Michael Spencer got a result on Wednesday — the City grandee saw his plan to sell NEX to CME group for £3.9 billion get the nod from UK competition authorities, ending any last concerns.
The firms had already got approval from the US Department of Justice and from the Financial Conduct Authority.
On Wednesday it emerged that the Competition and Markets Authority was also in favour after an investigation that lasted several weeks.
It decided not to refer the deal to a more rigorous second-phase investigation.
The merger will mean that CME’s clearing house and NEX’s TriOptima compression service can compete against the LCH, part of the LSE which dominates clearing in euro-denominated instruments such as debt repurchase agreements and interest rate swaps.
Spencer, the former Tory party chairman and one of the most influential men in the City, founded NEX in 2016 after selling his ICAP voice-broking business to arch rival Tullet Prebon for £1.3 billion.
He will join CME’s board and act as an ambassador for the company.
The deal will make CME — already the largest futures exchange operator — a major player in the market for US treasury bonds. The merger will make Spencer more than £750 million.
