It is understandable with hindsight why ICAP (IAP) boss Michael Spencer was so keen six months ago to rebuff suggestions that the interdealer broker would sell its electronic trading services. Instead, shareholders have been presented with a transformative deal to sell its core global broking business and brand to rival Tullett Prebon (TLPR). This means ICAP - which has yet to chose a new brand name - will transform itself into a financial technology business closer in nature to the London Stock Exchange Group (LSE).
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