ICAP PLC ICAP Newco plc announces new name: NEX Group plc (2508Y)
May 16 2016 - 2:03AM
UK Regulatory
TIDMIAP
RNS Number : 2508Y
ICAP PLC
16 May 2016
ICAP Newco plc announces new company name: NEX Group plc
LONDON, 16 May, 2016 - 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 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 does this. I am
very excited about our new name and very excited about the
future."
-ENDS-
Enquiries:
ICAP plc
+44 (0) 20 7050
Serra Balls, Group Head of Communications 7103
+44 (0) 20 7050
Alex Dee, Head of Investor Relations 7123
About ICAP
ICAP is a leading markets operator and provider of post trade
risk mitigation and information services. The Group matches buyers
and sellers in the wholesale markets in interest rates, credit,
commodities, FX, emerging markets and equity derivatives through
voice and electronic networks. Through our post trade risk and
information services we help our customers manage and mitigate
risks in their portfolios. For more information, please go to
www.icap.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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