NEX Group
Former UK financial-markets infrastructure group focused on electronic broking, post-trade processing, and institutional market services.
Last updated August 26, 2026
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Overview
NEX Group plc was a United Kingdom-based financial-markets infrastructure company that provided electronic trading venues, inter-dealer broking, post-trade processing, and market information services to institutional participants. Its customers were primarily banks, brokers, asset managers, and other financial institutions rather than private individuals. The company was best understood as a market-infrastructure and financial-technology business operating behind the scenes of global capital markets. The group’s corporate history began with two important broking businesses. Intercapital was founded by Michael Spencer in 1986 as Intercapital Private Group Limited, later becoming Intercapital plc after a reverse takeover involving Exco plc in 1998. Garban developed from the financial-services division of MAI plc, whose broking interests expanded through acquisitions during the 1970s and 1980s. Following the demerger and London listing of Garban plc in 1998, Garban and Intercapital combined in 1999 to form Garban-Intercapital plc. The business adopted the name ICAP plc in 2001. Under the ICAP name, the company expanded beyond traditional voice broking into electronic financial markets and post-trade technology. It acquired EBS in 2006, adding a major electronic foreign-exchange trading platform, and acquired Traiana in 2007 for post-trade processing, client-servicing, and trading-software capabilities. It also acquired Plus Stock Exchange in 2012 and relaunched it as the ICAP Securities and Derivatives Exchange, or ISDX, a UK regulated investment exchange. The company’s operating portfolio included EBS and BrokerTec, electronic platforms associated with foreign-exchange and fixed-income trading, as well as Traiana’s post-trade technology. These businesses served the institutional market by helping participants execute trades, connect with counterparties, manage transaction workflows, and process information after execution. This specialization distinguished NEX from consumer-facing financial brands and from traditional investment banks: its role was principally to provide infrastructure, liquidity, connectivity, and operational technology to other financial institutions. ICAP changed its name to NEX Group plc in December 2016 as part of a broader repositioning around electronic markets, post-trade services, and data-driven financial technology. The company remained publicly traded in the United Kingdom until CME Group agreed to acquire it in 2018. The transaction was announced at a value of approximately US$5.5 billion and completed on 2 November 2018. Following the acquisition, NEX ceased to exist as an independent listed group, while parts of its operating businesses were incorporated into CME Group’s wider market-infrastructure activities. NEX Group’s history also included regulatory controversy. In 2013, ICAP reached settlements with US and UK authorities concerning allegations that former employees had participated in manipulation relating to the London Interbank Offered Rate, or LIBOR. The matter resulted in payments to the US Commodity Futures Trading Commission and the UK Financial Conduct Authority, as well as criminal charges against three former employees by the United States Department of Justice. The episode formed part of the wider post-financial-crisis scrutiny of benchmark-rate practices across the financial industry.
History
NEX Group emerged from the consolidation of UK inter-dealer broking businesses and developed into a provider of electronic financial-market and post-trade infrastructure. Its historical roots included Garban, which originated in the financial-services division of MAI plc, and Intercapital, founded by Michael Spencer in 1986 as Intercapital Private Group Limited. Intercapital became Intercapital plc after a 1998 reverse takeover involving Exco plc. Garban was separated from United News & Media and listed on the London Stock Exchange as Garban plc in 1998. Garban and Intercapital merged in 1999 to create Garban-Intercapital plc. The company changed its name to ICAP plc in 2001. Initially associated with inter-dealer broking, ICAP expanded its technology and electronic-market capabilities through a series of acquisitions. In 2006 it acquired EBS, an important electronic foreign-exchange trading platform. In December 2007 it acquired Traiana for approximately US$247 million, adding software and services for post-trade processing, client servicing, and institutional trading workflows. The group continued to broaden its market-infrastructure portfolio. In 2012 it acquired Plus Stock Exchange plc and relaunched the business as the ICAP Securities and Derivatives Exchange, commonly known as ISDX. The exchange was one of the United Kingdom’s regulated investment exchanges. ICAP also operated BrokerTec and EBS, which gave the group a presence in electronic trading across foreign exchange and treasury-related markets. ICAP’s history was affected by the wider regulatory investigations into benchmark-rate manipulation following the global financial crisis. In September 2013, the company settled allegations relating to LIBOR manipulation. The settlements involved payments to the US Commodity Futures Trading Commission and the UK Financial Conduct Authority, and the US Department of Justice charged three former employees. The matter became a significant regulatory event in the company’s history, although the alleged conduct concerned former employees rather than a consumer-facing product. In 2015, ICAP agreed to sell its global hybrid voice-broking and information business to Tullett Prebon. The disposal was consistent with a strategic shift away from parts of the traditional voice-broking model and toward electronic markets, post-trade processing, data, and financial technology. In December 2016, ICAP plc changed its name to NEX Group plc, presenting the group as a broader technology and market-infrastructure company. CME Group announced in March 2018 that it would acquire NEX Group in a transaction valued at approximately US$5.5 billion. The acquisition was completed on 2 November 2018. NEX was removed from the public market and ceased to exist as an independent corporate group, while its principal businesses became part of CME Group’s international market-infrastructure operations.
