Icap is to put its fintech incubator Euclid Opportunites to the forefront as it sells off its brand to Tullett Prebon and refocuses its business under the new name NEX Group.
Presenting results which show depressed revenue and profits for the year, Icap chief Michael Spencer confirmed that the sale of the firm's global broking and associated information businesses to Tullett Prebon remains on track to complete later this year.
"I believe that we are now on the cusp of one of the most exciting eras in the company's 30-year history," he stated, as he unveiled the rebranding of the firm. "Our ambition is to create the world's leading multi-product, global electronic transaction network for OTC products and post trade services. The new electronic markets, post trade and Euclid investments businesses, which we will become once the transaction completes, will be renamed 'NEX Group plc'; a new name for a new company that intends to lead the market in technology innovation in global financial markets.
Pitching Euclid Opportunities as an early-stage fintech investment incubator, Spencer said that the fund will will play "a bigger and more important role" in the new business.
Declaring Icap's future as a "financial technology company, focused on electronic markets and post trade services", the company sees big upsides in a market undergoing significant structural change amid increased regulatory oversight and disclosure.
"Icap's customers are seeking innovative products, greater liquidity and the best-in-class platforms and services," continues the statement. "This presents an enormous opportunity for the business."