Marex Group Limited added multi-dealer foreign exchange and precious metals liquidity to its prime brokerage platform today (Thursday). Hedge funds, asset managers and professional clients can access aggregated streams without separate bilateral agreements with each provider.
Clients can keep execution and post-trade services with one prime broker, including portfolio-level cross-margining. A June 2025 arrangement with NatWest had already targeted double margining between listed FX futures and over-the-counter prime brokerage.
The pricing engine consolidates live streams from unnamed tier-one and specialist liquidity providers into a single executable quote. Marex said routing modeled on smart-order systems gives clients anonymous access to several connected pools and seeks the best price available within them.
The same relationship covers confirmation, reconciliation and reporting alongside custody, clearing and settlement. It also connects to Marex’s equity, fixed-income, futures and derivatives workflows.
Aggregation Predates the Prime Brokerage Layer
Liquidity aggregation itself is not new to the company. FinanceMagnates.com reported in October 2018 that Marex Spectron had launched an FX and precious-metals platform drawing prices from multiple banks and liquidity providers for institutional users.
Marex added FX Cash to its Agile platform in September 2025 with spot, forwards, swaps and precious metals priced from several providers. Its current Neon Precious product, built on Integral technology, also connects users to tier-one banks and non-bank market makers.
Massimo Labella, co-head of international prime brokerage and outsourced trading at Marex, said the new system was “developed in response to client demand.” The new element is the prime-services wrapper, including portfolio margin and one counterparty for post-trade work.
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That franchise grew from Marex’s December 2023 purchase of Cowen’s prime brokerage and outsourced trading business. The deal brought about 160 staff across eight offices and a platform covering multi-asset custody, financing and execution.
Saxo and GMG Offer Comparable Routes
That split matters for institutional clients. Marex is presenting its pricing engine and prime-broker services as one package, while comparable offerings often divide liquidity technology and credit between providers.
Saxo Bank launched Saxo Prime in January 2013, combining its credit intermediation with MarketFactory’s FX Aggregator and one API to banks and electronic venues. In January 2018, Saxo added Full Amount Execution infrastructure for large FX and precious-metals orders in London and New York.
GMG Prime, launched in November 2025, integrated MetaQuotes’ Ultency engine in January 2026 for aggregation, matching and execution across FX, metals and other assets. Hidden Road supplies the credit relationship, while GMG provides the liquidity layer and broker connectivity.
Marex’s model places the price stream, settlement and cross-asset margin inside its own broader prime relationship, according to the release. The company did not identify the legal entities that face clients in each jurisdiction.
Prime Revenue Nearly Doubles
Marex is adding the service while both underlying businesses are growing. In preliminary, unaudited second-quarter results filed with the US Securities and Exchange Commission, the company reported prime revenue of $120 million, up 96% from $61.1 million a year earlier.
FX revenue rose 560% to $51.5 million from $7.8 million. Marex attributed most of that increase to its July 2025 acquisition of Hamilton Court Group, while prime growth came from client demand and securities-based swaps.
Marex has continued to add regional coverage to the former Cowen business. A May 2026 hire in Tel Aviv gave the prime-services unit its first dedicated salesperson in Israel, following an earlier expansion in Dubai.
This article was written by Damian Chmiel at www.financemagnates.com.
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