The two men behind Icap’s market timing product called Apollo, which was part of the interdealer-broker’s effort to break into cash equities, have spun out the service into a new company.

Chris Tinker and Robert McCreery have set up Libra Investment Services, an institutional equity advisory business, according to filings with Companies House. The new venture was registered in mid-August, with Tinker and McCreery listed as directors.