Marex Group plc ($MRX)

Welcome, everybody, to our 2026 Investor Day. It's great to see so many familiar faces, and we appreciate the effort you've made to join us here today. It's almost 2 years since our IPO in April of 2024. And it's instructive to cast one's mind back to that time and how we describe Marex to gain a sense of how much we have accomplished during that 2-year period. For me, more important than the outperformance itself is understanding what it is that explains, why we've been able to grow so much more successfully than we expected because that provides the basis for our assessment of how we will deliver the next phase of our growth. Our goal has always been to build a resilient business, capable of sustained double-digit growth for a range of market environments. Since our IPO, we have delivered that consistent growth with every quarter ahead of the same quarter in the prior year. It is that consistency, which is one of the clearest indications of how much the firm has strengthened and underpins our confidence in our future. it's instructive to look back at how we conceptualize our opportunity and describe the investment case at our IPO. The foundation was the same then as it is today. We were looking to build an increasingly diversified and resilient firm capable of growing through a range of different market environments by diversifying by product and geography within a frame of 4 interconnected and reinforcing services. We had a huge TAM estimated at $70 billion and a low circa 2% market share. Our business was about servicing the flow of our clients, facilitating activity in exchange-traded products. We described ourselves as a Clearing-led business, connecting clients to exchanges and Clearing houses through our 4 interconnected services. As a large global clearer, we had built a set of very hard to replicate sources of competitive advantage. The strong barriers to entry included our extensive global connectivity, deep client relationships, expertise in exchange rules and contract settlements and nimble technology. The exchange-traded derivatives that were the basis of our business had enjoyed an 8% growth rate over multiple decades and we saw secular trends supporting that growth. And unusually for a fast-growing business with high moats, our marketplace was characterized by declining competitive intensity as smaller players were unable to provide the capabilities clients increasingly looked for and exchanges demanded and banks focused relentlessly on larger clients and deemphasize the services we provided. We had a track record of successful growth, having increased profit in each of the prior 8 years with a CAGR of 35%. We had enjoyed success augmenting our organic growth with acquisitions and presented this as a way to increase the 10% target organic trend growth, potentially increasing our growth rate to 15%. Our forecast was 12% growth, a level we had high confidence we could meet. That was the basis of our successful IPO. Since our IPO, our performance has materially exceeded those expectations. Even at the 15% annual growth, which at the time would have been the high end of what was expected of Marex, our 2025 earnings would have been a little above $300 million, and we delivered $418 million. What is interesting to me is analyzing what underpinned this outperformance. What was it that we didn't anticipate or emphasize at the IPO. Importantly, the outperformance is not a function of markets being better than we forecast. Exchange volumes over the past 2 years have grown at around 10%, broadly in line with what we expected at IPO. And similarly, interest rates have performed much as we anticipated based on the forward curve back in 2024. There are a number of factors that explain our growth, which were, however, not anticipated. Although we had closed the Cowen transaction in December 2023, the business was still settling in during the first half of 2024 and was during that period, performing below the level prior to the acquisition. So while we still believed it would be an important strategic transaction for us and described it as such, we did not anticipate how Prime would become so important to the firm and the extent to which it would increase both growth and earnings resilience. As I will discuss later, the share of the firm that is infrastructure-led is considerably higher than we had expected. At IPO, we never anticipated that a combination of our own capabilities, our improved brand following becoming a public company and clients' openness to growing their business with Marex would create an avenue of growth including the largest clients choosing to clear and grow their business with Marex. At the time of the IPO, we never anticipated competing for and winning the largest mandates in the face of this competition. Today, it feels we are competitive in almost any bid. And while we continue to grow with highly valued smaller and medium-sized clients, it is success with larger clients that are powering our growth. And then M&A has proven to be more powerful lever than we had anticipated. At IPO, I would have expected $15 million to $25 million of inorganic PBT growth in 2025 on a run rate basis, it's more like $50 million, all of which is within our existing capital envelope. And an acquisition like Cowen, which now accounts for 25% of profit shows how if you get it right, you can acquire a very valuable franchise at a very reasonable price. So while our strategy hasn't changed, how it manifests itself in our business today is somewhat different. There are 6 things to highlight, and this will structure the rest of my remarks: First, we are scaling with larger institutional clients, which is now a key driver of growth. Second, the mix has shifted towards infrastructure-led, high-margin activities such as Clearing, Prime and financing. Third, M&A is contributing more meaningfully not just adding capabilities, but driving earnings. Fourth, our geographic footprint has expanded, and our brand and positioning have strengthened, helping us win larger mandates and attract talent. Fifth, technology, particularly electronic execution and AI is opening -- is operating as an accelerant to growth. And finally, new opportunities, particularly in digital assets are expanding our addressable market. The evolution of our client base is one of the clearest indicators of how the franchise has strengthened. Overall, active clients grew 19% in 2025 and revenue grew 32%. The most significant acceleration is with our largest clients. Our $5 million-plus client cohort increased from 36 to 49 clients and revenue from that client segment grew from $368 million to $674 million, so over $300 million of incremental revenue. It's important to understand how that growth occurs. This is not the result of us prospecting and finding new $5 million-plus clients each year. All of the 49 clients now generating more than $5 million a year of revenue were existing relationships in 2024. 17 grew into that category from lower tiers, while 4 moved out of the bucket during the year, but remained important clients for the firm. This reflects a consistent pattern in the business. Growth driven by clients increasing their activity over time. Today, we have around 250 clients in the $1 million to $5 million revenue tier, which represents a meaningful internal pipeline for future growth. Notwithstanding this growth would remain highly diversified with more than 3,400 active clients and no single counterparty representing undue exposure. The top 10 clients generate around 1/3 of our revenue. It is also instructive to look at the business through a somewhat different lens based on how infrastructure-intensive the underlying activities are. Growing a proportion of our profit -- sorry, a growing proportion of our profit is now generated from what we think of as high infrastructure-intensive businesses, which include Clearing, Prime services and our financing activities. These are high-margin, stable and highly recurring revenue businesses, requiring connectivity, capital, technology, regulatory standing and balance sheet capacity where we have a clear specialization and a durable right to win. Of the $188 million increase in PBT between 2023 and 2025, around $150 million of that growth comes from these high infrastructure, high-margin recurring revenue businesses, which now represents 70% of our profitability. Our medium infrastructure businesses, comprising solutions and market making, contributed approximately $22 million of that growth. These remain important parts of the franchise, and we expect their contribution to increase in 2026. Our lower infrastructure, match principal and brokerage activities in securities and Energy contributed around $16 million of the incremental profit over the same period. Match Principal and brokerage remains an essential part of the platform. It is often the entry point for client relationships generates significant trading flow across the franchise and remains a very high ROE business. However, the incremental growth of the firm is increasingly coming from infrastructure-intensive activities, which tend to be recurring deeply embedded and more scalable in addition to being high margin. This shift in the mix of earnings is one of the key reasons our earnings profile today is more resilient than it was at IPO, notwithstanding the expected headwinds from lower interest rates on our Clearing business. One of the consequences of the shift towards higher infrastructure activities is the increased quality and reliability of our earnings. You have seen this slide before, but it remains one of the clearest ways we have to demonstrate that particular point. On the left of the chart, you see the consistent growth in average monthly profitability over the past 5 years, alongside the relatively narrow band for our monthly profit, as measured by standard deviation. That combination drives a sharp ratio of 6.2% for 2025, which is remarkably high. The key takeaway is that profitability is not concentrated in a handful of exceptional months. It is delivered consistently each month and within a relatively narrow band. And on the right of the chart, you can see the distribution of daily profitability. The distribution in 2025 has shifted to the right by approximately $400,000 a day from roughly 1.3 million to 1.7 million, reflective of our growth. Importantly, the left tail remains small with only 6 negative days in the year. At the same time, the right tail has expanded which reflects the increasing scale of the franchise and our ability to execute larger transactions with more sophisticated clients as our relevance increases. M&A has been highly impactful for Marex and this represents a distinctive source of competitive advantage. What has changed over the past 2 years is the position we now have in the market. We have become a buyer of choice. We are seeing a significant increase in inbound opportunities with multiple unsolicited approaches each week from companies looking to join the Marex platform. At IPO, we had assumed acquisitions might contribute around $10 million to $15 million of earnings annually, the scale of contribution we are now generating materially exceeds that expectation. A good example of this is the Cowen transaction in 2023, which strengthened our prime and institutional franchises and importantly, created the foundations for the on-balance sheet prime business we have today. In 2025, we deployed approximately $80 million of premium, including the sale of Winterflood's custody business across bolt-ons, which are expected to contribute approximately $35 million of run rate profit after tax in the first year. What we've shown over time is that you don't necessarily need to spend very large amounts of capital to create meaningful value. The Cowen transaction is a good example of that. We paid roughly $25 million of premium. And today, that business contributes around 1/4 of the group's profitability. Our pipeline today remains attractive. Over the past year, we have screened more than 100 opportunities, more than double the number we would have reviewed around the time of the IPO. More importantly, we now have real choice. At IPO, opportunities felt more limited and somewhat opportunistic. Today, we're able to be much more selective. We remain disciplined in how we approach acquisitions. We look for scalable businesses with good cultural fit, targeting over 20% PBT margins, over 20% ROE and payback of premium in under 3 years. We are acquiring high-quality businesses at fair prices, which once integrated onto our platform, deliver very attractive returns. This disciplined approach to M&A has been an important driver of how the firm has evolved. Another development we did not anticipate at IPO was the rapid evolution of AI. The more I learn about AI and see the impact at Marex, the more I am convinced of its potential. I know as investors, you grapple with AI as a potential threat to business models, how it could impact existing barriers to entry and who will be the winners and losers as this plays out over the next series of years. We are similarly focused on those questions and want to share our experience and explain why we see AI as a growth accelerant and why we believe the winners in our ecosystem are likely to be incumbents with nimble organizations just like Marex. The impact of AI on productivity in particular areas and scope to improve margins is the most obvious impact of AI and where we are currently seeing the largest impact. For example, on a major system build for a new product, AI tools have transformed productivity, but even 2 years ago, would have likely taken 50 people 2 years to build, will now with the AI tools available, take 20 people 6 months. What this experience demonstrates for me is where the source of competitive advantage now resides. In this case, we will have coded 1.5 million lines in just 6 months, but we could only do that because we had deep internal domain knowledge, understanding all the use cases, the complexity and how the system needs to be connected across the firm. That knowledge and expertise is not in the public domain. So what AI does both in this situation, and I suspect more broadly, is to create opportunity for nimble incumbents with fully functioning business systems to accelerate their growth. We have built a platform at Marex which is difficult to replicate with industrial scale capabilities, proprietary systems and deep connectivity across exchanges, geographies and clients. That moat is underpinned by long-standing exchange relationships, which require credibility, expertise and regulatory approvals that can take years to establish alongside deep client trust and a broad service offering. What is valuable is deep domain knowledge. That is not widely available elsewhere and institutional capabilities, both of which we have firm wide, and they don't exist in the hands of just a few people. I believe AI compresses advantages built on generic information but amplifies advantages both on infrastructure, connectivity and expertise. The winners in businesses like ours will be nimble, ambitious incumbents. It is also intriguing to imagine how AI might, over time, transform how business is done. We are actively experimenting. Nilesh will be talking about more -- we'll be talking more about how we are developing AI agents and tools to enhance how clients interact with our platform. And this is just one actually of very many examples of things that we are doing with AI within the firm. You will hear more on digital assets after the break. It's an interesting ecosystem as it operates on an uncorrelated basis with traditional asset classes. So it acts as a diversifier for our business. I believe digital assets will coexist alongside traditional markets as an additional asset class, one where clients will require execution, clearing and financing capabilities, just as they do today in other products. If the market evolves and broadens beyond its current scale, we'd be well positioned. Equally, if it remains within its current ecosystem, we see an opportunity to build an attractive business. The move to a 24/7 market structure is also important, enabling developments such as prediction markets as well as broader trends like tokenization and digital collateral. What is notable is that 2 years ago at IPO, we would not have expected Marex to have the level of engagement we do with many of the most innovative participants present in this space. Our goal has been to build a resilient business, capable of sustained growth through a range of market environments. Since IPO, every quarter has been ahead of the same quarter in the prior year with quarterly growth ranging from 16% to 55% and averaging a very impressive 38%. I'm particularly proud of how we performed in the third quarter of 2025 and a quarter characterized by materially lower exchange volumes and the publication of the short report, yet we still grew 27% and increased client balances. That was an important indication of how much we had diversified the firm. The first quarter of 2026 is another test of our resilience. It is a quarter characterized by extremely high volatility at a level which creates significant pressure on some clients. While we still have 4 days ago in March, we are now forecasting a very strong quarter with record adjusted PBT of between $140 million and $150 million, up 45% to 55% on last year's first quarter and comfortably above our record fourth quarter of 2025. As I described on the fourth quarter earnings call, what we're experiencing now is not Goldilocks volatility. We have seen, for example, the sizable losses reported by some of the most sophisticated hedge funds in March. While these firms remain very strong with sizable equity and liquidity positions, market moves in the quarter have affected smaller less diversified clients adversely. It is worth noting that this is not new. We have experienced periods of heightened volatility before during COVID, the Ukraine invasion, the nickel price shock and various extreme moves in natural gas and rates. These are challenging environments, which create both opportunity and stress. They tend to be correlated with very high exchange volumes, which is good for our business and enhanced market-making opportunities but also liquidity pressures for select clients. Client defaults when a client cannot meet a margin call, given the impact of extreme price moves on their position is an inherent part of the Clearing business. Defaults are rare, but they do happen. Over the past 5 years, we have had 3 or so cases where clients couldn't make a call, was clearly insolvent. And consistent with the conditions of our client agreement and with the support of the exchange, we took the position into the firm and had to manage down the risk. Typically, we're able to manage the risk with limited P&L impact. In Q1, a client defaults by a natural gas market maker coincided with what was described as a 1 in 35-year event in price moves, and we incurred a loss. Notwithstanding this loss, we are forecasting another record quarter. Importantly, while March is particularly strong, each month has been a solid contributor even with the January impacted by the loss. We made around $38 million in January post the impact of the credit default. $37 million in February, which was a slower month due to Chinese New Year and are forecasting between $65 million and $75 million for March. This would make March a record month by some margin ahead of last October. Customer balances continued to grow through the quarter, increasing from the $14 billion on average in Q4 2025 to around $16 billion in the first quarter of 2026. As we approach the end of the quarter, the spot balance is materially higher than the average. This includes the impact of higher exchange margins as well as important new client wins. Cleared volumes in March were around 25% above the record levels in April 2025, which we're able to process successfully again confirming the operational resilience of the firm and the scalability of our platform. Liquidity surpluses through the quarter also remained strong and consistent with prior quarters. So while periods like Q1 are demanding, there are opportunities to demonstrate to the market the strength of our model. As we did last year, I want to illustrate how we think about the potential scale of Marex over the next few years. We have maintained our growth framework. We continue to target over 10% organic growth annually, augmented by disciplined M&A, creating a 10% to 20% target corridor for growth. As we have demonstrated over the past few years, we have delivered materially above that range. To illustrate what that means in practice over the next 3 years. At 10% to 20% growth, we would expect adjusted PBT to continue compounding meaningfully from 2025 levels driven by the structural themes we have discussed today. At 20% growth, those numbers would be approximately $500 million of PBT in 2026, $600 million in 2027 and $722 million in 2028 with EPS of roughly $4.94, $5.84 and around $7.01 in 2028. There is a more optimistic case where we are able to replicate 2025 30% growth, which would clearly transform our scale with PBT of over $900 million and around $9 of EPS in 2028. Investors often ask me about my outlook for margins. Our objective has been consistent to deliver steadily growing earnings supported by scalable and increasingly efficient platform. As you would expect, a growing business benefits from returns to scale with higher margins on incremental activity. To date, that effect has been offset in part by investments, which include the following: as we have grown, we have deliberately invested in control infrastructure and systems required to operate a larger and more complex public company. This, for example, includes our sizable investment in SOX compliance. Given our efforts to diversify by product and geography, we do not get the returns to scale, which might be anticipated and may even experience diseconomies while businesses and regions are growing. This, to my mind, is a sensible trade-off as we grow earnings resilience via diversification. We're also carrying a lot of investments in new capabilities and businesses to ensure we can deliver structural growth. And as we have grown, we're doing more of this as our ambitions increase. The outcome has been slowly improving margins over the past 5 years from 15% to 21%, and we expect that progression to continue with a path towards the mid-20s over the next 3 to 5 years. The drivers of further margin improvement are increasingly clear. The combination of AI improving productivity, together with a greater proportion of growth coming from infrastructure-led businesses, such as Clearing and Prime means that as the platform scales, the underlying economics become more margin accretive over time. Taken together, these factors give us confidence that margins will continue to improve as the business scales. I want to introduce a new element in our evolution as a firm to you, a proposed re-domiciling to Bermuda. As we have grown both organically and through acquisitions, the group has become more complex, both operationally and from a regulatory perspective. And as we have grown geographically, there is increasingly a need for stronger regional structures and decision-making, which is consistent with how regulators increasingly expect firms like ours to operate. We are now a global business with increasingly substantial regional franchises, and the structure needs to evolve with that. Our proposal is to redomicile to Bermuda, creating a new holdco and 4 regional subgroups reporting into the new holdco. We believe this is the right structure for the next phase of growth, aligning the group more closely with how the business is managed and enabling us to scale more effectively across regions. This also helps simplify the unintended complexity that comes from being a U.K. incorporated, which is U.S.-listed. Bermuda provides a legal and governance framework that aligns naturally with our NASDAQ listing and is operationally more efficient to manage within including reducing some of the structural and administrative costs associated with our current setup. Critically, this is not a change to the underlying business. There's no impact on our listing, our board, our management team, reporting lines, risk management, our clients, our people, our financials or our tax position. We're also very mindful of preserving shareholder rights and protections in the new structure. The proposal is subject to shareholder approval at our AGM in May and subject also to regulatory approvals, and we expect implementation in the second half of 2026. Overall, we see this as a sensible and necessary step that supports the next phase of our development, reducing complexity and enabling us to operate more effectively as a global firm. Material is describing this proposal in greater detail will be distributed to shareholders in April. So over the past 2 years, we have executed the strategy we set out at IPO and have built a much stronger platform. We are operating at greater scale with broader capabilities, deeper geographic reach and more embedded client relationships than we anticipated at the time of the IPO. Our opportunity set is larger, our competitive advantages are clearer and the organization we have built is materially stronger than it was 2 years ago. We've become better at all elements of acquisitions, better at winning client mandates, better at managing risk and better at attracting and developing high-quality talent. We've also been able to address in part the question of how the firm will perform in more challenging environments. In the third quarter of 2025, we grew strongly despite lower exchange volumes and the short report. In the first quarter of 2026, we're performing very strongly in a quarter of extreme volatility even after a client default. We have exceeded our own expectations, not because of tailwinds, but because the firm has more scale, more capabilities, greater geographic reach and critically a stronger organization and culture than we anticipated. We're extremely excited about the opportunity ahead of us. So with that, we're very happy to take some questions from you.

