ICAP plc says that following the completion of the proposed sale of its global hybrid voice broking and information business to Tullett Prebon, it will be re-named NEX Group plc.
ICAP will begin to trade as NEX Group plc from day one following completion of the proposed transaction, expected before the end of 2016. It says that NEX Group plc will be a focused electronic markets and post-trade business with a portfolio at the heart of the financial market infrastructure, well positioned for growth across all services.
It says (with what sounds like a straight face) that 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 adds that it 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.
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 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.”
Whatever NEX?, one cannot help but wonder…