- 2018
CME Group completes the acquisition
[1]CME Group completed its acquisition of NEX Group on 2 November 2018, ending NEX’s independent listed-company status.
- 2016
ICAP becomes NEX Group
[1]The company changed its corporate name from ICAP plc to NEX Group plc.
- 2015
Hybrid voice-broking business is sold
[1]ICAP agreed to sell its global hybrid voice-broking and information business to Tullett Prebon.
- 2013
LIBOR-related settlements
[1]ICAP settled regulatory allegations concerning LIBOR manipulation and paid penalties to US and UK authorities.
- 2012
ISDX is launched
[1]After acquiring Plus Stock Exchange, ICAP relaunched it as the ICAP Securities and Derivatives Exchange.
- 2007
Traiana is acquired
[1]ICAP acquired Traiana, adding post-trade processing, client-servicing, and trading-software capabilities.
- 2006
EBS is acquired
[1]ICAP acquired EBS, strengthening its position in electronic foreign-exchange trading.
- 2001
The company becomes ICAP
[1]Garban-Intercapital plc changed its name to ICAP plc.
- 1999
Garban-Intercapital is formed
[1]Garban and Intercapital merged to create Garban-Intercapital plc.
- 1998
Garban is listed and Intercapital becomes a public company
[1]Garban was demerged from United News & Media and listed on the London Stock Exchange, while Intercapital plc was created through a reverse takeover involving Exco plc.
Products and positioning
Institutional financial-markets infrastructure provider specializing in electronic broking, post-trade processing, liquidity venues, and market technology.
Electronic foreign-exchange trading platform
EBS
EBS was an electronic trading platform serving the institutional foreign-exchange market. Acquired by ICAP in 2006, it became one of the group’s principal electronic venues and helped extend the company beyond traditional inter-dealer voice broking.
Electronic fixed-income and treasury-market platform
BrokerTec
BrokerTec was an electronic market associated with trading in treasury and fixed-income instruments. It formed part of NEX Group’s institutional trading infrastructure and complemented EBS by serving markets outside foreign exchange.
Post-trade processing and financial software
Traiana
Traiana provided post-trade processing, client-servicing, connectivity, and trading software for financial institutions. Its capabilities supported the operational tasks that follow execution, including the exchange and management of transaction information among market participants.
Regulated investment exchange · 2012
ICAP Securities and Derivatives Exchange (ISDX)
ISDX was the exchange created when ICAP acquired Plus Stock Exchange and relaunched it in 2012. It provided a regulated UK venue for securities and derivatives-related activity and represented ICAP’s expansion into exchange infrastructure.
Controversies
2013
LIBOR manipulation allegations
ICAP settled allegations by US and UK authorities concerning manipulation connected with LIBOR. The company paid US$65 million to the Commodity Futures Trading Commission and £14 million to the UK Financial Conduct Authority. The US Department of Justice also charged three former employees.
Brand decisions
2018
Acquisition by CME GroupM&ABackground
CME Group sought to combine its derivatives-market franchise with NEX’s electronic trading, broking, and post-trade infrastructure.
Action taken
CME Group agreed to acquire NEX Group in a transaction valued at approximately US$5.5 billion and completed the acquisition on 2 November 2018.
Aftermath
NEX ceased to operate as an independent listed company and its businesses became part of CME Group.
Reported transaction value. Approximately US$5.5 billion (2018)
2016
Corporate rebranding as NEX GroupStrategyBackground
The former ICAP group had expanded into electronic trading, post-trade processing, data, and financial technology.
Action taken
The company changed its name from ICAP plc to NEX Group plc.
Aftermath
The new identity presented the company as a broader financial-markets technology and infrastructure group rather than primarily an inter-dealer broker.
2015
Sale of the hybrid voice-broking and information businessStrategyBackground
ICAP was emphasizing electronic markets, post-trade processing, and technology over parts of its traditional voice-broking operation.
Action taken
ICAP agreed to sell its global hybrid voice-broking and information business to Tullett Prebon.
Aftermath
The disposal supported the group’s repositioning toward electronic and technology-based financial-market services.
2012
Acquisition and relaunch of Plus Stock ExchangeM&ABackground
ICAP pursued a broader role in regulated market infrastructure.
Action taken
ICAP acquired Plus Stock Exchange and relaunched it as the ICAP Securities and Derivatives Exchange, or ISDX.
Aftermath
The group operated a UK regulated investment exchange alongside its electronic broking and post-trade businesses.
2007
Acquisition of TraianaM&ABackground
ICAP was broadening its business from broking into post-trade technology and institutional workflow services.
Action taken
ICAP acquired Traiana for approximately US$247 million.
Aftermath
The acquisition added post-trade processing, client-servicing, and trading-software capabilities.
Acquisition price. US$247 million (2007)
2006
Acquisition of EBSM&ABackground
ICAP sought to expand its electronic-market capabilities and its presence in foreign-exchange trading.
Action taken
ICAP acquired EBS, a major electronic foreign-exchange trading platform.
Aftermath
EBS became one of the group’s principal electronic trading businesses.
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