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Private company

NEX Group

Logo: NEX Group, PD, via Wikipedia4

UK financial services firm

NEX Group plc, formerly known as ICAP plc, is a UK-based business focused on electronic financial markets and post trade business for other financial institutions rather than private individuals. It is known as an inter-broker dealer. The company operates BrokerTec and EBS, respectively among the largest treasuries and foreign exchange markets in the world.2 It was founded by Michael Spencer.1 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

1987Founded1
  • Industryfinancial services1
  • HeadquartersLondon1
  • Websitewww.icap.com
  • Legal formpublic limited company1
  • Listed onLondon Stock Exchange1
  • LEI213800KD1HOVUDFJ5Q273
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressLONDON FRUIT AND WOOL EXCHANGE, E1 6PW London, United Kingdom3
  • Registered withCompanies House, 036114263

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NEX Group plc, formerly known as ICAP plc, is a UK-based business focused on electronic financial markets and post trade business for other financial institutions rather than private individuals. It is known as an inter-broker dealer. The company operates BrokerTec and EBS, respectively among the largest treasuries and foreign exchange markets in the world. NEX was listed on the London Stock Exchange until it was acquired by CME Group in November 2018.2

Corporate structure

NEX Group is part of a group headed by CME Group. 72 entities, 14 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • CME Group Chicago, Illinois, United States
    • Chicago Mercantile Exchange Chicago, Illinois, United States
      • Chicago Mercantile Exchange (Floor) Subsidiary · Chicago, United States
      • CME Swaps Markets (CBOT) Subsidiary · United States
      • CME Swaps Markets (CME) Subsidiary · United States
      • CME Swaps Markets (Comex) Subsidiary · United States
      • CME Swaps Markets (Nymex) Subsidiary · United States
      • Globex Trading System Subsidiary · United States
      • Index And Options Market Subsidiary · United States
      • International Monetary Market Subsidiary · United States
    • New York Mercantile Exchange New York, New York, United States
      • New York Commodities Exchange Subsidiary · United States
      • New York Mercantile Exchange - Energy Markets Subsidiary · United States
      • New York Mercantile Exchange - OTC Markets Subsidiary · United States
    • NEX Group London, United Kingdom
      • CME GROUP BENCHMARK ADMINISTRATION LIMITED Subsidiary · London, United Kingdom
    • Chicago Board of Trade Subsidiary · Chicago
      • Chicago Board Of Trade (Floor) Subsidiary · United States
    • Kansas City Board of Trade Subsidiary · Kansas City
    • S&P Dow Jones Indices Subsidiary · Princeton
      • S&P 400 Subsidiary · United States
    • BOARD OF TRADE OF THE CITY OF CHICAGO, INC. Subsidiary · Chicago, Illinois, United States
    • BROKERTEC AMERICAS LLC Subsidiary · New York, New York, United States
    • BROKERTEC EUROPE LIMITED Subsidiary · London, United Kingdom
    • BrokerTec Holdings Inc. Subsidiary · Delaware, United States
    • Chicago Mercantile Exchange Korea Inc. Subsidiary · South Korea
    • CME AMSTERDAM B.V. Subsidiary · Amsterdam, Netherlands
    • CME Clearing Europe Subsidiary · United Kingdom
    • CME Consulting (Beijing) Co. Ltd. Subsidiary · China
    • CME Finance Holdings Limited Subsidiary · United Kingdom
    • CME Group Asia Holdings Pte. Ltd. Subsidiary · Singapore
    • CME Group Benchmark Administrative Limited Subsidiary · United Kingdom
    • CME Group Hong Kong Limited Subsidiary · Hong Kong
    • CME Group Index Services LLC Subsidiary · Delaware, United States
    • CME Group Japan Kabushiki Kaisha Subsidiary · Japan
    • CME Group Marketing Canada Inc. Subsidiary · British Columbia, Canada
    • CME Group Singapore Operations Pte. Ltd. Subsidiary · Singapore
    • CME Group Strategic Investments LLC Subsidiary · Delaware, United States
    • CME India Holdings LLC Subsidiary · Delaware, United States
    • CME INDIA PRIVATE LIMITED Subsidiary · Bangalore, India
    • and 32 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

The story

Founded by Michael Spencer in 1987.1

The company developed from a merger between Garban plc and Intercapital plc which created Garban-Intercapital plc in 1999. Intercapital plc was founded by Michael Spencer in 1986 as Intercapital Private Group Limited ('IPGL'); in 1998 it was acquired by Exco plc in a reverse takeover and the enlarged business was renamed Intercapital plc. Garban plc was established in the 1970s as the financial services division of MAI plc. Several takeovers followed, starting in 1977 when MAI plc acquired Harlow, Meyer and Co. Mallon & Dorney and Garvin GuyButler were acquired by 1982 and in 1983, Garban LLC was acquired giving MAI plc significant broking interests in the UK and overseas. In 1996, MAI plc was merged into United News & Media plc: its financial services division was then de-merged and listed on the London Stock Exchange in 1998 as Garban plc.

The company changed its name from Garban-Intercapital plc to ICAP plc in 2001. In 2006 it bought EBS, a major trading platform for foreign exchange. On 5 December 2007, ICAP acquired Traiana, Inc. for $247 million (£121 million). Traiana is a provider of post-trade processing, client servicing, and trading software for financial institutions.

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 the London Stock Exchange (LSE), the London International Financial Futures and Options Exchange (LIFFE), the London Metal Exchange (LME), the Intercontinental Exchange (ICE) and BATS Chi-X Europe. In September 2013, ICAP settled allegations that they had manipulated the London Interbank Offered Rate (LIBOR). The United States Department of Justice charged three former employees, and ICAP paid $65 million to the U.S.'s Commodity Futures Trading Commission and £14 million ($22 million) to Britain's Financial Conduct Authority.

In October 2014, ICAP's in-house legal team was awarded the Legal 500 2014 UK In-House Team Winner in the Litigation category. In November 2015, ICAP agreed terms for the disposal of its global hybrid voice broking and information business to Tullett Prebon. The company changed its name from ICAP plc to NEX Group plc in December 2016.

In March 2018, it was announced that NEX Group would be bought by American CME Group for US$5.5 billion. The acquisition was completed on 2 November 2018.

From Wikipedia’s article on NEX Group, shared under CC BY-SA 4.0.5

Leadership

Who has led NEX Group, and when. Pick a name to see everywhere that person has worked.

Subsidiaries and ownership

Parent company (GLEIF)

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. Sep 26, 2022Parent Directly consolidated by CME Group3
  2. 1987Founded Founded1

Sources

The numbers on this page point here. Each one links to the record it came from.

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