CME Group, the US futures exchange, has made a preliminary bid for Michael Spencer’s Nex Group, a move likely to spark a race among global exchanges to buy the UK financial technology company.
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CME in approach for Michael Spencer’s £2.6bn Nex Group
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A combination of CME, which has a value of more than $56bn, and Nex would concentrate trading for US Treasuries. CME dominates futures in US government debt while Nex owns BrokerTec, the world’s largest platform for trading in the securities market. The two also compete in the spot foreign exchange market, although they have only a small slice of the notional $5.3tn a day that is traded.
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