UK-based tech-enabled liquidity hub
UK-based tech-enabled liquidity hub
UK-based tech-enabled liquidity hub
Marex
is a
UK
-based financial services company. The company's clients are predominantly commodity producers and consumers, banks,
hedge funds
,
asset managers
, broking houses,
commodity trading advisors
and professional
traders
. Marex currently has over 1,800 employees and 36 offices across Europe, USA and
APAC
.
Marex Financial started in 2005 as an independent
derivatives
and
forex
broker
providing trading in
commodities
,
financial futures
,
options
and foreign exchange,
[4]
established by the Marathon Special Opportunity Master Fund Limited which is managed by
Marathon Asset Management
after its former parent
REFCo
collapsed in 2005.
In February 2010, hedge fund JRJ Group took a 74% stake and executive control appointing a number of former
Lehman Brothers
bankers to its board to help expand business.
[5]
[6]
In May 2011, Marex Financial completed its acquisition of Spectron Group,
[7]
a broker of wholesale energy and other commodity products when the company was renamed Marex Spectron International Limited.
[8]
On April 1, 2021, the company changed its name to Marex.
[9]
Timeline (as Marex Spectron)
[
edit
]
In July 2011, Marex Spectron acquired the Global Markets Division of Eden Financial, adding non-derivative products as well as
European
cash equities
and fixed income to its range of services.
In May 2012, Marex Spectron acquired the Pro-Trader division of Schneider Trading Associates (STA), a provider of professional trader services.
[10]
In May 2016, the firm established Nanolytics Capital Partners, a business focused on developing alternative investment products based on Marex Spectron's Nanolytics
models
.
[11]
In July 2017, the group launched Marex Solutions, a division aimed at providing tailored hedging to commodity clients looking to manage commodity price risk across agricultural, energy, metals & FX markets.
Marex Spectron Group posted 2015 operating profit of $23 million, a 53 percent jump on the previous year. EBITDA increased to $31 million from $25 million in 2014.
[12]
Marex Spectron Group's net revenue for 2017 was $245.6 million, up $2.5 million from 2016. Pre-tax profits for 2017 were $25.4 million, down from $27.0 million in 2016, while adjusted
EBITDA
were a record $39.6 million, 6.7% higher than 2016.
[13]
In December 2018, Marex Spectron announced its acquisition of the customer business of Rosenthal Collins Group LLC, an independent
futures commission merchant
(FCM) based at
Chicago
.
[14]
In January 2019, Marex Spectron announced that it had acquired London-based trading firm CSC Commodities from
BGC European Holdings
.
[15]
In December 2019, the Group announced it had acquired London-based Marquee Oil,
[16]
a physical oil broker.
In March 2020 the Group acquired Tangent Trading,
[17]
a scrap metal trading firm.
Marex Spectron Group reported record results for 2019 with gross revenues up 43% to $554.9 million and net revenues up 19% to $349.9 million.
[18]
In November 2020, Marex Spectron acquired XFA, an exchange traded derivatives (ETD) execution broker, which is headquartered in
Chicago
and offices in
New York
and
San Francisco
.
[19]
In March 2021, Marex Spectron changed its name to Marex.
[9]
Timeline (as Marex)
[
edit
]
In April 2021, Marex Group plc released record results, with an 37% increase in gross revenues to $762.4 million and net revenues up 18% to $414.7 million.
[20]
[
self-published source?
]
In April 2022, Marex Group plc released its latest set of record results, with net revenue up 31% to $543 million with strong performance across all segments, particularly Market Making and Execution and Clearing, combined with significant contribution from Solutions, which delivered >100% increase in net revenues. Adjusted Operating PBT was up 29% to $79.6 million driven primarily by strong organic growth. Eight consecutive years of growth and 26% Adjusted Operating PBT CAGR since 2014. Marex Group also increased client assets by 74% to $5.4 billion (2020: $3.1 billion).
On 1 August 2022 Marex announced it had agreed to acquire ED&F Man Capital Markets, the financial services division of ED&F Man Group.
[21]
In August 2023, Marex acquired Eagle Commodities, a boutique provider of crude oil and refined product options and environmental products, based in London and New York.
[22]
In December 2023, Marex completed the acquisition of TD Cowen’s prime brokerage and outsourced trading business. The business sits within Marex Capital Markets, which was formed in 2022 following its acquisition of ED&F Man Capital Markets.
[23]
IPO filing & 2023 FY earnings
[
edit
]
In March 2024, Marex publicly filed for an initial public offering on the Nasdaq Exchange. As part of the filing, Marex announced that it had reported a 75% jump in annual revenue in 2023 to $1.24bn from $711m a year earlier. Marex's profit after tax for the same period jumped to $141 million, or $1.09 per share, from $98.2 million, or 80 cents a share, a year earlier. Marex grew active clients to over 4000 in 2023, from nearly 1800 in 2018. The business now employs roughly 2000 people in more than 35 global offices as of December 31, 2023.
[24]
Headquartered in
London
, Marex has offices in
Sydney
,
Hong Kong
,
Dubai
,
Singapore
,
Dublin
,
Frankfurt
,
Paris
,
Versailles
,
Oslo
,
Rotterdam
and in North America,
Chicago
,
Schaumburg IL
,
New York
,
Stamford
,
Clark NJ
,
Houston
,
Des Moines
,
San Francisco
,
Minneapolis
,
Montreal
and
Calgary
.
Memberships
[
edit
]
A member of the
London Metal Exchange
(Category-1),the
CME Group
exchanges,
ICE US
,
NYSE Liffe
,
ICE
Futures
and
Eurex
, Marex Spectron subscribes to the
Futures and Options Association
and is regulated by the
UK
's
Financial Conduct Authority
.
In October 2023, Marex became a trading and clearing member of Singapore Exchange Group (SGX). The business also joined the Australian Securities Exchange (ASX), as a futures clearing and trading participant.
[25]
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