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Marex (British company)

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Marex
IndustryFinancial services
GenreBroking & trading
Founded2005[1]
HeadquartersCity of London
Area served
Global
Key people
Carla Stent - Chair[2]
Ian Lowitt - CEO
Lord Fink - Non-exec dir
Number of employees
1000+
SubsidiariesCSC Commodities, Marex Solutions, Marex Financial Products, Rosenthal Collins Group (RCG), X-Change Financial Access, Tangent Trading, Starsupply
Websitewww.marex.com

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.

History

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Marex Financial started in 2005 as an independent derivatives and forex broker providing trading in commodities, financial futures, options and foreign exchange,[3] 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.[4][5]

In May 2011, Marex Financial completed its acquisition of Spectron Group,[6] a broker of wholesale energy and other commodity products when the company was renamed Marex Spectron International Limited.[7] On April 1, 2021, the company changed its name to Marex.[8]

Timeline (as Marex Spectron)

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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.[9]

In May 2016, the firm established Nanolytics Capital Partners, a business focused on developing alternative investment products based on Marex Spectron's Nanolytics models.[10]

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.[11]

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.[12]

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.[13]

In January 2019, Marex Spectron announced that it had acquired London-based trading firm CSC Commodities from BGC European Holdings.[14]

In December 2019, the Group announced it had acquired London-based Marquee Oil,[15] a physical oil broker.

In March 2020 the Group acquired Tangent Trading,[16] 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.[17]

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.[18]

In March 2021, Marex Spectron changed its name to Marex.[8]

Timeline (as Marex)

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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.[19][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.[20]

On 2 February 2023, Marex announced that it had completed the acquisition of select entities from OTCex Group, including HPC SA, OTCex Hong Kong and OTCex LLC.[21]

Corporate operations

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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

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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.

References

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  1. ^ "MAREX FINANCIAL - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk.
  2. ^ "MOVES-Broker Marex Spectron appoints Carla Stent as chair". Reuters. 13 March 2019. Retrieved 12 August 2023.
  3. ^ "Private company information -MAREX Financial". Bloomberg Businessweek. Archived from the original on 29 April 2009. Retrieved 24 April 2011.
  4. ^ "Stanley Fink joins trading supergroup Marex Financial". The Sunday Times. 28 February 2010.
  5. ^ "Marex Financial in £94.5m deal for Spectron". FT.com. 22 March 2011.
  6. ^ "Jeremy Isaacs CBE – JRJ Group". jrjgroup.com.
  7. ^ FT, March 22, 2011: "Marex Financial in £94.5m deal for Spectron"
  8. ^ a b "Marex". Marex. 30 March 2021.
  9. ^ "Marex Spectron acquires Schneider pro-trader unit, expects to spur interest in metals | Metal Bulletin.com". www.metalbulletin.com. Retrieved 17 December 2020.
  10. ^ "MAREX SPECTRON ESTABLISHES ALTERNATIVES BUSINESS - Marex Spectron". 30 May 2016. Archived from the original on 30 May 2016. Retrieved 6 February 2024.
  11. ^ "MAREX SPECTRON REPORTS $22.7M OPERATING PROFIT FOR 2015 - Marex Spectron". 28 May 2016. Archived from the original on 28 May 2016. Retrieved 6 February 2024.
  12. ^ "Marex Spectron Discloses Positive Financial Results for 2017". Finance Magnates. 12 April 2018.
  13. ^ "Broker Marex to acquire customer business of Rosenthal Collins". Reuters. 20 December 2018.
  14. ^ "Marex Spectron buys London-based trader CSC Commodities". Reuters. 21 January 2018.
  15. ^ "Marex Spectron acquires Marquee Oil Broking Limited". www.leaprate.com. 24 December 2019. Retrieved 25 June 2021.
  16. ^ "Marex acquires scrap merchants Tangent Trading | Metal Bulletin.com". www.metalbulletin.com.
  17. ^ "Marex Spectron reports record 36% rise in annual core profit". Reuters. 27 April 2020 – via www.reuters.com.
  18. ^ "Broker Marex Spectron buys X-Change to bulk up in N.America". Reuters. 11 November 2020 – via www.reuters.com.
  19. ^ "Marex". Marex. 7 April 2021.
  20. ^ Onstad, Eric (1 August 2022). "Marex to buy ED&F Man Capital Markets for $220 mln in expansion drive". Reuters. Retrieved 16 September 2022.
  21. ^ "Marex". 2 February 2023.
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