Shares in Nex Group, the old Icap inter-dealer broker, had risen by almost a quarter since this column tipped them at the start of the year as one of the 2017 tips before yesterday’s abrupt fall on some strong-looking third-quarter figures. Nex is now shorn of its voice broking business, sold to TP Icap, which is what its rival Tullett Prebon calls itself; the company still gets most of its revenues allowing financial institutions to buy and sell interest rate and currency derivatives on its two electronic platforms.
Because of its growing post-trade business offering information and other services, though, it prefers to see itself as a financial technology company, which would attract a higher stock market rating — indeed, that prospect was one reason