Marex is a commodities and financial markets broker and intermediary, providing institutional clients — including commodity producers, consumers, traders, hedge funds, and asset managers — with access to global exchange-traded and OTC markets. Marex operates across four segments: Clearing, Agency and Execution, Market Making, and Hedging and Investment Solutions. In Clearing, Marex acts as a clearing broker across 60+ exchanges in metals, agriculture, energy, financial securities, and digital assets, earning commissions and net interest income on client cash held as margin. Agency and Execution — Marex's largest segment — spans OTC and exchange-traded markets across energy, equities, credit, FX, and rates, and includes Prime Services (acquired from TD Cowen in late 2023), which offers hedge funds securities financing, stock lending, outsourced trading, and custody. In Market Making, Marex acts as principal across metals, agricultural commodities, energy, and financial products, capturing bid-ask spreads without taking directional positions. Hedging and Investment Solutions structures customized OTC derivatives for commodity hedgers and issues structured notes to institutional investors. Marex's cost base is roughly 55% variable, providing earnings leverage in strong markets. M&A is central to Marex's growth model — Marex paid roughly $150M in acquisition premiums over three years and generated roughly $150M in run-rate profit after tax from those deals. Marex targets roughly 10% organic and 5-10% inorganic profit growth annually.