NEWS | EUROPE
Marex launches public offering in Italy Marex Financial Products has entered the Italian retail market with a new certificate range targeted at financial advisors, private banks, family offices, and asset and wealth managers. institutional market, but to get the Italian desk off the ground in nine months and go from private placements into a full public offer programme with best-inclass capabilities – coupled with our focus on innovation - is a remarkable achievement from our Financial Products team.” Joost Burgehout, head of financial products at Marex, added: “We’re replicating what we have done so far at Marex Financial Products in the Italian public offering market.
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his is part of an initiative the company started last year to launch into the retail market. It has taken Marex nine months to register the brand-new issuance programme and launch its Italian desk which was set up in record time after the onboarding of two former Exane directors – Antonio Manfre and Carlo Siriani – and a third member, Guido Clemente. The team responsible for the Italian and Ticino certificates will develop a range of cross-asset investment certificates in equity, credit, FX, commodities and funds backed by Marex Financial’s BBB investment grade rating from S&P Global Ratings, which will be listed on the EuroTLX exchange. “This is quite a big step for the company,” said Nilesh Jethwa (pictured), chief executive officer at Marex Solutions Division. “Our initial strength was the
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www.structuredretailproducts.com
“We are entering the market as a new issuer with full retail eligibility – listing, market making, full public offerings. We will be working on a fast-track basis and will have one of the fastest to market service for the market: design the product today/list tomorrow, which is something not many players can do,” said Burgerhout. Some issuer banks have taken up to two years to have this kind of set up ready and their time to market is usually longer. “We have set up everything from scratch – suitability, full public offer documentation, contracts, technical connections to get real-time quoting capabilities etc. We think we can leverage
our flexibility, innovation and technology in the retail market and fill an existing gap in the Italian market – some products take up to 10 days to be listed,” said Burgerhout. Marex is going to Italy first as most other European markets are accessible on a non-listed and private placement basis. “In Italy if you want to offer products to retail, they have to be listed. We want to go all the way with the most comprehensive product governance framework. With this set up we can now enter any other European market. There are some markets on our short-term roadmap including Switzerland,” said Burgerhout. “Our target market in Italy is the buyside – private banks, wealth managers and financial advisors. These clients will provide an indication of the kind of products investors want to see in the market and we will respond accordingly. We will offer value for money and speed to market,” said Burgerhout. The product offering will be based on certificates and the differentiation will come through thematic baskets as well as fast track listing access.
In Italy if you want to offer products to retail, they have to be listed
