Marex
| Marex | |
| |
| Founded | 2006 |
|---|---|
| Headquarters | London |
| Key People | Ian Lowitt, CEO |
| Employees | 600+ |
| Products | commodity broker in metals, energies and agriculture |
| Website | http://www.marexspectron.com |
| Releases | Company News |
Marex (formerly Marex Spectron) is a London-based financial services business with a focus on metals, energy, emissions, ship and freight, agriculture and FX markets. The firm acts as an OTC and futures broker and market maker in many of the markets it serves.[1][2][3]
The company launched Marex Solutions, its OTC derivatives arm, in 2017. It has continued to develop its OTC derivatives business. Marex Solutions expanded in the US in September 2019 with the launch its dedicated US OTC hedging entity, Marex Spectron USA, LLC. The company hired Scott Shellady to focus on US Agricultural Commodity Sales.[4]
Also in September 2019, Marex entered the dairy market, hiring Paul Barre from rival INTL FCStone to lead a global OTC dairy team. The foray will initially focus on European and U.S. markets, and the company also plans to include New Zealand at some point.[5]
In December 2019, Marex Spectron acquired Marquee Oil Broking Limited, a physical oil broker. The acquisition included Marquee's founder Adam Trehane, one director and two senior brokers.[6]
On December 14, 2020, Marex announced that it had become a trading privilege holder at Cboe Futures Exchange (CFE) and a clearing member of OCC, expanding its execution and clearing membership to a total of 37 exchanges. The broker said the expanded access was part of a strategy to further build its offerings in equity-related products and its presence in North America. In November 2020, Marex acquired X-Change Financial Access (XFA), a trade execution firm for exchange-traded derivatives, including equity options, index options, futures and fixed-income products. [7]
Background[edit]
Marex Spectron was formed by the Marex Group's acquisition of the Norwegian energy broker Spectron Group for £94.5 million from Imarex (International Maritime Exchange), a Norway-based freight and energy broker, in May 2011.
Marex Group was founded in November 2005 as an OTC and listed exchange broker, created by the Marathon Special Opportunity Master Fund Ltd., managed by Marathon Asset Management. In 2010, the London-based investment firm JRJ Group purchased a majority stake in Marex Group Ltd. JRJ was led by Jeremy Isaacs and Roger Nagloff.[8]
As for Spectron Group, it was founded in 1988 as an independent global OTC broker for energy. Imarex purchased the firm in 2008 for £70.35 million ($138 million) before selling it to Marex.[9] [10] [11][12]
With the merger, the company was rebranded as Marex Spectron in June 2011. It acquired the global market division of Eden Financial in July 2011 and the professional trader division of Schneider Trading Associates in May 2012.[13] [14]
In 2011, Marex Spectron became a full clearing member of the Intercontinental Exchange and CME Group, with data centers in New York and Chicago. It opened an office in Hong Kong in February 2011.[15]
In May 2016, Marex Spectron announced the launch of its first fund, Nanolytics Capital Advisors, focused on developing alternative investment products based on the firm’s Nanolytics® models.[16]
In January 2019, Marex Spectron acquired Chicago-based Rosenthal Collins Group. RCG was renamed Marex Spectron RCG Division. Jason Manumaleuna was named CEO of the division and long-time RCG chairman and CEO Scott Gordon was named vice chairman of the new division.[17]
Marex Spectron sold off the back office departments of RCG to the Intercontinental Exchange's crypto currency-based firm Bakkt in January 2019. Bakkt acquired the back office processing systems, treasury and compliance departments, which will be used to handle payments between customers and merchants on Bakkt.[18]
Products and Services[edit]
- The firm offers access to cleared exchanges via Marex Spectron's global network.
- Direct access to London Metal Exchange, where Marex Spectron is a leading Category One member.
- Proprietary technologies and tools, and Marex Spectron's NEON trading and risk platform.
- Agricultural, metals, energy research and FX
- OTC hedging and investment products across all asset classes through Marex Solutions.
Key People[edit]
- Ian Lowitt, CEO
- Paolo Tonucci, CFO
- Simon van den Born, President
- Ram Vittal, CEO of Marex Spectron North America
- Nilesh Jethwa, CEO of Marex Solutions
References[edit]
- ↑ About Us. Marex Spectron.
- ↑ Marex Spectron Moves Into Ship Broking. Marex Spectron.
- ↑ Marex Spectron returns to FX markets. Marex Spectron.
- ↑ Marex Solutions launches in US, hires Scott Shellady to lead the team. Leaprate.
- ↑ Marex Spectron Makes Dairy Foray in OTC Business Expansion. Bloomberg.
- ↑ Marex Spectron Acquires Physical Oil Broker. Marex Spectron.
- ↑ Marex Spectron Expands Equity Derivatives Clearing Offering. Marex Spectron.
- ↑ JRJ GROUP REACHES AGREEMENT TO ACQUIRE A MAJORITY STAKE IN MAREX. Marex Spectron.
- ↑ Norway's Imarex to acquire UK's Spectron Group. Finextra.
- ↑ Marex profits rise on strong derivatives trading. Financial News.
- ↑ Marex Financial in £94.5m deal for Spectron. Financial Times.
- ↑ Norway exchange Imarex buys Spectron for $138 mln. Reuters.
- ↑ Broker Marex Specton buys Eden Financial unit. Reuters.
- ↑ Marex Spectron Group to acquire the Pro-Trader division of Schneider Trading Associates. Press Release.
- ↑ AN INTRODUCTION TO MAREX SPECTRON. Marex Spectron.
- ↑ MAREX SPECTRON ESTABLISHES ALTERNATIVES BUSINESS. Press Release.
- ↑ Marex Spectron To Acquire Chicago-Based FCM Rosenthal Collins Group's Customer Business. Marex Spectron.
- ↑ Bakkt Acquisition Accelerates Plan to Streamline Consumer Payments. Fortune.