The £1.1bn sale of its global broking business to rival Tullett Prebon will see it offload 1,500 colourful brokers who conduct deals over the phone and see the newly-renamed Nex focus on electronic currency and derivative trading as well as post-trade services such as portfolio risk management.
To mark the change, chief executive Michael Spencer unveiled the group’s new corporate identity on Monday. The name, coupled with the logo’s white lettering on black background, drew parallels with Next, the UK fashion chain. Mr Spencer said it was “highly improbable that there would be confusion with a well-known high street chain … we wanted to come up with something new, contemporary. It will be a new beginning.”