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Can he change the siloed culture into one happy team that makes customers even happier? We shall see. So, can they become the Amazon of the financial markets? Spencer would say unequivocally, yes. Why build a new risk management platform in-house when you can buy something from NEX that also works with EBS BrokerTec and other platforms? They like what they’ve got because it works.īut attitudes are changing as internal IT budgets shrink and regulations are burying old systems. The reality is that many firms still run on legacy systems.
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That is the future many see – a world where banks, brokers and trading firms can seamlessly connect to technology, upgrade systems and keep on rolling.
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Cloud services, machine learning and leaps in the speed and distribution of data are making technology buys and implementation somewhat easier. But today’s technology is allowing NEX and many other players to make the move in a much more seamless way than before. Now it is a technology company that acquires other data and technology companies, and runs a few exchanges too. Now we’re a technology firm that happens to own exchanges.” The Intercontinental Exchange used to be an exchange that acquired other exchanges and clearing houses. In the words of Nasdaq Vice Chairman Sandy Frucher: “We used to be an exchange that owned technology. What is also interesting about the approach, however, is that from a technology services standpoint, NEX is happy to grab solutions that are decidedly not NEX products or services if it makes the client happy.Īs such they’ve taken on some of the identity of modern exchanges, which do many things besides count pennies for every trade and cleared contract. Where those companies used to work and run largely as siloed operations under a loose ICAP umbrella, they now are firmly in the fold – aimed at offering solutions all along the transaction chain. The VC can add the pieces it needs along the way. From there, they can sell all of those things – EBS BrokerTec along with its menu of complementary technology, like Traiana, Trioptima, Enso and Reset.
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In a simplistic sense, the company is rolling all of its trading platforms, technology companies and venture capital arm into one firm. So what’s left? Plenty actually, although it took me a while to figure it out. But it just isn’t what he wants to do with his time or shareholder money. Such is the case with NEX Group, the former ICAP group minus the ICAP voice brokerage business.īy now, we know that NEX’s CEO Michael Spencer looked to the future and decided that voice brokering wasn’t it. I know that Stuart will successfully take TriOptima to the next level of its growth and I look forward to working with him in his new role,” said Jenny Knott, CEO, NEX Optimisation.JOHN LOTHIAN | Sometimes the machine needs a reboot. “Stuart has strong knowledge of TriOptima having been a customer for many years while he was at Goldman Sachs and has a proven track record of relationship management skills and strategic thinking. Prior to joining NEX Group, Connolly was previously the bank’s European head of derivatives clearing services.
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Sjöberg has been replaced by Stuart Connolly, who joined NEX Group’s post-trade service in November from Goldman Sachs as head of client product development. “I am disappointed that he has decided to step down but he leaves the business in a strong position on which we continue to grow for the future,” said Michael Spencer, CEO, NEX Group. It then became part of the NEX Optimisation umbrella which centralised all of its post-trade technology businesses including Abide Financial, ENSO and Traiana. TriOptima was previously a separate business entity co-owned by ICAP, before the interdealer broker’s rebranding to NEX Group at the end of last year. Per Sjöberg, who has led TriOptima since he found the company in 2000, has decided to leave to pursue other ventures, according to a statement from NEX Group. The chief executive of NEX Group’s post-trade derivatives service, TriOptima, has left the business just two months after the company’s rebranding.