Bill Katz from TD Cowen. So Ian, maybe you could just sort of talk a little bit about the default a little bit and maybe expand beyond that 1 client, how we should think about any kind of risk profile among maybe the smaller clients even as you continue to migrate your business to the larger platforms?

Sure. Look, I think that defaults of the kind that we had in the first quarter are sort of extremely rare. We do -- when you're in the Clearing business, recognize that there will be on occasions, clients having some challenges, but our experience, as you've seen from our track record of credit losses, it shows that this impact is extremely occasional, and this was very unusual. The scale of it in our sort of Clearing business is on a revenue basis, somewhere in the sort of mid-$20 million to $30 million. Obviously, that gets comp affected both in the front and in the back. And so the margin of the loss is somewhere like 70%. So it's sort of something like $20 million in aggregate. And just to make the point obvious, we've managed out of the risk completely. It's a January effect. And within January, we still did $38 million, which I think it would have been sort of our fifth highest month as sort of a public company or as a company. So it is going to be -- these sorts of challenges are going to be correlated to high volatility environment. And certainly, when we look at March, for example, the clients have actually performed extremely well in March. Does that cover your question, Bill?

Can you -- I'm sorry, Mike -- can you just sort of go down a little bit in terms of maybe the profile of some of these forward clients so how should [indiscernible] incremental risk relative to the migration to [indiscernible].

Yes. I think that I mean even -- as I sort of think about March, which was a very -- a period of very high volatility, all the clients, including small clients, have performed pretty well. And so I don't think, to the thrust of your question, that is in what we're seeing sort of a concern of anything that feels systematic or sort of problematic and I've actually been really pleasantly surprised by how well clients have managed through this and have been able to make margin calls. And the number of sort of missed calls is less than I would have expected based on, for example, what we saw in the Ukraine crisis. So I think that the default feels like a rare -- a default that sort of leads to us having to take a position on to our books and manage it out is very rare and we don't see anything like that in the portfolio based on what we're seeing in March, which was quite a difficult environment for some set of clients.

Alex Kramm, UBS. Probably a little bit of a follow-up. Maybe just in terms of the first quarter, can you just help us as we think about, I guess, our numbers. What's been good, what's been helping so maybe by business, where are you seeing the most strength and maybe any areas that are outside of what we can observe looking at public volumes, et cetera. And then I think this is a follow-up to Bill's [indiscernible]. But like as you think going forward, are you seeing any sort of not signs of stress, but you see a little bit of wound licking right now are people stepping back a little bit. Is this another example of [indiscernible] in April, May, we're going to be looking at softer volumes not anything structural, but just do you see some of that already happening right now?

That's sort of a compound question. The first part of it was?

Just a little bit more color on ...

What you saw on 1Q.

On the positive side.

Yes, that's fine. So look, I think that when we look at the quarter, exactly as you would expect, if you -- given how strong the quarter is it's up circa 50% on where we were a year ago, every business and segment is actually performing strongly. So what you're seeing in agency and execution is just sort of increased flows as a result of the volatility leading to more and more clients wanting to sort of transact and so agency and execution is looking extremely strong. Within clearing, you will see that in the balances, you'll see -- you've seen how our CFTC balances have grown. We've had sort of similar growth maybe even heightened growth in our non-U.S. businesses. So the Clearing franchise is extremely strong. We saw 25% plus increases on certain days in March relative to the levels that were set in April of last year, which was the previous high watermark for us. And operationally, we were able to sort of deal with those very successfully. But the Clearing business that away from the impact of the default has been sort of terrifically strong in the quarter. Our solutions business has done extremely well and is I think, reaping the benefits of the investments we made last year in the underlying infrastructure, which did consume a lot of bandwidth, but we are now sort of more able or better able to sort of deal with the increased volumes that are coming through and that business is thriving. And then exactly, as you would expect in an environment which is characterized by heightened volatility, our market-making businesses have done extremely well. So what you have is all elements of the firm performing really well. And actually, all regions are performing really well. In terms of what sort of the impact of this heightened volatility, the sort of uncertainty around sort of setting price, what's that sort of doing to volumes? And are we anticipating anything different for April and May. So I think what we have observed in the oil markets, in particular, is a lot of activity from producers and consumers of oil and that has sort of continued all the way through this period. There's definitely been some amount of pullback from the sort of more speculative money. But again, that's not really a big driver for us, but we certainly noted that as not unexpected consequence of the losses that some of these desks have experienced in March. But when I look at March, I'm not seeing sort of a big turndown in daily performance. We're actually -- so it's not a case of the first 2 weeks were fantastic, and then it's all sort of turned down. We're seeing continued higher levels of performance through the whole month. So I don't know what -- how this sort of plays through in April and May, but we certainly have not seen evidence of slowdowns over the course of the course of March. [ Phil ]?

Okay. So just big picture. You have now more inbound coming to you in terms of opportunities for inorganic growth. It could be more selective. Could you maybe talk about priorities geographically product, distribution client channel? And then the second part of the question is, given where the stock is trading, how are you balancing de novo versus inorganic growth, maybe perhaps repurchase given shares seem to be so attractive at this price?

