London-based Marex was recently added to the ASX clearing registry, which is heavily concentrated between just a few participants.
"So Marex is essentially the world's largest independent, non-bank financial service player," explained Marex Australia chief executive Hugh Gallagher.
Marex operates around the world, covering 57 exchanges for clearing and handles $US12 billion in client funds, Mr Gallagher said.
The firm's Australian office opened in late 2021 and has 30 employees. It handles futures trades in both the equity and electricity markets for wholesale parties ranging from hedge and superannuation funds to electricity generators and retailers.
A global regulatory meant to prevent bank failures has made banks much more particular about where they allocate capital, making them shy away from serving mid-tier macro funds and smaller players, Mr Gallagher said.
"And as a result, the independents have been able to pick up that business - and our arrival in Australia is no different to that theme in many ways," Mr Gallagher said.
"We're looking to get into other asset classes down the road, but for now, it's very much about solidifying the business, now that we're appropriately approved by the ASX, and then appropriately grow from there,"Â
