NEX Group, the trading and investing company run by Michael Spencer, has bought a stake in a London-based fintech company that wants to transform the way research is bought by institutional investors.

Euclid Opportunities, which is NEX's fintech investment arm, has made a "strategic investment" in RSRCHXchange, a cloud-based marketplace for buying and selling research, according to a February 23 statement. No financial terms were disclosed by the companies.