Michael Spencer, group CEO of NEX
The NEX Markets unit that includes FX platform EBS and its bond counterpart BrokerTec may sell at a relatively high multiple of revenues, especially if Spencer can generate a bidding war between competing exchange groups.
The sale of BrokerTec’s competitor eSpeed in 2013 for around 7.5 times annual revenue and the disposal of FX platform 360T in 2015 at a revenue multiple of almost 13 must give Spencer hope that he can get a good price for his own electronic brokerage.
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