The City veteran is preparing to rebrand Icap as NEX Group – a company that will be rooted in electronic trading, post-trade and financial technology – with a deal that will see his voice brokers join one-time rival Tullett Prebon.
Speaking at Icap’s final annual charity day under the current brand on December 7, Spencer told Bloomberg TV that the traditional buying and selling of financial instruments over the phone was “by no means dead”.
He said the model had seen “a big recovery” of late, particularly in the wake of Donald Trump’s surprise win in the US election, and added that the interest-rate market in 2017 is “very probably” going to be busier than this year.
“There are more political uncertainties today than there have been for quite a long time,” he said.
Following the completion of the Tullett deal, which both firms expect to happen on December 30, the voice-broking businesses will rebrand as TP-Icap.
Spencer reiterated that he and Icap’s other major shareholders would be receiving 56% of the shares in TP-Icap.
“This deal is not a cash deal,” Spencer said.
He backed Tullett Prebon CEO John Phizackerley to lead TP-Icap to “great things”.