{"id":79353,"date":"2018-05-22T23:38:30","date_gmt":"2018-05-22T23:38:30","guid":{"rendered":"http:\/\/www.bnreport.com\/michael-spencer-hails-cme-nex-deal-as-important-post-brexit-symbol\/"},"modified":"2018-05-22T23:38:30","modified_gmt":"2018-05-22T23:38:30","slug":"michael-spencer-hails-cme-nex-deal-as-important-post-brexit-symbol","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/michael-spencer-hails-cme-nex-deal-as-important-post-brexit-symbol\/","title":{"rendered":"Michael Spencer hails CME-Nex deal as important post-Brexit symbol"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/markets-await-fed-announcement-on-interest-rates-125787883-5b0477260c69a.jpg\"\/><\/p>\n<p>Michael Spencer, the founder of electronic trading software firm <a href=\"http:\/\/www.cityam.com\/company\/nex-group\" rel=\"noreferrer\" target=\"_blank\">Nex Group<\/a>, hailed the takeover of his business by the US&#039;s CME Group as an important overseas commitment to a London facing Brexit today.<\/p>\n<p>The deal &quot;will bring huge benefits to our clients, the market, and to the City of London through CME&#039;s commitment to maintain London as its European headquarters. As Britain continues its path to leave the EU, commitments like this matter&quot;, the former Tory party treasurer said in his results announcement earlier.<\/p>\n<p>Giving his final results statement before Nex is acquired by CME, the world&#039;s largest futures exchange, Spencer added that he welcomed increased market volatility which was helping to boost his business.<\/p>\n<p><strong>Read more: <\/strong><a href=\"http:\/\/www.cityam.com\/283140\/worlds-largest-futures-exchange-cme-group-agrees-deal\" rel=\"noreferrer\" target=\"_blank\">World&#039;s largest futures exchange CME Group agrees deal to acquire Michael Spencers Nex for \u00a33.9bn<\/a><\/p>\n<p>Nex&#039;s profit before before tax rose two per cent over the year to \u00a3125m, and the group announced it had cut \u00a310m more of costs through slimming down its infrastructure and &quot;redesigning operating models&quot; across its divisions.<\/p>\n<p>It also said that it was &quot;in discussions&quot; with a number of financial institutions over further funding for Nex Exchange, its listing venue for small and mid-sized businesses.<\/p>\n<p>Revenue at Nex&#039;s regulatory reporting branch rocketed by 300 per cent to \u00a39m, as new rules such as Mifid caused traders to improve their reporting.<\/p>\n<p>Overall revenue for the group rose by nine per cent to \u00a3591m.<\/p>\n<p><strong>Read more: <\/strong><a href=\"http:\/\/www.cityam.com\/284715\/nex-and-cmes-advisers-land-bumper-gbp110m-payout\" rel=\"noreferrer\" target=\"_blank\">Nex and CME&#039;s advisers to land bumper \u00a3110m payout for negotiating \u00a33.9bn takeover<\/a><\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael Spencer, the founder of electronic trading software ..<\/p>\n","protected":false},"author":1,"featured_media":79354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-79353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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