Well, hopefully, that's not going to last and the stock price actually moves out very quickly. So I think that the -- I mean, the benefit of having a lot of inbound is sort of worth teasing out. I mean, part of it is those tend to then become bilateral conversations. So you're not part of a competitive process. You could rapidly determine whether there's sort of a meeting of minds around price. You can sort of engage in ways that are just sort of very efficient. In many cases, the acquisitions are people that we know and our sort of clients olefin. So that's always an additional benefit because you've had experience working with them in a capacity and you see how they operate, you have a sense of what their culture is and how well they run their particular businesses. And so I think that that's hugely beneficial in so many different ways. With regard to what we're looking to do, I would say that we recognize the benefit of acquisitions, particularly in the sense of in certain jurisdictions like Brazil, Middle East, even that are in Asia, growing these things organically is just super difficult. So some of our interest in acquisitions is sort of driven by a recognition to try to grow certain things organically is hard. If we can grow it organically, I think we -- that's our preference. But we're also very honest with ourselves about what we're likely to be successful with and what's likely to be sort of hard for us. And if it's easier to do this through an acquisition, then we're very open to that. I mean the other benefit of acquisitions is you get to do real diligence on what it is that you're acquiring, which in contrast to sort of team lift where you don't -- you're not able to ask about the clients and you just don't know in quite the same way. You do get sort of a genuine benefit. In terms of what we're looking to do, I think that there's probably sort of 2 themes here. We do see opportunities for all of our segments. And I think Palo is probably going to talk a little bit to that. But our -- as you gathered from my remarks, I mean, our recognition is that the path to growth, if you sort of choosy one goes through infrastructure, intensive activity that sort of fits well within what we do. And so as you would probably expect, the priorities we have are sort of clearing businesses in geographies that are hard to build those out. So in Latin America, in Asia, in certain niches, product niches where we don't actually have those. But we're open to opportunities in market making and actually some of the acquisitions. Obviously, we have trade that we announced and another acquisition that we're working on is in the market making space. We're looking to get some things in the solutions space. And then there's a raft of things in agency and execution that we're looking at. So we see these as parts to continue to diversify the firm, add resilience add geographic diversification and sort of just accelerate our growth. And that's how we have approached it in the past, and that's how we'll continue to approach it.

Ben Budish, Barclays. Can you give a little color on the tail of smaller clients. I guess for the clients that are currently paying you under $5 million? How do you think -- or can you talk about maybe the average size of that client group? I mean how many is there a potential to see things scale up meaningfully? How many are large clients allocating sort of a smaller portion of activity versus smaller clients allocating a lot of their activity?

Yes. I mean, look, I mean, hopefully, what I was communicating is the sense that medium and small size clients are actually really attractive and valuable tides in the firm. I mean it its -- and so it's not a case that we are just sort of shifting the firm to a small number of large slides. We are keen to add clients in -- at all of these different sort of revenue points. I mean, I think if it's sort of less than $25,000, we're increasingly thinking we'd want them to be above that level. But we are actively looking to add small and medium-sized clients. When I look at the sort of 250 clients that I referenced in the $1 million to $5 million bucket, I would say that the preponderance of those are clients that there is quite a lot of scope to grow as opposed to the sort of small clients and they're sort of at the maximum level that you could imagine them operating given their scale, what they do and being on the Marex platform. So I mean, I'm sure that sort of within the [ 250 ] there are a few that sort of fall into that category. But certainly, we have a plan around 100 of those that we're looking actively to cross-sell. And all of those all feel like they could be materially larger clients. So -- but it's not a case of we've shifted our strategy to just focus on large clients. It just turns out that given the range of capabilities we have, there is a path to growth, which involves doing a lot more with those larger clients. And we are take advantage of that. But it's not as though we've changed our prospecting efforts and we are sort of cutting off smaller clients because we're keen to service people at a whole range of different points. All right. Why don't we move on to Rob. Thanks, everybody.

Thanks, Ian, and good morning, everyone. Over the next couple of slides, I want to cover how we've continued to diversify and grow our business, but spend the majority of the presentation unpacking our balance sheet and how we think about our cash flows and capital allocation. Following the short set of report last summer and discussions with many of you, it became clear to us that our cash flow presentation included within our accounts is not intuitive, while it obviously fully compliant with the accounting rules. So today is about providing you with a clearer and more intuitive way to think about it. Investors have also wanted to understand how much of our capital generation is required to support organic growth and how much is available for acquisitions and we have reworked our capital layout for you to address this question. Over the past 5 years, we have grown our profit sevenfold. And as you've heard from Ian, we've exceeded the growth expectations we set for ourselves at the time of the IPO. As we have grown, we have diversified our business and added complementary high-quality revenues, making our earnings even more resilient to different market environments. Our resilience also extends to our balance sheet as we have maintained a strong capital ratio supporting our investment-grade credit ratings as well as maintaining a prudent approach to managing our liquidity. And as you will hear, we continue to be disciplined in our capital allocation, balancing our capital position with the growth opportunities in our business, both organic and inorganic as well as returning capital to shareholders. All of that underpins the strong profit growth that we have delivered over a long period and the impressive performance in 2025. 2025 simply put, was another record year for Marex. We delivered strong revenue growth, up 27% year-over-year to just over $2 billion with growth across all of our business segments. We grew adjusted profit before tax by 30% to $418 million, demonstrating the strength of our client activity. Basic EPS increased to $4.12, and our return on equity was 28%. Importantly, this performance was delivered across a diversified set of businesses and regions, reinforcing the strength of our franchise. The Americas now represents nearly half of our profitability demonstrating the growth we have experienced within this large market. This slide brings together the 2 core components of our P&L strong, diversified revenue growth and a cost base that remains flexible as we continue to scale. All of our segments have delivered meaningful growth since 2023 through growth from existing and new clients as well as continued expansion of both products and geographies. At the same time, 55% of our cost base is variable, which continues to give us flexibility as we grow. Where we have invested, these have been deliberate choices including in our control and support functions as we mature as a public company as well as building out new capabilities across the platform. Turning now to our balance sheet, which hopefully you will recognize, but I want to spend a little bit more time on it today. This slide presents a summary of the audited balance sheet, but more importantly, breaks it down to show how the business is funded. As you've heard before, one of the distinguishing features of our firm is that around 80% of our balance sheet is directly driven by client activity which is highly liquid and essentially self-funded. Let me take you through the key components. First, client balances. These represent amounts posted at exchanges to meet margin requirements for our clearing clients activities. On our balance sheet, treasuries posted an exchanges sitting cash and liquid assets and cash posted exchanges sit in trade and other receivables. Importantly, these assets are fully funded by our clients, so they offset on both sides of the balance sheet. Second, repurchase agreement. This is a match book activity within our capital markets business, which is self-financing. We act as a facilitator for clients typically hedge funds, to access collateral or finance collateral, whilst taking a small spread. This business is often linked to their futures activity, which supports clearing. Third, security activities, which again, primarily sit within our Capital Markets business. These are equity hedges for client activity in our equities and prime businesses and the associated financing of these high-quality assets predominantly through stock lending. These also include our prime services and associated financing activities, which are recorded within trade and other receivables and trade payables. Well, much of this is self-financing. Given our high level of liquidity, we have chosen to deploy some of our house liquidity in order to capture enhanced spreads. Importantly, though, we have the flexibility to fund this fast stock loan if needed and improve our house liquidity position. Fourth, derivatives which are primarily from our solutions business. In Financial Products, we offered structured notes to clients, and in hedging solutions, we offer clients access to markets to manage their risk. These derivatives arise as a result of our hedging of this client's activity, not from taking proprietary risk. Fifth, settlement [indiscernible] up. This reflects fixed income trades in our capital markets business that have been executed, but have not yet settled at year-end. We act as a principal on a matched basis but take no direct market exposure, settlement risk is also assumed by the underlying clients. Outside of the client activity, the main corporate item is our debt funding, which supports the business for example, being able to front intraday margin requirements on exchanges and our liquidity buffer. Overall, the key takeaway is that our balance sheet is client-driven highly liquid and conservatively funded with limited net leverage. Turning to cash flow. This is where I really want to simplify things for you. There are 4 key components to consider: Firstly, the cash generated from our day-to-day operations; secondly, working capital movements; thirdly, financing activities and fourthly, investing activities, starting with operating cash flow. The first takeaway is that Marex is highly cash generative. In 2025, we delivered profit after tax of $308 million, which translates to $365 million of cash earnings once you adjust for noncash items such as depreciation and amortization as well as the equity deferrals for senior staff compensation. So we converted more than 100% of our profits into cash with a very little unrealized P&L. The next piece is working capital. As a financial institution, we raised debt to fund our client activities. Debt funding increased by $2.2 billion during the year, driven primarily by $1.5 billion raised through our structured note program and a further $500 million from senior debt issued in May last year. The proceeds were added to our central liquidity resources. We used the majority of this funding to support client activity, most notably to fund the high-quality securities we hold to hedge client positions in our agency and execution business. As I mentioned on the previous slide, where much of this activity can be self financing, we sometimes choose to use our own liquidity to enhance returns. In total, we generated cash inflows of $713 million from our operating activities, representing the combination of cash generated from our operations and net positive movements in working capital. This cash was first used for our financing activities, covering AT1 and ordinary dividend payments of $56 million as well as for our share-based payment schemes, where there was no cash outflow at the point of deferral when they vest, we use cash to settle the associated tax obligations. After these financing activities, we retained significant capacity for discretionary investing. In terms of these investing activities, the main use of cash was our acquisition activity. We spent $115 million on the premiums and $127 million acquiring the net assets of the businesses we purchased. We finished the year with $2.8 billion of cash, an increase of $325 million year-on-year. This uplift flow directly into our total available liquidity resources allowing us to continue to operate with significant headroom of over $1 billion relative to our regulatory liquidity requirements. A key question we're often asked is how do we balance organic growth, M&A and capital returns. Our North Star is maintaining our capital sufficient capital to support our investment-grade credit rating with both S&P and Fitch, while supporting organic and inorganic growth and returning capital to shareholders. To frame this, I will focus on our S&P RAC ratio, although I would highlight that under the FCA's investment firm regime, our capital ratio is 230% of our minimum regulatory requirements, providing us with significant headroom. I'll first discuss our sources of capital. In 2025, we generated $253 million of capital from our operations after dividends and AT1 coupons. After taking into account other reserve movements, capital increased from just over $1 billion at the end of 2024 to $1.3 billion at the end of 2025. This growth in capital provided capacity available to deploy into M&A. Importantly, this is not a one-off. Our model consistently generates excess capital after funding dividends, organic growth and maintaining our investment-grade credit rating. This provides us with the ability to deploy capital into M&A on a recurring basis, driving additional profit growth over time. There were 2 components to our uses of capital, our risk-weighted asset requirements and premiums paid on acquisitions. Our RWA requirements consists of 3 parts. Firstly, credit risk. This is calculated by applying credit risk weights to our balance sheet assets. This requirement increases with both balance sheet size and the risk profile of the relative asset. Second, market risk, which reflects capital held against trading positions; and thirdly, operational risk which is driven by the scale and mix of our revenues with more stable income streams such as commissions, attracting lower capital requirements. The increase in our capital requirements from $894 million at the end of 2024 to just over $1.2 billion at the end of 2025 reflects our strong organic growth and the impact of our strategic acquisitions. Around 50% of this growth related to organic growth, reflecting the strong performance of our businesses last year. After funding organic growth, we used $170 million relating to M&A activity, comprising $115 million of acquisition premium, most notably from Aarna, Winterflood and Hamilton Court together with $55 million of additional capital required to support the RWAs of those businesses. At the year-end, sources of capital, less our uses of capital led to capital surplus of $58 million, equating to an S&P RAC ratio of 10.7%. This is comfortably above the 10% threshold that S&P defines are strongly capitalized, which is supportive of our investment-grade credit rating. On a pro forma basis, including the expected sale of the Winterflood cost business in the second quarter of this year, our surplus increases to $98 million and our RAC ratio to 11.1%. So what does this mean? Our capital allocation approach is simple. Firstly, we maintain a strong capital position to support our investment-grade credit rating. Second, we invest organically to support our growth. Thirdly, we return capital to shareholders through dividends, reflecting the Board's confidence in the earnings trajectory of the firm. And fourthly, we deploy excess capital into very disciplined M&A. In addition, to give ourselves more flexibility going forward, we are looking to put in place a share buyback authority subject to AGM -- subject to AGM approval in May. Finally, as you've already heard from Ian, we expect the first quarter to be a very strong quarter for Marex, another record. Whilst we still have a few days to go before we close the quarter, we would expect revenue to be between $667 million and $697 million and our adjusted PBT to be between $140 million and $150 million. At the midpoint, this would represent growth of nearly 51% in profit and 56% in revenues, which reflects, as you heard which reflects, as you heard from Ian, the strong broad-based performance across the group. We are really pleased with the continued momentum in our business and remain confident in our growth outlook for the remainder of the year. With that, I'll now open up to Q&A with myself, Ian and Paolo before we break for coffee.

