UK-based Marex has joined the Australian Securities Exchange (ASX) as futures clearing and trading participant with the move slated to increase competition within the currently heavily concentrated market.
Through this addition, ASX – which currently only has a few participants – will see better counterparty risk management and more depth added to the marketplace, according to Marex.
Paolo Tonucci, chief strategist and chief executive of capital markets at Marex highlighted the business’ growth in APAC: “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.”
Marex clients will now have direct access to the ASX, with future plans for further expansion throughout Australia and the rest of APAC.
In H1 2023, the company posted year-on-year net revenue growth of 89% in Asia Pacific.
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.”
Last month, The TRADE revealed that Marex acquired Cowen’s prime brokerage and outsourced trading business just six months after TD completed its purchase of the business.
The operations acquired will be rebranded as Marex Prime Services and Market Outsourced Trading, with both becoming part of the Marex Capital Markets business (formed last year following the acquisition of ED&F Man Capital Markets).