MRX changes
Pick any two versions below to diff them.
- Balance sheet
- Marex is a broker and clearing firm, so its balance sheet is large compared with its equity. At June 30, 2026, total assets were $42.1 billion and total equity was $1.87 billion. Of the equity, $1.37 billion belonged to ordinary shareholders, and $495 million was a 7.70% perpetual hybrid note that counts as equity. Most of the assets are matched client positions, such as stock lending, repos and client margin. They are not money that Marex owes for its own use. Debt securities were $6.85 billion at June 30, 2026. But $4.91 billion of this was structured notes sold to investors, with an average expected life of about 15 months. These notes can leave quickly in stress. The corporate debt is $1.59 billion of senior notes, swapped to floating rates, plus EUR 300 million of EMTN notes. The first large maturities come in 2028. S&P rates the group BBB- (stable), and Fitch rates it BBB- (positive). Marex had $490 million of undrawn committed credit lines. It reported $1.81 billion of liquidity above its own internal requirement at June 30, 2026. Its capital surplus over the requirement was $978 million (287%), but this includes the new hybrid. Since the July 2026 move to Bermuda, management sets the group measure, not the UK regulator. The balance sheet gives room for small acquisitions. But the real limit is the trust of clients and lenders. A large client default or a run on structured notes would use up capital quickly. As of 2026-06-30.
- Checkpoints
- Nov 12, 2026 (estimate): Q3 2026 results with normal volatility. Pending. Watch: Adjusted profit before tax up 10% or more from Q3 2025 with no large client loss passes; a fall in profit as volatility eases fails. Q1 2027 (estimate): Bright Point and Brainchild acquisitions close. Pending. Watch: Both deals close by early 2027 and add client balances without write-downs passes; a delay, a block or a write-down fails. Mar 2027 (estimate): 2026 annual report and internal control opinion. Pending. Watch: Management and the auditor report that both material weaknesses are fixed passes; any remaining weakness or a restatement fails.