Michael Spencer

Michael Alan Spencer (born 30 May 1955, Kuala Lumpur, Malaysia) is a British businessman; the founder and chief executive of NEX Group plc, a UK-based business focused on electronic markets and post trade business. NEX Group was formerly known as ICAP plc, until the sale of its voice-broking business to Tullett Prebon in December 2016.

Spencer was educated at the Worth Abbey Benedictine (OSB) School, Sussex and at Corpus Christi College, Oxford, where he studied physics.

While still a student, Spencer made £30,000 dealing in shares, and then worked at Drexel Burnham. Fired from there for trading errors, he resolved to establish his own empire and Spencer founded Intercapital Private Group Limited in 1986. In 1998, it was acquired by Exco plc in a reverse takeover, and the enlarged business was renamed Intercapital plc. In 1999, the company merged with Garban plc to create Garban-Intercapital plc, which renamed itself ICAP plc in 2001.

Following the sale of its voice broking business to global banking firm Tullett Prebon in December 2016, ICAP plc was renamed NEX Group, while Tullett Prebon became TP ICAP. Spencer sold the majority of his stake in TP ICAP in January 2017. He remains CEO and the largest shareholder of Nex Group, as of February 2017.

He was also the owner of spread betting firm City Index Group until 2014, when he sold the company to New Jersey financial services company GAIN Capital.

Spencer served as Treasurer of the Conservative Party from 2006 to 2010. He is the Chairman of the Conservative Party Foundation, a charity established to strengthen the financial future of the Conservative Party.

In September 2013, Spencer issued a public apology after ICAP was fined $87m (£54m) by the US Commodity Futures Trading Commission and Britain's Financial Conduct Authority for its part in the Libor interest rate scandal. Three ICAP employees were subsequently found not guilty in January 2016 in a trial brought by the UK’s Serious Fraud Office.

...
Wikipedia