Yes. Patrick Molly, Piper Sandler. In your prepared remarks, Ian, you mentioned that you expect the margin to kind of move from around 20% to the mid-20s over the next 3 to 5 years. I think you cited AI efficiencies and the benefits of scale. Could you maybe just break that down for us a little bit more, where are you expecting to see benefits from AI in the business and maybe if you could just talk about how you would see that ramping in terms of the margin. Could some of that flow through earlier? Is that going to be a later thing. Any color there.

Yes. I mean it's a great question and one that, as you can tell, we spent a lot of time sort of thinking about. So I think what as I sort of think about it, we clearly have some accelerants that were not present as we were addressing this question a couple of years ago. So I would say that it's more likely that we get to the sort of higher margins. So sort of think of it north of '25 sooner if these things play out in the way that I would expect them to. No, obviously don't know exactly how it plays out. But whereas 2 years ago, I think the central tendency was we would get to sort of the mid-20s and I had high confidence we would. Now I think there is sort of meaningful probability that we get higher. And we're seeing the impact of AI in -- and it feels very early days, right? But we see it in the impact of productivity in a whole range of places. So we see it in interesting like audit. We see it in surveillance. We see it in on-boarding. We see it in IT, although that productivity increase is just being reinvested in more capability because we see so much benefit of having more output in the technical space, particularly as we're growing infrastructure-intensive businesses. And then clearly, it seems to me that we may just get to some kind of tipping point as more and more of the growth is coming in higher margin activity and the amount of investment we have to make in the ways that sort of, I laid out for you, just don't keep pace with how much the rest of the firm is growing. So I do see sort of a meaningful probability that in that 3- to 5-year time frame, we're sort of in the higher 20s rather than in the mid-20s. Not that I have a specific light path to it. But as I see the sort of the forces at work, that's what I see as the more likely outcome now.

Chris Allen, KBW. Maybe just following up on that AI is one part of the margin improvement story, but scaling up the recent deals that you've done over the last year, 1.5 years has probably another and building them out and also realizing efficiencies there. Maybe if you could talk to where you are in terms of the more recent acquisitions in terms of fully building out those business to where you think they can get to and how much of an impact that could have on margins?

Yes. Thanks very much, Chris. I think if I sort of focus on the sort of 3 larger acquisitions. I think it's a good sort of illustration. So the acquisition of Cowen, I think, is has still got significant potential. So I think we're adding to our capabilities we have more credibility with the clients and we're adding products. So there are a few areas where we are, I would say we're either sort of under underweight in terms of our capabilities to some of the sort of fixed income Prime brokerage would be sort of an example. And I think that probably allows us to be in the 20% to 30% growth for some period of time to not be in the medium term. Hamilton Corp, which is an FX business, we're going to rebrand all of that under Marex. And I think that we bought a business which was operating at around, let's sort of say, $80 million of revenue. I think that -- the combination of all FX is going to grow at again, 30-plus percent a year. I think that's -- if it wasn't a $200 million business in a couple of years, I'd be surprised and disappointed. And winter floods, which is a very established business in the U.K., I think, has capability to extend internationally. That brand has got, I think, sort of residents, particularly but it's actually got good technical capability. So again, that's -- we've seen growth. I think that is another where you'd hope to be growing sort of 20% to 30% a year. So there's still some way to go with all of them. Behind the growth in revenues lies investment the technology and in the capabilities. So we haven't really sort of called that out or drawn that out. But there's significant investment in being able to support these new asset classes and doing so on an efficient basis. When we first entered this business, our sort of capability is pretty rudimentary and some of the costs are quite high. So I think that, that will not just add the ability to scale to do more business for clients, but it will make it much more efficient. So I'm very optimistic about those. And then as Ian said, we've got very strong pipeline. It's 5 transactions, which are in advanced stages. We've got another 15 or so in slightly early stages of discussion. So very optimistic about being able to close those and those being those being efficiently integrated, perhaps more efficiently integrated than we've had with the -- with past few just because I mean as an example, when we bought ED&F [indiscernible], we didn't have a broker-dealer, and all of the infrastructure of broker-dealer has had to be built. We didn't have a Prime brokerage business that infrastructure has had to be integrated and extended. Once you have that, it's much easier to add clients on to the platform.

I think the only thing I'd sort of add to that is I've been sort of amazed and surprised at what the sort of opportunity in FX is. I mean, somehow you -- from the outside in, you just assume that it's an extremely efficient market with sort of tons of providers and then it would just be a space that's sort of very difficult to make money. And actually, what we found with Hamilton Court is there -- it's a good business, but there's also really substantial opportunity to grow and be competitive. And that's actually just sort of really heartening. So many of these acquisitions, you go into them thinking they can be good businesses and to themselves and there's opportunity to generate sort of good returns just in an M&A sense. But with many of these things, as you get into them more and you realize if you combine it with other things at Marex and then just work it in with sort of the culture of Marex, the market opportunities are often way better than you would have anticipated going into it.

Alex Kramm again. This is a 2-parter again, sorry. But one, just on a follow-up on the M&A. You did mention Prime at the end there. Is Prime an area that you can scale inorganically or is it just more organic? And then the second question, I'll ask it once. It's just the new Bermuda-based structure, just as a little bit of a clarification. I think, Ian, you made a point that the 4 regions, U.S., U.K., EMEA and Rest of World you said something, this is already how the business is organized or operating. So I just wanted to clarify that. To what degree are you actually operating international and how much of these businesses are really siloed because I assume some of your clients are looking increasingly international. So just wondering if you're behind on that or if that's just maybe something I didn't understand, right? So maybe just talk about the global ability to kind of basically be a global firm for compliance.

So I'll cover the Prime question quickly, which is, yes, we're looking at inorganic opportunities as well as organic opportunities. We don't have much of a presence, for example, in Asia. And so that will be a sort of a natural place for us to try and acquire a business and a client base in Prime.

So actually, thanks for that question around sort of how we structure it and how we think we're going to move forward with the sort of new structure. So I think that 1 of the things that is the case in terms of our evolution as a firm is that we've now moved to a point where, for example, the Americas now generate more profit for us than Europe did. So we always, for example, anticipated that there would be a substantial opportunity to grow our U.S. franchise, and we're now at a point where our U.S. franchise is not quite 50% of what we make, but it's actually bigger than what we make in the U.K. and in Europe. We've had success growing in Asia. We're having success although it's off a small base, growing in the Middle East, growing in Brazil. So there's definitely a sense inside the firm that what we're looking to do is to grow geographically. Now at the moment, what we do is we run as I think you're aware, sort of global businesses were sort of a regional overlay. So it's all a matrix, but they are definitely global businesses. What we recognize that the regulators are looking for is strong regional management that can sort of face off against a local set of regulators and can sort of legitimately talk to and express what's going on within each of those regions. And so the structure that we're going to put in place is we still have a TopCo in this particular case, it's going to be in Bermuda. And then you have sort of regional holdco. So there'll be one in the U.K., one in Europe, one in the U.S. and one in sort of Asia that Europe will cover the Middle East as well. And what you will have there is management and risk folks who can deal with sort of the local regulators and be responsible for that as a unit. What we do find, which is interesting, is we do service clients across multiple regions, and we do have sort of global clients. But what we also have are a set of clients that are sort of keen to just have -- just being a little careful in what I say. Just want to sort of have nexuses that are either just Asia nexuses or Middle East Nexuses and not have, for example, a U.S. nexus. And so I think that this also supports the fact that some of the clients want to be clients of an Asian business that sort of feels like an Asian business and some people want to be clients of the Middle East business that feels like the Middle East business. It's part of the motivation that you want to be in Dubai, you want to be in Abu Dhabi because the large clients in those locations are not going to deal with you out of Europe just by way of example. So part of this is driven by just sort of the administrative and complex nature of being both U.S. listed on NASDAQ and running a firm that's subject to the U.K. Companies Act. And that just creates a certain amount of administrative burden and sort of complexity. But most of what's motivating this is sort of a view of this is the right next strategic step for the firm. There's a lot of organizational and in particular, sort of regulatory complexity that comes from our current structure and this new structure will allow us, I think, to sort of manage that more effectively. So that cover your point?

Now it's a broader panel. Maybe a 2-part question for me as well. Ian, in your commentary, you mentioned that digital assets could accelerate the opportunity set for you. One of the debates, I think, in the market is pre, post-trade impact of tokenization and digitization. I wonder if you could talk -- maybe break down your comments a little bit further there, number one. And then number two, philosophy, to the extent you get approved for a buyback program at the General Meeting in the spring. How should we be thinking about sort of capital management priorities? Is there a targeted payout ratio? Would buyback take precedence over the dividend? What's your mindset -- what's the board's mindset around sort of the path to deployment on that?

Yes. The way we think about digital assets is in sort of 3 components. There's the sort of cryptocurrencies, which is sort of in of itself for a large asset class, and Nilesh will talk to this in more detail. There are -- there's tokenization, which feels as though it's going to enhance volumes and activity, but is more is more a matter of extending the sort of trading day and improving settlement rather than in of itself generating a very significant change in the underlying nature of assets and then there's stable coins, which I think, again, sort of fit into some combination of settlements and payments. And we are operating on the basis that all of those are going to evolve and be meaningful to clients. We are working with the clients. So this isn't us just building the capability sort of in a vacuum in isolation. This is really very much client driven. And we're seeing high levels of interest. We also see that others are behind us. So I think in each of those categories, we think that there's an opportunity to win business. I think probably on the tokenization and the stablecoin side, it's more it's more an important lever to win business than a generator of profit in of itself, whereas in sort of crypto, I think as an asset class, $3 trillion of crypto assets represent a sizable asset class in and of themselves. And we're seeing adoption and more sort of trading activity, which is obviously being reinforced by the platforms becoming more established.

Yes. I think that just sort of adding to that, I mean, my general sense of this is this is a very sensible place for us to invest. I don't think of us as sort of crypto or tokenization evangelists. I think of us as sort of recognizing that there's a lot of interest from a set of important clients to provide them with some set of capabilities. And that in and of itself is going to be a profitable and sensible investment to make. And then if it does turn out that some of the more optimistic cases around tokenization in particular are realized, then we'll be sort of in the forefront of that. So it's -- to my mind, it's sort of optionality if the world does, in fact, evolve in that way. But if the world doesn't evolving that way, it doesn't matter because the things that we're doing are going to generate attractive returns unto themselves, and it also represents a diversified earnings stream. So the path that we're on is strengthening our relationships with key clients, leading the market in a series of things that even if they don't grow beyond sort of what we see today will still be very profitable for the firm. And then it creates optionality if, in fact, it does turn out that the world evolves in a way where these things become massively more important. And my expectation is it will just be an ecosystem that works on to itself and is an attractive business where we can actually be a leader, but if that's wrong, and it turns out that it really does -- there is sort of some major shift to more stuff happening through stable coins, more stuff happening through tokenization will be extremely well positioned with regard to that. With regard to your question around buybacks. I think that we certainly felt at the time that the short report came out, the fact that we did not have an authorization to do buybacks felt like a real gap. And I think it's in part in the spirit of addressing that concern that we're going to come to investors and ask for permission to be able to buy back stock. I mean, as a sort of general matter around capital management. And again, this obviously is a decision that the Board will have to take, and it has not been taken. But my general view of it is that we see so much opportunity to create value for shareholders through acquisitions that I would imagine that we would remain on that path where to the extent that we have excess capital relative to maintaining our investment-grade rating and supporting the organic growth, as Rob sort of described, that we will find that the M&A opportunities represent better value for shareholders than buying back stock. But if we were in a world where for whatever reason, there was a big dislocation, you'd want to be in a position where you could buy back your stock. And I think that's how I would certainly think about it. Well, thank you all. And coffee is at your disposal. And if you -- if there are any questions you didn't want to ask in the broader forum, obviously, please just come and speak with Rob or Paolo and myself. Thanks. [Break]

