group dipped in the third quarter of last year, and its share price, at 455p is down around ten per cent since the start of the year.