Marex enters ASX to boost futures clearing, expanding its global footprint
London-headquartered commodities broker Marex has announced its entry into the Australian Securities Exchange (ASX) as a futures clearing and trading participant. This move is expected to intensify competition, thereby providing Australian wholesale investors with a broader array of choices.
The ASX’s futures clearing landscape has traditionally been dominated by a limited number of players. Marex’s inclusion on the ASX clearing registry now provides its clients with direct, unhindered access to the ASX. This expansion is expected to inject greater depth into the market, enhancing counterparty risk management processes.
This strategic move by Marex aligns with its overarching global clearing growth ambition, positioning the company to harness further opportunities. Leveraging its diverse range of services, Marex aims to seamlessly connect clients to worldwide markets.
Paolo Tonucci, Chief Strategist & CEO of Capital Markets at Marex, said: “We are excited to become a trading and clearing member of the ASX. As part of our growing footprint in the Asia Pacific, this marks an important step in our strategy to increase our capabilities to connect clients to markets in new ways across more geographies.”
Thomas Texier, Head of Clearing at Marex, said: “As a global independent non-bank, we have a strong balance sheet to support our full-service, on-the-ground Australian team and our clients can trade with greater confidence with our end-to-end offering. The Australian market has been overly concentrated for some time, and our entrance will add competition and fill the void left by major banks departing the market for futures clearing.”
With its headquarters based in the UK, Marex has solidified its reputation as a multifaceted global financial services platform. The firm plays a pivotal role in ensuring liquidity, facilitating market access, and delivering indispensable infrastructure services to its clientele, spanning the energy, commodities, and financial sectors. Employing over 1800 professionals, Marex boasts a widespread presence with over 30 offices scattered globally.
Furthermore, Marex is setting its sights on further expansion within Australia and the broader Asia Pacific region. The company marked its Australian debut in December 2021, initially setting up operations with a 30-member local team. The subsequent growth trajectory has been impressive, with Marex reporting an 89% surge in its net revenue in the Asia Pacific for the first half of 2023, compared to the same duration the previous year.
Marex’s clearing division delivers infrastructure services to a diversified clientele, encompassing banks, hedge funds, asset managers, corporate entities, and trading groups. As of June 30, 2023, Marex managed a portfolio of over $11.8 billion in client assets and providing clearing services across 57 exchanges. Beyond clearing, Marex offers on-exchange liquidity via market-making, agency and execution services, and over-the-counter derivatives through its hedging and investment solutions division.