Good morning. Good morning. I realize I'm wearing exactly the same outlet that we did when we had the IPO. So yes, Clearing business, 2 years on, same shirt, probably longer hair. I'm Tom Texier. I'm the Group Head of Clearing, and I'm here to talk to you about how our business has grown since the IPO, along with my hair. I will talk a bit about the evolution of market structure as well in the next few minutes. So first of all, a little reminder about the business and our priorities. As you know, Clearing is very much at the core of Marex and it's the heart of what we do. We are a highly profitable and scalable business with high barrier to entry. We diversified across asset classes, geographies and client types. In 2025, we generated $528 million of revenue with a 50% profit margin. We have #14 billion current balances at year-end. Now in this quarter, we're closer to $16 billion, as you've heard from Ian, given sort of market volatility and also recent client wins. We're positioned for the mid-market. We're seeing, as you also heard from Ian, much increased traction amongst the sort of larger clients. We're an infrastructure-led business with long-term sticky client relationships. And those relationships are held at very senior levels within our clients. We have a clear and consistent strategy. We add clients. We grow our balances, we grow volumes. We expand our product set and our regional footprint, and we invest in our growing scalable platform, all organically and also via acquisitions. We are the largest nonbank FCM globally, and we have greater brands and expertise in most of our peers, both large and small. We cover 60 exchanges across 20 countries, and we have double reach and asset coverage. So if we look at our competitive position, echoing what you've heard previously, I don't know what I'm pointing that when Ian is over there. But we are -- our competitive position is stronger today compared to 2 years ago. What we said our IPO remains true. The industry is consolidating, the barriers to entry are high, and we have a strong competitive moat. The banks are retrenching to focus on their largest clients, and they are underinvested in our core competency. Our mid-tier competition is constrained by scale. They either have only regional reach or lack of capital and liquidity to effectively compete against Marex. Marex's competitive position and right to win strengthened post IPO, are the brand and the public company status really contributed meaningfully to this. We are now seen as a credible nonbank alternative as France looked to diversify their exposure and the counterparty risk from banks. We're winning RFPs that were previously out of reach resulting in big client wins and big client mandates and our right to win is real. And we'll talk a little bit later about why that is. We cover the retail segment and its growth, but we focus essentially on servicing retail aggregators. We do not deal directly with retail. Digital assets are also proving to be foot in the door against major incumbent players. So the business has transformed in the last 2 years since the IPO. Pre-IPO, as you can see from this chart, we were quite narrowly focused with focus on energy and ags, and relatively small in financials. Our client balance is around $10 billion in 2023. The acquisition of ED&F was quite pivotal in 2022 as it accelerated our access to financial futures and in overall institutional clearing. Today, as you can see, our initial margin mix has grown materially in financial products and digital assets, and we continue to grow in the other asset classes. We are resulting in a scale and diversified business across all asset classes. And this price of product coverage also allows us to have larger city for mandates. Digital assets are now 20% of our initial margin, and we're a very established player in the digital asset space, and we'll talk about this further. We still see opportunity to grow in our core business, and we also see opportunities to develop capabilities in FX and credit. Our geographic diversification accelerated since the IPO. America is now our largest region, and it still represents a significant growth opportunity. The Middle East has strengthened through the acquisition of Aarna and is very important for the customers in the Middle East to face us directly in the region. APAC is a very strategic growth area as well. It's benefiting from our new memberships in SGX and ASX, and we see very meaningful momentum now starting to come through in these exchanges. We continue to expand our footprint selectively. We are exploring opportunities in Brazil, Hong Kong, Japan and Canada. Alongside this, we have a very strong pipeline of M&A opportunities across Brazil, Asia and Europe, and we have -- we feel we have a high probability of execution, which will allow us to fill our targeted gaps. In terms of market coverage, we're also seeing -- we're doing a lot of firsts. We were the first 1 on FMX, the first in coin-based -- and we're the first nonbank clearer of LCH swabs. And that allows -- highlights our ability to win new business and deepen client relationships with these new initiatives. Overall, our global footprint supports the growth of the business. So now turning on to our client balances. We've consistently grown balances. We have 20% CAGR in client balances since the IPO. And importantly, we also have very consistent quarter-on-quarter growth. The underlying growth remains -- the growth trend remains strong despite short-term variability from margin and market conditions. We are the largest non-bank clearer provider globally. The CFTC ranking reflects only U.S. balances. A lot of our growth is also coming outside of the U.S. and it's not necessarily reflected in the CFTC balances. We target between $500 million and $1 billion of net new client balances annually. We have a very strong 2026 pipeline with good visibility, and we're confident we're going to achieve this target. At this point in the year, we're already very well progressed. We are -- as you can see from the ranking of our competitors, we are gaining share in a very highly concentrated market. The top 10 players in the Clearing hold 75% of the balance is in the U.S. They are predominantly large banks, and this is our opportunity to take further market share. We are taking market share from -- with larger and more sophisticated clients from these banks. We are very well positioned for future industry consolidation as well. I'd like to spend a little bit of time to talk to you about our technology. We're a very highly scalable platform, underpinned by modern technology. Our volumes are scale significantly faster than our head count. You can see here we are now are Clearing 4.6 million contracts per FTE against a 3.2 million at IPO. We operate a single global operating infrastructure, which is extremely scalable. That infrastructure allows us to have a very low marginal cost of trading and Clearing and it allows us to add clients and exchanges at very low cost. So this is also one of the reasons why we are very often 1 of the first layer into new venues because our technology is flexible and scalable. We also have a state of the start of the art client portal in Neon, which is a key part of the client experience, clients who have access to a lot of data through Neon as well as real-time indicators around their P&L and their margins, all of this in real time. So Neon is deepening client connectivity and is also enabling greater self-service functionality from the clients, and this is a customer requirement. The platform is able to handle significant volume, including the current volatility we see in the market without necessarily adding any incremental headcount. So we have the capacity to continue growing without fundamentally changing the operating model and we're extremely scalable. Let's talk about risk management. So Clearing is fundamentally a credit intermediation business due to the live leverage involved in the products. Managing credit risk runs through the core of the business, all that has a Clearing in the regions within Marex are former risk managers. So the risk discipline starts at onboarding. We're highly selective on the clients we take on, and we try to understand how they trade and why. The fact that we understand these customers and -- really with deep understanding of their strategy, allows us to manage high periods of volatility like we have experienced recently and to best risk manage them. Obviously, we have access to real-time monitoring and intraday margining and we apply very strict collateral management, and we apply margin multipliers when it is appropriate, depending on the market volatility. We also monitor very closely concentration and position limits, and we have at all times full visibility of our client exposures. Credit losses, as you heard from Ian, credit losses are inherent parts of the Clearing model, but they're expected to be infrequent and well managed within our disciplined risk framework. So let's talk about all right to win in Clearing. And as you know, this is the bit that excites us the most is when we are growing the business and winning client mandates. So our -- we really believe that our market coverage and a level of understanding of these markets is second to none. We have extreme expertise in many areas of the Clearing space, and our clients are reacting very well to it. So we tend to lead with areas of real strength of the firm where we can differentiate ourselves as a nonbank or as a specialist. I will give you some example, Clearing metals, energy, digital assets or interest rate Clearing of real areas of strength of the firm. We also provide leverage and financing for the clients, which is a requirement for dealing with large institutional customers. These are typically pain points for the clients with their existing providers, and they are very receptive to the Marex offering in this respect. These areas of expertise allow us to get our foot in the door with these clients, and we open large relationships, and we then expand them further. We also have proven to be agile and innovative to support our client needs. So we will respond quickly to the customers asking for new markets. Overall, we also pride ourselves in providing an excellent client experience and to be very responsive. Finally, we look to expand our relationships across the firm and cross-sell other Marex divisions. So another example -- an example of this interaction is our relationship with Trafigura, which is 1 of the largest commodity trading firms globally. I'll let you read the quote. This was unedited and straight from that person's e-mail. The Trafigura is a long execution client of our energy desk. They have been a customer for a long time. Historically, they've only cleared and dealt with bank FCMs. So in 2022, during the Ukraine crisis, Trafigura required additional Clearing capacity, which we were able to provide them at very short notice. At that time, it is the made this decision to add a nonbank clearer as were we experiencing constraints with banks and looking to diversify away. This relationship has since developed into a large Clearing relationship across multiple commodities in Clearing as well as bespoke hedging services with solutions. It demonstrates both the stickiness and scalability of our client relationship. And more broadly, this is a good example of how we grow and how we deepen our relationships across the platform. Turning to digital assets. We have established a meaningful institutional presence here with unique and very differentiating capabilities. As I said earlier, digital assets represent about 20% of our initial margin. The margin does move around the valuation and the cash margin we hold for clients is quite sensitive to movement in crypto prices. Our approach is institutional collateralized actions clear, as you would expect, in our Clearing business. We operate in regulated markets, and we are a meaningful volume player on these key exchanges. For example, we hold a top 3 position across the crypto products on CME and also on SGX. We are #1 in terms of volume clear on bitcoin futures and CME, as you know, this is the main product used by institutional players approaching crypto. This is a real advantage with institutional clients. They are not being serviced currently by the the banks, and they're also very reluctant to go to digital natives or some of our peers with a lower credit profile. So we have a very strong right to win in digital assets, and it's proving to be a very meaningful door opener for institutional clients and hedge funds in particular, to come in trade with a clear with Marex. So let's talk a little bit now how we are positioned for the evolution of market structure. We've seen meaningful innovation in the world recently due to the rise of digital assets and production markets. So 24/7 trading, digital collateral, tokenization, our reshaping client activity and how derivatives are processed. Marex is very well positioned for these new market developments. We are enthusiastic about the changes as they bring meaningful benefit to Marex. So for example, digital assets allows you to receive collateral and margin in real time or over the weekend, which we see as meaningfully reducing risk. We are already live on 24/7 coverage, and we're also the first FCN, part of the CFTC power program on accepting digital assets as collateral. This positions extremely well as well for production markets, which are also 24/7. So we're well positioned across all the outcomes, whether adoption is gradual or accelerates. We're often asked whether organization presents a threat to the Clearing model, and we don't believe this is the case for several reasons. Clearing is already 24/7, and it's already real time, and we manage plant margins on a continuous basis. So unlike settlement cycle for cash equities, for example, the Clearing market is already real time. It would not necessarily meaningfully benefit from tokenization. Clearing is the credit intermediation business. And as you know, the exchanges don't want to face our clients and the value of the FCM is intermediating the credit. In the digital space, we're seeing more and more demand for clearing houses rather than less. Also in the production market, we've seen [indiscernible] being very keen to have Marex on board and they have approached us to become an SEM in order to manage in codetermination as they themselves move into the margining and leverage well. We see the opportunity of 24/7 to be an opportunity for rate of volumes rather than less and an improvement in credit risk management if margins and payments are available 24/7. So in conclusion, Marex is a scale player in global Clearing. We are one of the leading nonbank FCM. We have a greater breadth and expertise on our peers, large and small. We've grown our balance sheet materially since the IPO, particularly with large clients. Clearing is a key driver of the firm's growth and infrastructure-led business. We have a scalable and efficient technology platform, and we manage -- we keep managing our risk very tightly, particularly in challenging environment. We still see an opportunity to continue growing using our strengths. Thank you. Questions?

Ben Budish from Barclays again. Just curious on the digital asset contribution to Clearing. It seems like it's -- you're looking at this like a pretty interesting growing opportunity. How do like collateral requirements in that business compared to other asset classes you service? I'm just curious like prices are down quite a bit from the top, if there are pretty significant portion of balances, like how much do they impact your overall? I think it's like small but growing. So over time, how should we think about how volatility impacts what we're going to see.

Well, I think what you can see -- what you've seen in the recent history is that the prices of crypto have gone down. And as you know, the margins on crypto are function -- essentially a function of prices, right? Because the margin requirements are a percentage of the initial value of the contracts. And so even the prices of crypto have gone down, we've managed to continue increasing our balances overall. So whilst crypto is a sort of meaningful portion of our balance is not everything. And so it's been compensated by other increases in other activities and also new fans.

Actually, just one other thing to say with that. I mean I think that the margin multipliers we apply on sort of crypto or higher and more consistently applied than other products. So even though the exchange margins are about 25%, we would often be applying 10% or 15% on top of that just because of the volatility in the underlying asset. And so that actually plays through a little bit in terms of the balances as well.

Thanks. Thomas, you mentioned that the -- your capabilities in digital asset have maybe helped you get a foot in the door, a lot of hedge fund customers you said. Could you talk about how much of a differentiator that's been? Is that something that your competitors should close the gap on you pretty quickly? How much runway I think you think you maybe have there?

