Nex Group, run Michael Spencer, said that extra spending ahead of the introduction of new regulations next year would hit margins in its post-trade division Chris Ratcliffe/Bloomberg/Getty ImagesNex Group, the electronic trading business run by the City veteran Michael Spencer, has announced the surprise departure of the head of its crucial post-trade division, just weeks after issuing a profit warning for the unit. Jenny Knott, chief executive of Nex Optimisation, is to leave after just two years at the group, which was formerly known as Icap and was transformed after the interdealer broker Tullett Prebon bought the voice broking business of Icap last year. She is to be replaced with immediate effect by Ken Pigaga, the group’s chief operating officer. Her departure comes two weeks after Nex Group said that extra spending ahead of the introduction the new Europe-wide Mifid II regulations for investment intermediaries next year would hit margins in its…

Source: The Times October 16, 2017 15:56 UTC