Marex Adds Multi-Dealer FX and Metals Liquidity to Prime Brokerage

Marex Group Limited has added multi-dealer foreign exchange and precious metals liquidity to its prime brokerage platform, the company said on Thursday. Hedge funds, asset managers and professional clients can now reach aggregated price streams without putting separate bilateral agreements in place with each individual provider.

Clients keep execution and post-trade work with a single 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 business. The pricing engine combines live streams from unnamed tier-one and specialist liquidity providers into one executable quote, and Marex said routing modelled on smart-order systems gives clients anonymous access to several connected pools while seeking the best available price inside them. The same relationship covers confirmation, reconciliation and reporting alongside custody, clearing and settlement, and links into Marex's equity, fixed income, futures and derivatives workflows.

Aggregation builds on earlier platforms

Liquidity aggregation is not new for Marex. Marex Spectron launched an FX and precious metals platform in October 2018 that drew prices from multiple banks and liquidity providers for institutional users. The group added FX Cash to its Agile platform in September 2025, covering spot, forwards, swaps and precious metals priced from several providers, while its Neon Precious product, built on Integral technology, 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 novel element is the prime-services wrapper, which adds portfolio margin and a single counterparty for post-trade work. That franchise traces back to Marex's December 2023 purchase of Cowen's prime brokerage and outsourced trading business, a deal that brought roughly 160 staff across eight offices and a platform spanning multi-asset custody, financing and execution.

Comparable offerings tend to split liquidity technology from credit. Saxo Bank launched Saxo Prime in January 2013, pairing its credit intermediation with MarketFactory's FX Aggregator and one API to banks and electronic venues, and added Full Amount Execution infrastructure for large FX and precious metals orders in London and New York in January 2018. GMG Prime, launched in November 2025, integrated MetaQuotes' Ultency engine in January 2026, with Hidden Road supplying the credit relationship. Marex did not identify the legal entities facing clients in each jurisdiction.

The launch comes with both underlying businesses growing. In preliminary, unaudited second-quarter results filed with the US Securities and Exchange Commission, Marex reported prime revenue of $120 million, up 96% from $61.1 million a year earlier, while FX revenue rose 560% to $51.5 million from $7.8 million. Marex attributed most of the FX increase to its July 2025 acquisition of Hamilton Court Group, and prime growth to client demand and securities-based swaps. The former Cowen unit has also kept adding regional coverage, including a May 2026 hire in Tel Aviv that gave the prime-services business its first dedicated salesperson in Israel after an earlier push in Dubai.