I think we still have quite a bit of a -- we still think we have a bit of a head start. And I think the larger the institutions you face, the more they are sensitive to the creditworthiness of the counterparty and the agility. So we still think we have a lot of runway. We're engaged in multiple compositions. We sort of essentially larger hedge funds. We are looking to Marex because we have a very unique set of sort of products and offering, which I think it will take a little while for our competitors to catch up on. So I feel quite confident about this scope. And once the relationship is initiated on -- we've seen it multiple times, you initiate a relationship on crypto and then they sort of taste -- they get a taste of the Marex service and all the other things we can do. And then we have concession around other asset classes. So we've had some large -- very large hedge funds who are now giving us sort of equity PB balances and we're also a lot of these hedge trends are very interested these days in the sort of the repo Clearing, changes in mandate, and we have, again, a very meaningful advantage there. So we are -- what we've seen is just this is an entry point and then we're adding all the services further on.

Sorry, this is a quick one, and I'm sorry if I missed this, but did you also give how much revenue comes from digital assets and how that has changed? Because I mean ...

I think Nilesh is going to cover that a little later. So look ahead, sorry. It's a teaser.

If I just sort of make an additional comment in response to that last question. I don't -- we just don't see others investing in sort of building out these set of services for hedge funds in the way we are. So I mean, while it's possible conceptually that others would close that gap, we're just not feeling it. I mean there are clearly some of the big banks have big investment programs in very particular niches, but it just doesn't have the feel that there's sort of a broad-based effort to invest in these products. And the advantage that I think we bring here is we're not developing the stuff like a field of dreams. We're building it and hope that it sort of works out. And we were working with some of the leading innovators in the space and solving a problem for them. And if you're solving a problem for them, you're probably solving a problem for others. And so while -- to the rest of your question, not only are we not feeling sort of like a bunch of people on our heels looking to catch up, it just doesn't feel like people are seeing it as an opportunity in the same way we are.

So I'm going to talk about capital markets, which is essentially an amalgam of the businesses that we service around financial asset classes. So the -- it's not the way that we report the business in public filings, but it is the way that we manage the sort of combination of services across these asset classes. So what you'll see is that these -- the capital markets business shows up in both agency and execution on the security side, and it shows up in market making. And both of these are very much fundamentally client flow-driven activities. It's not risk taking. We're not looking to benefit from proprietary positions. Where we're involved in market making is very much in niche markets where there's sort of not sufficient liquidity just to provide sort of agency or execution service, but the sort of predominance of what we have is low risk flow driven. It spans execution, financing Prime services, and it covers all of the main financial asset classes. So that's equities, equity derivatives, rates, credit, FX. And importantly, we are moving into digital assets as well. The way that we manage this and why we manage it on a holistic basis is important. And it's about the connection that you have with clients, certainly for the most sophisticated clients for the largest hedge funds for the largest asset managers. They want to have a service, which is multiple asset class. And they want to have a service which is not just sort of singular, it's not a monoline surface in terms of execution. It's a service that can provide Prime brokerage can provide Clearing, can provide direct pricing can provide financing where that's needed. It's very much moved from being a voice-led business, and you'll sort of see how we've sort of evolved financially. But it's not -- this is not a voice-led broker business. I think the sort of the sense of this business being relatively low margin and sort of more comparable to the traditional interdealer brokers is a bit a little bit misunderstood. That is not -- that is not really our business. We are an all-to-all business. We are servicing end clients, and we're increasingly doing so by providing infrastructure. So the strategy is -- the strategy is simple. We look to acquire or to service high-value clients. And you can see in terms of the numbers, we've made very significant progress. I made this point partly because -- I mean, it's become a very meaningful part of the business. We're now the largest revenue contributing area and we're close to the largest profit contributing area. The point here is more -- less about how relevant that is in and of itself, it's about how large the market opportunity is because we really only initiated this activity a few years ago, and we've been able to sort of grow it to the sort of largest revenue stream within the sort of Marex business. Within that, Prime has been extremely important. And you can see the stats around Prime that we've grown the assets under management to $28 billion. We'll talk about assets under management, we're talking about client assets. It's not amount that's on our balance sheet, balance sheet usage for this business is actually relatively limited. It's really where we're providing financing. Beyond that, we are taking -- we're taking ground in terms of a number of our services. So we are the #1 broker on CBOE. We are extremely active in a wide range of option products. U.S. option products. We are the fifth largest nonbank Prime broker. Now I think that sort of probably understates at least Prime time tell me understates how relevant we are just the way that they collect this data, but there's clearly room for us to move them. And the next sort of competitor we would hope to overtake the next competitors of the likes of Jefferies and BTIG. And we are taking ground as were our clients. The majority of the business, as I say, is reported within agency and execution. That includes our Prime business. There is some within market making. As I say, the sort of the overlap between those or the distinction between those 2 services is actually quite small. We're providing -- we're providing direct pricing, it's because there isn't sufficient liquidity in the market. And certainly, on the capital markets side, a good example is winter floods, which has a very large number of client relationships and provides direct pricing. That is the way the market works. There isn't really a broker version of that service. We manage as a single integrated platform. And the investments that we make are in building greater levels of connectivity to our clients. So I'll talk a little bit later about the way that we try and embed ourselves in the workflow and in the life cycle, which means that we're moving away from being a transactional business, more towards being a repeat revenue business. And I think that has been an important component in improving the levels of profit -- recurring profit stability. Prime very much sits at the center of that. So the Prime service is very comparable to Clearing, but it's providing the full range of support for clients that transact in securities. And there's obviously an enormous number of securities and an enormous number of markets. The focus has been on the U.S. market, in particular, where we've been able to develop an internalized offering, but we're going to extend that into other markets. It includes execution. So we'll provide outsourced trading for those counterparts that that require that financing? And then obviously, there's a very strong interaction with with Clearing. As this platform grows, it's a very meaningful contributor to this infrastructure heavy, high-margin and recurring revenue stream. So just to give you a sense of how much has changed since IPO. At IPO, we were much more focused on the sort of narrower voice-led execution-type business. We had made a couple of acquisitions that were predominantly offering that type of service. And they had very good sort of levels of market penetration. Since the IPO, we've really focused on growing our capabilities and our products at adding clients both within the sort of existing geographies and in new geographies. And then sort of transformational point, I think, for the business was when we were -- when we made the acquisition of Cowen so at the end of '23. So '24 and '25 have been the sort of the launch point for a much broader -- for a much broader offering. And it really has sort of transformed I think the nature of our interactions with clients sort of transactional nature of sort of agency execution is very much hand-to-hand combat, whereas once you have a Prime relationship, you're much more embedded into the full workflow, the full sort of service of clients. And it's just -- and it's not just about the sort of direct Prime offering, but it's also the link that you have to the other activities of this fund. So it's been very supportive for a lot of our option execution just as an example. We're still very selective with where we choose to compete. We've traditionally focused on sort of midsized hedge funds and the economics are attractive for those hedge funds. We are moving up as in Clearing. We're moving up the size spectrum in terms of the clients that we're able to service and our own sort of level of sophistication supports that. And as we look forward, there are sort of a few areas where I think we're still somewhat underrepresented. So credit, fixed income Prime FX, and I'll talk a little bit later about our investment in a payment platform. So just to sort of step back and look at the range of offerings that we have within capital markets. And you also then get a sense of how much more opportunity there is. We have capabilities in cash equities in listed derivatives and in equity financing. But in cash equities, it's in a relatively narrow set of geographies and products. In credit, we have capabilities in corporate bonds in structured products and trade facilitation. Again, a very large market, lots of opportunity to expand our offering. In rates, we're very well established, and we probably have the largest sort of rates platform. In FX, we made some acquisitions, but that's, again, another area where we expect there to be real opportunities for growth. And Prime Services, I've talked about digital assets. within the Capital Markets paces about providing liquidity. So we are launching a series of offerings, which will allow clients to access pools of liquidity. And that's sort of typically how we operate as a sort of an aggregator of sources of liquidity. What we're not is an interdealer broker and we're not either a full-service investment bank, capabilities were probably lean to more towards being investment bank like than being an interdealer broker. But where we're focused is not the full range of those services. It's very much on execution, access to liquidity and supporting clients with their execution needs and with financing, where that's an important component. That breadth has been really important to attracting clients. The most sophisticated clients, they want that consolidated relationship. They want that offering. They're not going to onboard providers that are too small, don't have the credit worthiness or don't have that sort of range of offering. So whilst sort of each of the products has its own sort of particular characteristics, it's really important that we are able to sort of offer something which access to products, which is very broad. The expertise that we provide is the differentiator, we are able to offer some amount of balance sheet, but we're not leading with balance sheet, and we're not really competing in terms of balance sheet. We are providing price transparency, liquidity aggregation and expertise in execution. And as I say, Prime brokerage sort of is the combination of all of those skills and all of those capabilities. In terms of sort of trade life -- so the trade life cycle, it's important to sort of know that these are not -- these are not capabilities which everyone can offer. We've sort of divided this between the sort of 3 phases of trade being completed. And the -- this is really important, particularly to sort of the largest, most active transactors. So pre-trade is providing access to pricing and liquidity Execution is an ability to find that liquidity to put people on to the right platforms and to fill the orders and post trade is really important because a lot of these sophisticated players, they want real-time risk positions, they want real-time connection and establishing that level of connectivity is not again straightforward. It's not open to others. So it creates a sort of -- it creates a protective moat for a lot of this business. So if I turn just back to to Prime Services, which you've heard a lot about over the sort of past few quarters. But just to put some some numbers around it. We are now at $28 billion of client assets, and that's that's sort of been growing as we've added clients. Within that, there's about $6 billion of borrowings. So there's $6 million of borrowing is sort of probably the most relevant driver in terms of the financing revenues. The client asset figure is the total amount of assets that the clients leave with us. They may need security. So it has a slightly different reporting dynamic to the Clearing side, where it's typically cash that's left with us. The business has been growing through a combination of adding new clients and expanding what we do with those clients. And it's probably a fairly even mix in terms of where the growth has come from, from both new and from existing clients. It's very well diversified. We don't have high concentration on any one client. We have a very large number of relationships that we're supporting. It's very conservative in terms of the level of leverage and the sort of risk exposure. As I said, we're sort of ranked as the fifth largest non-bank Prime broker, but we -- as we have with Clearing, we can see the opportunity to move very quickly through the ranks. Offering that type of service moves you much more into the higher-margin infrastructure, heavy side of the business. We've made very significant investments. And as I sort of mentioned earlier, there's still more to do because the infrastructure that we acquired was relatively undeveloped. And so I think whether it's in sort of fixed income products or whether it's in digital assets. There's investment to be made, and we expect that, that will result in high levels of recurring activities, stronger retention and an ability, obviously, to then cross-sell -- so I say, I mean, in total, as you know, and as you've seen in the numbers, Prime is really an important contributor to our success. Yes. And in numerical terms, we bought a business that was generating about $80 million annually in revenues. That is now contributing a little over $250 million, and it's growing every month. As said earlier, I think the sort of sustainable rate of growth for these businesses somewhere in annually for some period. We have broadened the platform very materially since we bought it. We've been able to -- it was primarily a sort of Prime for Prime model. So essentially, the business that we bought was introducing clients into a Prime offering from -- that was being provided by 1 of the -- 1 or other of the larger investments what we've been increasingly moving towards is where we provide the Prime service and that obviously increases your opportunity to sort of generate revenues and generate margins. We now think that we have a very competitive range of products and markets we can offer access in almost any form of cash synthetics through futures in almost any geography. But with there's investments to be made to ensure that we do so on the most efficient basis and that makes -- that sort of -- that will improve our margins and will improve our overall scalability. So we are making meaningful investments the infrastructure to support that level of growth. That business is now about 1/4 of the overall group's profit. So you can sort of see that we're getting a very good return on those investments. And whilst the 20% or 30% at lower rate than we've achieved in the past, it's off a much higher base. And so it is a very important sort of component in achieving the target growth that we talked about earlier. So what began as a relatively sort of focused or relatively narrow capabilities developed into something which is broad and covers a very wide range of products, and it's become a really important driver of growth and profitability. In terms of risk management, it's a very similar position to the one described by by Tom. We start with the client. We're on -- we're very selective with the clients that we onboard. We're not -- and I see this sort of every day, we're not willing to interact with some range of clients either because of creditworthiness or the nature of their activities. There's a very selective on-boarding process. We only will onboard if we're getting the right risk characteristics as well as the right economics. Once they're on-boarded, this is a collateral-led business, a collateral-first business. And so you're typically well protected in terms of the level of collateral that you hold. We have a very limited, very rigid and limited set of limits in terms of the amount of leverage that we'll provide. So the sort of average are very low in terms of the sort of client leverage. The maximum leverage we provide is actually low relative to relative to what you will see for some of the banks, so somewhere around 6x is the maximum leverage and there's very few counterparts where that would be available to them. It will be very dependent on broad portfolio and the right quality of assets. It's consistent with risk. I think 1 is always exposed to some amount of credit risk. But I think in this case, with clients that we have that risk is really minimal. And it has been tested periods of extreme volatility. And we haven't seen any issues with clients' performance, whether that's margin calls or cash withdrawals or sort of movements of collateral. The example we have here is similar to the on e that Tom I had for Trafigura. Kettle Hill is a client that we have -- it's almost a poster child of our target hedge fund. It's a midsized hedge fund. It's one that's sort of grown very steadily. It sort of almost was incubated as part of the sort of initial offering. And we do see quite a lot of opportunity in that type of client set. These are the most underserved hedge funds, those are relatively small balances. And now it's doing a wide range of business with us. It has about $1 billion of assets under management. And you can see that sort of description is one of having been supported through their growth. We've -- we are able to service the full range of requirements from these clients. So now it's moved from being just traditional Prime broker to -- we're supporting in terms of their trading activity. So where are the growth opportunities? I'm going to sort of focus on 2 areas where I think there's really very meaningful opportunity to grow sort of beyond what we talked about in Prime. So the first is FX. We started with an FX business, which was essentially, this is on the left-hand side, the EFX, essentially a price aggregation business, you can execute on a very efficient basis, and you can go through our pipes. We added corporate FX, which is slightly different in terms of the sort of nature of not just the nature of the clients, but there's a nature of their needs. It's more like a treasury service, but again, I mean, these are repeat flows. These aren't transactions, which that are one-off. We've adding an institutional FX business, which is, again, really for to support the most sophisticated -- the most sophisticated transactors. Again, it has a very specific -- it has a very specific need. And we've built a payments capability, and this payments capability will come online in the next few weeks. It's a very important component to embedding clients into that FX activity. It's not a remittance business. It's not a retail remittance business it is not Western Union. It's about supporting large banks and institutional clients predominantly. But an extension of that is that it will also be important in supporting the FX activity we have with corporates. And many of you will know the sort of names at the bottom of the page and the fact that these are very, very large, profitable, high-margin activities. And it was Ian's example of where we were able to build something in 6 months that have taken a competitor of ours at least 2 years and 4x the amount of resource. I mean it's a sort of very clear example of the ability to build these types of services and deploy them rapidly, and we're waiting for the regulatory licenses to come through, and then we'll be able to roll that out. So it's a really important sort of part of the FX process. But again, it's an example of we are building infrastructure, which supports repeat business. And then the sort of last area that I wanted to cover was electronic trading. And as I sort of hopefully have sort of indicated to you, we are embedded into the flows, the transaction flows of a lot of our clients already in a way which I think is probably a bit under or underplayed, but we will be building -- we've sort of branded it, Marex One and maybe [ MX1 ] when Nilesh talks about it. But we are building a platform, which will sort of unify all of these all of these offerings. So again, supporting these very -- the very sophisticated needs of these clients. It's a sort of moved into electronic venues than you've -- than perhaps you've seen before. We've recently hired Christoph Rupe, he was the CEO of Market Access in Europe. And we believe that we can sort of compete very effectively in this electronic access venue. So that's something that we are also investing. So the sort of summary of the points I'm going to sort of run through them. I'll just leave it to Q&A.

