Nex Group, the electronic markets and post-trade business, and Swiss interdealer broker Tradition are eyeing opportunities in benchmarking and the creation of indices after agreeing a data distribution agreement.

The deal comes after Nex, previously Icap, split its data business as part of a £1.28 billion transaction that saw the sale of its voice broking and associated information business to Tullett Prebon, now known as TP Icap.