 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 1999; 27 years ago (1999) |
| Founder | Michael Spencer |
| Headquarters | , |
Key people | Charles Gregson, Non-Executive Chairman Michael Spencer, Group CEO |
| Services | Inter-broker dealer,trade matching,settlement (financial) |
| Revenue | £543 million (2017)[1] |
| £145 million (2017)[1] | |
| £120 million (2017)[1] | |
Number of employees | 1,941 (2017)[1] |
| Parent | CME Group |
| Website | www |
NEX Group plc, formerly known asICAP plc, is a UK-based business focused on electronicfinancial markets andpost trade business for otherfinancial institutions rather than private individuals. It is known as an inter-broker dealer. The company operates BrokerTec andEBS, respectively among the largest treasuries andforeign exchange markets in the world. NEX was listed on theLondon Stock Exchange until it was acquired byCME Group in November 2018.[2]
The company developed from amerger betweenGarban plc andIntercapital plc which createdGarban-Intercapital plc in 1999.[3]Intercapital plc was founded byMichael Spencer in 1986 asIntercapital Private Group Limited ('IPGL'); in 1998 it was acquired byExco plc in areverse takeover and the enlarged business was renamedIntercapital plc.[4]Garban plc was established in the 1970s as the financial services division ofMAI plc. Several takeovers followed, starting in 1977 whenMAI plc acquiredHarlow, Meyer and Co.Mallon & Dorney andGarvin GuyButler were acquired by 1982 and in 1983,Garban LLC was acquired givingMAI plc significant broking interests in the UK and overseas. In 1996,MAI plc was merged intoUnited News & Media plc: its financial services division was then de-merged and listed on the London Stock Exchange in 1998 asGarban plc.[3]
The company changed its name fromGarban-Intercapital plc toICAP plc in 2001.[3] In 2006 it boughtEBS, a major trading platform for foreign exchange.[5] On 5 December 2007, ICAP acquired Traiana, Inc. for $247 million (£121 million).[6] Traiana is a provider of post-trade processing, client servicing, and trading software for financial institutions.[7]
In June 2012 ICAP acquired Plus Stock Exchange plc and relaunched it as the ICAP Securities and Derivatives Exchange (ISDX), one of only six Regulated Investment Exchanges (RIE) in the United Kingdom, the others being theLondon Stock Exchange (LSE), theLondon International Financial Futures and Options Exchange (LIFFE), theLondon Metal Exchange (LME), theIntercontinental Exchange (ICE) andBATS Chi-X Europe.[8] In September 2013, ICAP settled allegations that they hadmanipulated theLondon Interbank Offered Rate (LIBOR). TheUnited States Department of Justice charged three former employees, and ICAP paid $65 million to the U.S.'sCommodity Futures Trading Commission and £14 million ($22 million) to Britain'sFinancial Conduct Authority.[9]
In October 2014, ICAP's in-house legal team was awarded the Legal 500 2014 UK In-House Team Winner in the Litigation category.[10] In November 2015, ICAP agreed terms for the disposal of its global hybrid voice broking and information business toTullett Prebon.[11] The company changed its name fromICAP plc toNEX Group plc in December 2016.[12]
In March 2018, it was announced that NEX Group would be bought by AmericanCME Group for US$5.5 billion.[13] The acquisition was completed on 2 November 2018.[14]
