Educated at Worth Abbey and Corpus Christi, Oxford, where he read physics, Michael Spencer’s career in the City began in 1976, as an investment analyst at Simon and Coates. In 1980, he joined Drexel Burnham Lambert where he spent three years broking futures and became an Assistant V.P.
Between 1983 and 1986, Michael Spencer was a director at money broker Charles Fulton, until his involvement in the new interest rate swaps market led him to set up Intercapital in May 1986. As a specialist financial derivatives broking firm, Intercapital grew over 10 years from the original four people to over three hundred world-wide, with offices in London, New York and Sydney.
In October 1998 Intercapital merged with EXCO plc, a listed money broker, and formed Intercapital plc. Michael Spencer became Chairman and Chief Executive. The following year Intercapital plc merged again, this time with Garban plc to form ICAP plc.
In November 2015, ICAP announced its intention to sell its global hybrid voice broking and associated information business to Tullett Prebon. As a condition of the transaction, the ICAP brand was transferred to Tullett Prebon and the remaining ICAP businesses formed a new company called NEX Group plc. The transaction officially closed on 30 December 2016 with Michael becoming the Chief Executive of NEX.
NEX is a technology-based services company committed to empowering the global financial markets. It offers customers better ways to execute trades and manage risk through products and services that underpin the entire trade lifecycle pre-, during and post-execution. Our electronic trading platforms are industry standards. Customers use our lifecycle management and information services to optimise portfolios, control risk and reduce costs. We partner with emerging technology companies to bring greater efficiency, transparency and scale to the world’s capital markets. Headquartered in London, NEX employs 1,800 people in offices worldwide.