Precious metals house of the year: Marex

Over the past year, precious metals markets have been characterised by extreme volatility, regional dislocations and significant liquidity pressures. While many market participants reduced activity in response to these challenges, Marex expanded its capabilities and client offering. The firm broadened its physical delivery network across Asia and other key markets, increased participation in industry benchmark mechanisms and extended additional credit to support its clients. As a result, Marex continued to provide liquidity, manage meaningful risk exposures and deliver reliable execution during some of the most challenging market conditions in recent years.

“Despite unprecedented market volatility, we remained committed to pricing risk across spot, forwards and swaps, while warehousing significant exposure when others stepped back,” says Marex president and head of market-making, Simon Van Den Born. “This enabled us to deliver consistent liquidity and execution to clients when access to the market was most critical.”

Marex is active across the full spectrum of physical and derivative precious metals markets. Clients can access deep aggregated liquidity through the Neon Precious electronic trading platform, alongside bespoke hedging, financing and physical market solutions tailored to their specific requirements. Central to Marex’s growth over the past 18 months has been substantial investment in both trading infrastructure and physical market capabilities. The firm strengthened its position as a leading market participant by becoming a London Platinum and Palladium Market auction member, complementing its existing membership of the London Bullion Market Association, while significantly expanding its physical footprint worldwide.

Across Asia, Marex extended its delivery network to the United Arab Emirates, India, Singapore and Hong Kong, while also enhancing physical market access in London, Zurich and the US. These investments have improved client access to liquidity, increased settlement flexibility and reinforced Marex’s ability to support cross-border precious metals flows.

Marex has also continued to enhance Neon Precious, introducing advanced analytics, integrated auction access and expanded market intelligence tools.

“Neon Precious now delivers streaming forwards and swaps pricing, multi‑currency execution, sophisticated analytics and seamless electronic auction access,” says Van Den Born. “We have significantly enhanced the platform through faster pricing infrastructure, lower latency and a broader range of liquidity sources, enabling clients to execute with greater efficiency and transparency.”

The firm’s long-standing expertise across base and precious metals provides a unique advantage in managing complex multi-commodity exposures. This capability was demonstrated through a bespoke hedging solution developed for a producer with revenue streams linked to both copper and recovered precious metals.

“We structured a composite hedge for a producer whose revenues included significant gold and silver recovery alongside base metal production,” says Van Den Born. “Rather than managing each exposure independently, we integrated the precious and base metal components into a single risk management framework. This reduced basis risk, improved collateral efficiency and better reflected the client’s underlying commercial needs. It was a highly customised solution that few market participants could replicate.”

By combining physical market expertise, over-the-counter risk management and electronic execution within a single platform, Marex offers a differentiated proposition that few competitors can match. Its ability to provide transparent pricing, deep liquidity and bespoke solutions across multiple asset classes has established the firm as a leading partner for precious metals participants worldwide.