Thanks. Alex Kramm, UBS again. Not sure if I fully understand the scope of Prime. So hopefully, this question makes sense. But can you talk about the Prime of Prime versus Prime? I mean, again, I think when you bought [indiscernible], it was mostly Prime of Prime. That's what you said. So how has that evolved? Can you talk about the revenue contribution and better profitability? And then Again, I'm not sure if this is correct, but like is the Prime of Prime eventually like a funnel to get full Prime? Like is it a different sales process where you're saying like, "Hey, look, we've been doing this for you in Prime of Prime." But now it's like, actually, we can do this ourselves for you, and that actually becomes a really nice sales funnel all the time. So maybe just talk about this a little bit.

You are absolutely right, Alex. So the -- I mean, the [ Prime of ] Prime model is that you act as a sort of underwrite or introduce to other providers of Prime services. So there's a couple of versions of this, sort of the U.S. version is a little different to the sort of European version, which is more like an omnibus arrangement. But essentially, you are underwriting those clients that would typically not be banked by those organizations. And these are your employer as an example. So UBS is one of the providers of that service. When you all provide that service, you're really essentially limited to -- with the capabilities of that group, you're limited to the sort of the capacity, the willingness to support that activity and you're also not in control of pricing. So you want to move to something which is more -- it's got more self-determination, and that's what we are now able to offer. So when we talk to clients, we aren't just saying, well, we're just going to introduce you to UBS or Goldman. We are actually able to service you directly. And most of the revenue opportunity is having the ability to service those directly. And that really means providing the financing and the execution and where we -- which is not to say that we don't value and plan on continuing to use the services of the third-party providers because there are some markets where we won't be able to provide that service. So we're just -- we're rolling that out. But it has been a very useful -- it's been an important -- it obviously gives you a client base that you can immediately go and try and move on to your own platform. I don't want to say that it's sort of competitive with these because what we really want to have is clients to grow to a point where they're going to need multiple Prime brokers. And so this feels more like a partnership, and it feels like we're sort of in competition.

Sorry, is there a percentage where you are today and portfolio of those two models?

Yes. I mean the profitability is very much weighted towards where we are managing this. I would say it's probably like 60% is on the sort of self-primed business and 40% on the outsourced.

I wanted to circle a little bit on the growth opportunities. You talked about FX, building out payments, you have other capabilities. I'll love to hear kind of what the next steps are, it is blocking and tackling, cross-selling opportunities within FX? And then on the credit side, you've added a new hire there. What are the capabilities that you need to build out there to monetize the opportunity?

Yes. I mean in terms of FX, I mean, we're waiting for the payments license to come through, you need to have sort of regulatory payments license. We actually -- we have one, but in the sort of wrong entity. So this will allow us to unify our offering. It will mean that all of the clients that we have corporate clients, Clearing clients, solutions clients actually able to interact through the same entity on a sort of consistent basis. So that's the big mix the sort of big step in terms of capabilities. The payment platform will be technically ready in a few weeks. And in terms of -- at that point, it's sort of less about blocking and tackling and more about pushing out a new product. And to a slightly different customer base. But it will be very comparable to what some of you will have seen as the [indiscernible] capability. In terms of credit, the -- I mean...

But better?

Yes, obviously, goes without saying it's going to be much better. In terms of credit, I mean, it's $14 trillion, $15 trillion market. We're not looking to sort of compete in every asset class. But it's an area -- it's an asset class which we're certainly sort of subscale. So yes, we have made some hires. There's quite a lot that will be happening in the credit spectrum. It overlaps with our existing client base is basically it's the same asset managers that we interact with in a lot of the execution areas.

Just curious if you could comment on competitive intensity in this segment. I mean, earlier in the presentation, you talked about declining competitive intensity across Clearing. There's definitely a couple of firms in the list of competitors that are growing rapidly, interactive brokers is public. We all kind of know them and hear what they're talking about. There's another -- it was on track to go public that has also been growing rapidly. And maybe some of the other ones in the middle, not quite the same, but it seems like we kind of hear more about from not just you guys about an opportunity to serve hedge funds. So I guess, how would you describe that? Is it getting more competitive? Or do you see it as enough white space? Or is -- am I thinking about it incorrectly?

Yes. I mean I think it's certainly competitive. There's -- and we're the fifth -- in the U.S., we're the fifth largest nonbank and there's a lot of banks that are larger than us. So the largest clients, it's competitive. It's the same with Clearing. The ability to win that business requires you to be -- to have a superior surface and that's not -- shouldn't be a surprise. I think that we've taken a slightly different path to Clear Street who are presumably the company that you were sort of referring to. I mean we've got a broader range of capabilities, a broader set of markets. they're very much focused on a sort of singular platform and technology. But there's a lot of overlap there. I think we've got our credit rating. We've got more resources. So I think we're going to compete very effectively. But we do need to invest in that continue to invest in that capability and the sort of technology, having a unified offering. But yes, it's competitive. I think that we've got a couple of competitors that are probably slightly distracted and that's in one case, because of an acquisition and the other because of sort of business challenges. So I think we're quite optimistic about being able to win business.

The only thing I'd sort of add to that is it actually feels to me a little like where we were 2 years ago with Clearing where it felt like we didn't really feel like for the largest mandates we were really going to be competitive who were bidding for those. And 2 years on, I think we now are. And I think that when we -- when I think about where we're having success. We're having success with funds that are in that $0.5 billion to $2 billion range, which are sort of underserved, and I don't think that the others who are trying to serve them in the way we have a product that is sort of superior to ours. We still -- for the really large Prime mandates, I mean the banks have a really strong product and a series of advantages that at least at this point, it seems very hard to that we're going to sort of compete for those mandates on equal terms. But 2 years forward, when we're sort of sitting here again on whatever it is, the fourth Investor Day. I mean, hopefully, we'll be able to say in that circumstance, we are a competitive for those mandates. I don't know. But like right now, yes, I mean, they're really big mandates. The banks dominating and it's hard to see right now that we would win those, not trying. But to Paolo's point, there's just -- it does feel in the -- for the client set that we're competing with, the product that we have is as good or better than what's available targets.

