City veteran Michael Spencer has set his sights on operating margins of 40% at his new trading and fintech firm NEX Group - but the company has warned trading conditions remain subdued away from political events.

NEX was created in January following the £1.3 billion sale of Icap's voice-broking business to Tullett Prebon - now known as TP Icap. The move saw Spencer step away from the colourful world of phone trading to focus on new financial technologies and electronic trading at NEX.