London-based trade execution and risk management services provider NEX Group has com-pleted the sale of its global hybrid voice broking and information business to its parent company TP ICAP.
NEX Group is the newly rebranded ICAP electronic markets and post-trade, risk and information business. ICAP shares began trading as NEX Group shares on December 15.
NEX Group finished the sale of the global hybrid voice broking unit on December 30. Tullett Prebon first announced plans to acquire ICAP in November 2015. The resulting new company, TP ICAP, announced its new name also on December 30 in tandem with NEX Group’s sale of the global voice broking unit.
Separately, the UK Competition and Markets Authority (CMA), in June, announced competition concerns about Tullett Prebon’s acquisition of ICAP, particularly the ownership of ICAP’s oil broking businesses. In September, ICAP sold its London-based voice/hybrid EMEA oil broking business to INTL FC Stone, a global financial services execution and advisory business, with the CMA’s approval.