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TP Icap sues Nex over disclosure of probes into swaps, ‘cum-ex’ trading

TP Icap says Nex did not mention a US-UK probe into swaps trading and its exposure to the German cum-ex scandal at the time of their 2016 deal

TP Icap is suing rival broker Nex
TP Icap is suing rival broker Nex Photo: Igor Golovniov/Getty Images

TP Icap is suing rival broker Nex after accusing it of failing to disclose major regulatory investigations the company faced at the time of TP Icap’s 2016 acquisition of Nex’s voice trading business.

Tullett Prebon bought Icap’s telephone broking business in 2016 for £1.3bn creating TP Icap.

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