Global financial services platform Marex has become the newest clearing member and newest futures clearing participant on the Australian Securities Exchange (ASX). Marex will offer direct trading and clearing services, increasing competition and providing more choice for Australian wholesale investors.
Futures clearing for ASX trades is currently heavily concentrated in a few participants. Marex’s entry on the ASX clearing registry gives clients direct access to the ASX and adds depth to the marketplace, improving counterparty risk management.
This new membership in Australia is part of Marex’s global clearing growth strategy, which will enable it to capture further opportunities through its comprehensive combination of services that connect clients to global markets.
Headquartered in the UK, Marex is a diversified global financial services platform that provides essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, with more than 1800 employees globally across more than 30 offices.
Marex is targeting further expansion in Australia and the Asia Pacific region, having opened its Australian office in December 2021 with 30 local employees. The company posted growth in net revenue of 89 per cent in Asia Pacific in the first half of 2023, versus the same period a year earlier.
Marex’s clearing business provides essential infrastructure services to a range of clients including banks, hedge funds, asset managers, corporates and trading groups. At June 30 2023, Marex held more than $11.8 billion (USD) in customer assets, clearing on 57 exchanges, with its customers relying on its award-winning, multi-asset offering and strong balance sheet. Marex also provides on-exchange liquidity through market making and agency and execution services, as well as over the counter, bespoke derivatives through its hedging and investment solutions business.
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.”