Icap dodges Boaty McBoatface moment as it confirms renaming

Pen and paper

Icap appears to have dodged a Boaty McBoatface moment.

The broking company has confirmed it is to be renamed Nex Group following the sale of Tullett Prebon.

Chief executive Michael Spencer said the process to decide the new name had been “a lot of fun and hugely important”.

Read more: Icap shares fall on revenue dip

Spencer offered a case of fine wine to whoever could come up with the best name.

Announcing the competition in December, Spencer told Bloomberg: “Anybody who comes with a name for the new Icap, a case of very fine claret... email me, michael.spencer@icap.com, with your ideas. If you win, a case of very fine claret.”

Today, he said: “It has been a true collaborative process and we assessed more than 300 names suggested to us by employees, friends, customers and members of the great general public, in addition to 600 other suggestions.

Read more: "We'd do it all again" say Boaty McBoatface competition creators

“I would like to thank everyone who took part in this process for their ideas, energy and creativity. Nex Group plc will be a fast moving, entrepreneurial pure electronic and post trade leader, well positioned for growth.

“We wanted a name to truly reflect this and which was truly global. Nex Group does this. I am very excited about our new name and very excited about the future."

Full story: Icap dodges Boaty McBoatface moment as it confirms renaming: City A.M.

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