Michael Spencer, one of the City’s most colourful figures, may finally be on the verge of bowing out with a potential multibillion-pound sale of his electronic trading business Nex to its American rival CME. Nex confirmed to the stock exchange yesterday that it had received a “preliminary approach” from CME, the world’s largest futures exchange which is based in Chicago. “Discussions are at an early stage and there can be no certainty that an offer for Nex will be made, nor as to the terms of any offer, if made,” it said. The confirmation of an approach prompted speculation that Nex could find itself at the centre of a bidding battle among international exchanges, which for the past few years have been vying with each…

Source: The Times March 16, 2018 00:00 UTC