So unlike Tom, my hair didn't grow in the last 2 years. I'm Nilesh Jethwa. I'm the CEO of Marex Solutions, but today, I'll be presenting a firm live view of digital assets. Ian mentioned the just in his opening remarks, and you heard both Toma and Paolo talk about how important digital assets have become to their businesses. I want to explain how digital assets really fit into Marex more holistically across the firm. And in particular, how is we're making money today, how we see the product sets evolve through time. And perhaps most interestingly, what is our right to win? What is our source of advantage. So what I call Marex helps clients get access to markets and digital assets are a market it's already pretty big, but it's growing quickly and it's gaining increasing institutional adoption. I just want to be clear that we're not evangelical about digital assets. We're not Bitcoin maximum [indiscernible]. Our approach has been to ensure that the infrastructure, the risk management capabilities, the client services that we apply to traditional assets can be extended here too, not as a sort of separate isolated business units, but we'll leave a natural extension of everything that we already do, just another asset class. Institutional clients are increasingly coming to Marex in this space. partly because of our innovative adaptable approach culturally, but also because of our institutional status, being an investment grade globally regulated, listed firm, name for our competence in traditional asset classes sort of assures institutions that they can trust us here too. And that's really the foundation that everything I'm about to walk you through. So let me give you a sense of the scale of this market. The market cap of digital assets is now around $3.2 trillion. And every day, there's about $180 billion that gets traded, $80 billion of those are in derivatives. There's no longer a sort of a niche market. There's a few reasons for that growth, and I'll highlight 4 of them. From a regulatory perspective, the clarity provided is growing. You've seen Mike in the EU, the Genius Act in the U.S. The start from policymakers is getting sort of firmly constructive. The ETF boom is also really contributed. You can now buy access or get access to digital assets without the need of a wallet and a private key. BlackRock's IBIT ETF, which tracks Bitcoin is the fastest-growing ETF in history. Also the business is -- the market cap is growing from $800 billion in 2023, 2 years later, it's $3.2 trillion, it's quadrupled. That just gives us just more relevance. If you add those 3 things together, you get to the fourth, which is increasing institutional adoption. Institutions are in 1% of Bitcoin in 2023. It's now 8% at the end of last year, and that trajectory is clear. So our strategy is to position Marex as the natural home for institutional clients looking to access this market, partly because of our institutional status, our deep sort of expertise in digital assets, but also a culture of of innovation being adaptable and nimble around the product sets. The IPO, digital itis was not really a big feat. It didn't really feature in our presentation. We didn't have a lot of revenue coming from it. What we have done in the years before that are planted several seeds and invested a lot in the infrastructure of digital assets. So anticipating that eventually institutions would actually come on board. And that work we are now seeing the benefit of today. We trade around $400 billion of digital assets across 20 [indiscernible]. And last year, we made about $150 million of revenue. And it also forces to reassess how we operate as an organization. If they digitize themselves are 24/7 products. So have to upgrade our risk management systems to also be 24/7 and that's a sort of direction of travel for many other asset classes as well. An example of this is prediction markets. So prediction markets are becoming increasingly popular because they allow -- they allow people to take a much easier -- it's easier to take a view on the market than it would be otherwise. If you want to take your view on the midterm elections, the traditional approach is you come up with a basket of maybe oil stocks or bank stocks and you start to see how they may play in your favor, but with prediction markets, there's a much cleaner route from your view to the outcome of that view. So we see prediction markets gaining in popularity, but to be able to deliver those, you need to be 24/7 ready. And because of digital assets Marex now is. Tokenization is another sort of hot topic at the moment in the digital asset space. Our view is that, yes, we'll have an increasing population of securities transacted in tokenized form, but we don't think everything moves across all at once. And actually, sort of traditional assets will live alongside digital assets, which makes our role as the bridge between the trade fire world, if you like, and the digital native wells sort of makes that relevance. But if we're wrong and if actually many more securities move onto the blockchain faster than we anticipate, we're actually pretty well positioned given the investments you've made in previous years. Now this slide really illustrates how Marex has come together across all the divisions to offer these services to clients. Every single business within Marex, every sort of division, has extended its offering to enable digital assets to be more easily transactable with a client base, but it's been also done in a sort of joined up way. We're now clearing listed derivatives on traditional exchanges and on digital venues, bespoke and standardized, structured investment products, Prime brokerage, total return swaps. The combination of all of these services together is what enabled us to make that $150 million last year. But looking ahead, we are still investing. We're applying for licenses, for example, the 5 MLD license in the U.K., which allows us to sort of move assets from one to another. These licenses take sometimes 18 months to get. You heard from Thomas talking about the importance of the tokenized collateral to move value around. If you can receive collateral instantaneously that obviously reduces cost, but also risk -- reduces risk. And clients love that we can increasingly sort of net down digital asset collateral with traditional assets. That creates capital efficiency for both sides. Paolo talked about the payments business that we're spinning up and overtime that will increasingly benefit from blockchain rails. We can now actually use stable coins to new value between countries and quantitative investment strategies for custom indices, this is a $1 trillion industry today. Marex is still young in this journey, but we like it because it's very high-quality revenue. It's recurring revenue. It's sort of almost asset management like in the sense that you sell an index, it stays with you for many years, and you're charging basis point fees on that volume. Now right now, it's a very onsite equities and fixed income. And our idea to take strategies which we know work in equities and just apply them to digital assets, where we have an edge, using digital assets as a door opener for other products is a theme we'll come back to. Now the digital asset world is really split between digital asset native and traditional finance operatives or [indiscernible]. And the digital asset native tend to be sort of very fast and creative and disruptive. And they've done a great job in, frankly, building out this industry. Marc will not be as fast as many of those participants. What Marex does have is institutional acceptance. That if you're an institution coming into this space, you want to work with someone who you feel understands regulation, understands operational robustness, credit, liquidity, capital. Now our NASDAQ listing, our investment-grade rating, our global regulatory oversights. Now these credentialize us with an increasing institutional population, which just feel reassured by that package. The speed to innovate is important. But once the product exists, clients just want it to work. Now amongst our traditional finance peers, we also performed well versus that audience because I think it's our culture of agility and adaptability, this is a fast-growing area, and you need to be able to evolve very quickly. We have a very flat hierarchy with a short decision chain, which allows us sort of play well here. And that's why a lot of the larger institutions are coming increasing to Marex and you had it from union earlier to kind of solve their problems and partner with us. And beyond purely culture, technology as well. We're increasingly using AI to cheapen the cost of experimentation and delivering these capabilities to clients. Our approach is -- our approach entirely is incredibly collaborative. We have a group-wide steering committee, which evaluates the opportunities in front of us, allocate resources and ensures alignment and clients really respond to that joined-up approach to representing. Here's a sort of short video, hopefully, that sort of brings together some of the topics we discussed. [Presentation]

So it's getting increasingly clear that digital assets are starting to influence how traditional markets operating. And I'll give you a couple of examples of that. So we've heard a little bit of really about how -- sort of 24/7 digital asset is. In the traditional sort of credits or Clearing model you calculate client risk overnight for a batch process. So the next morning, you send them a margin call and it typically you have a day to pay you. So if the market moves late on a Friday. Monday morning, you tell the client will happen on Tuesday, hopefully, you get the money. So from Friday night to Tuesday, you're running a bit of risk. And given how the speed at which things move today, that's quite a lot of credit risk. A real example is in digital assets, we had a client who was margin call at 20 plus 1 in the morning on a Saturday. And within 20 minutes, the collateral was in our accounts. So of course, you can see the efficiency gain, but also the risk reducing nature of that. The second is sort of cross-business energy. There's a Clearing account who's a good client of Clearing and seeking to do more business with us, but didn't have enough fiat currency to support to more transactions. What they did have is a lot of digital assets which they had no intention of selling. We just said, well, give us the digital assets and we'll net that collateral down with your Clearing activity. Now what that means is the client takes sort of essentially a dormant assets and makes it useful. They can now do more activity with our Clearing business. And from a Marex's perspective, we reduced the risk, the credit risk towards that counterparty is that kind of joined up thinking across the firm that clients really respond to. This next slide is something I feel strongly about. And you've heard it from both Thomas and Paolo already. Digital assets is increasingly a door opener for other business lines. There's -- I don't there's a G-SIB bank with a large wealth management arm in Asia. And you can imagine they're sort of well served by everybody. So we turn up and say, we'd love to add our product to your shelf, too, and they're like, yes, but we'll see you in a few years' time, we'll never be the top priority for them. But then their clients came to them and said, we would like a digital asset products. And Marex is one of the few places in the world where we can get that. So suddenly, now we're in a situation where we are now being on-boarded so shaving years off the process. The digital assets was our foot in the door. But now you're in the room, you can now compete on all products. Now for existing clients are already clients of our equities business or fixed income or commodities, we'll namely horizontally into digital assets, we are now seen as a partner that can help them on that journey. And by helping them now, you sort of strengthen the relationship, we feel that Marex has the more multi-threaded you are with the counterparty, the more reasons you have to speak to them. The multidimensional that interaction is, you move away from being in a transactional relationship to one of much of a partnership. Now the opportunity for digital assets is moving really quickly and we don't actually know with 100% confidence what that product set looks like in a few years from now, which is why being innovative and adaptable and moving where the time is important. And we talked about the importance of culture the culture of March, which really lends it off into that. But there's also another aspect here which is technology. And Ian talked about the increasing use of AI across the firm for both productivity gains, but also products. I wanted to give you a bit of context about how we're creating client capabilities using AI now. So there are 3 agents we're spinning up. Agent 1 looks -- scans the entire market and looks for opportunities. Does Ethereum looks cheap versus bitcoin? For example. And we'll have that thesis over to Agent 2 who'll say, how can I turn that thesis into a very simple investable products. Agency 2 hands that product over to Agent 3, who will scan all of our clients and say, which of these clients are most suitable for that product, you would be interested. And all of that process can take a few seconds and then -- and run on a 24/7 basis. And that than me talking about it, let me show you a quick video of what this might look like. [Presentation]

So just so grateful the videos or fin. So just to bring this together and summarize the digital assets are a large and growing market with increasing institutional adoption. There are a catalyst for how Marex operates 24/7, collateral and moving quickly within minutes on the blockchain. We're not IDO. We are here to provide clients with access to markets, which includes digital assets because that's what clients want us to help them with. And we do this holistically across the firm in a very joined up collaborative way, and clients really love this. Marex is well positioned, and we combine our sort of institutional governance and credit quality with an understanding of how digital assets work, plus our sort of genuine ability and agility to adapt quickly to market evolution. And lastly, it's a client acquisition tool. We are building -- we're gaining relationships and deepening existing ones because of digital assets. And that approach collectively enable us to make this $150 million we mentioned in 2025. The foundations are in place. The momentum is building, and we feel confident we can continue to execute whichever way the market evolves. Thank you very much. I'll take any questions.

All right. Hey, maybe as it comes back to the question that I asked earlier wasn't answered. But can you break down the digital asset revenues because you basically said it's across the whole firm, the $150 million, which is, I think, 7% of revenues last year, right? So is it mostly on the Clearing side and on balances? Or is it just basically where does it sit? And then has that changed that number last year? I mean are we actually now at 10%, 15% of the business? Or how has that changed over time?

So the number is growing a lot. So comparing it over time isn't that relevant. I think the revenue pre-IPO is almost negligible. So it's growing fast. I think that breakdown is sort of roughly about half is in the primary, I'd say, more or less maybe a core to each in between sort of the Clearing and the solutions business is a very rough idea.

Is it higher now like due to exit higher in 4Q or how are you [indiscernible].

Yes I say it because going to one of the questions earlier was what -- the fact that sort of Bitcoin, for example, is at its highest, does that impact our volumes or anticipated revenue. I think the phase of growth we're in right now, that isn't the case. We are seeing more demand from institutions to find ways to -- and this way, you see interoperability between these 2 asset classes between [indiscernible] and digital assets. We're seeing more use cases for people trying to take dormant assets and use them in the traditional finance world. We're in the phase now, we're just doing more business with more people, and that growth is beating the sort of the total growth in sort of Bitcoin Valley, for example. The Bitcoin is a crypto asset and that's not digitized asset, that's just one small segment of the digital asset ecosystem that we hope to participate in.

I mean -- Alex. I think we'd be -- I'd be surprised if sort of quarter-to-quarter, it's probably growing at the same rate of the firm rather than its gaining share relative to the growth in all the other assets is my sense over a 3- to 6-month period. I mean over long term, I suspect it may grow faster. But at the moment, it feels like it's proportionate.

Maybe just in terms of like native digital assets versus tokenized [indiscernible], can you talk about the split between the 2? And when you think about the growth opportunity, how much comes from tokenized equities Clearing tokenize collateral versus trading of in crypto native assets, which I think it seems like the narrative from the industry at all the [indiscernible] players has sort of switched from interest in digital assets to interest in tokenized traditional assets. So which do you see is more important, which has been a bigger contributor for you? And how do you think about over the next couple of years look like?

So there's about 7 questions in that. I'll try to [indiscernible]. So I think that the estimates -- like I said before, they've been very quick to spin up opportunities. But as opportunities emerge, the institutions are now entering the space, probably just feel more comfortable dealing with Marex than someone who maybe has better technology potentially or quicker to innovate, but that is not the security, the stability and we maybe not be as quick, but when you come here, it's going to work, and they sort of feel assured by that. And you're not taking an investment grade credit risk. And often, this involves people giving you value and giving them value back. If you're giving value to Marex, that's one thing. If you get to someone who's got a crazy idea, but it's new. So I think we have quite an interesting position where we are established as an institution. But amongst the other [indiscernible] players, we're just going to be a bit more adaptable and nimble, we can sort of be more helpful in that regards. So I think that applies to all of the sort of the questions you mentioned some of -- the tokenized one, in particular, I'll pick on question 6. There is a big push towards tokenizing securities. There's at least a lot of hype around it. And we are positioning ourselves well to the extent that, that actually does take off and suddenly everyone's trading tokenized equities on a Sunday. I think we're better positioned than most to be relevant in that. But that's again another example of having a bridge between -- having a serious equity offering first, positions you well to then have enabled people on the tokenized equity side. Just having one piece of that isn't that interesting. So being again that bridge between the tokenized equity world, and we have to say, we payout the equity on the other side, that's where we can always play a part. So I feel like we just -- I think we don't know the direction this goes, but I think we're well positioned sort of whichever direction it does go into.

I think our basic view on that is that we see those as like tokenized equities will be a small niche market appealing to a particular set of investors that will live alongside the more traditional markets, we'll be in a position to offer that service, and it could be to the earlier points, profitable in its own right. And then if it turns out that, that does take off in some way. Then we'll be well positioned. But we're not of a view that, that's going to sort of take over the world at this point. But we do think there's going to be a -- there's a fair amount of work going on to sort of establish that as a alternative. And again, it allows some group of people to trade over weekends, late at night. They'll probably trade with much wider spreads. It will be an attractive enough business, but we don't start out thinking that's going to replace the existing way of operating, but it almost doesn't need to because there's not a huge amount of competition to Nilesh's point for the kinds of people that are going to want to face off for that service to an institution and so we'll do well out of whatever that turns out to be, and then we'll have the optionality if it turns out to be bigger than we currently anticipate.

Maybe I can just -- a real example of that right now is you have trade houses who are client of ours already today, anticipating that retail people, to Ian's point, and there'll be some -- some subset of people, you want to trade equities in a tokenized format on a weekend. And they're looking forward to offering those wider spreads and benefiting from that on the weekend. But someone has to finance that. If we have to do that in a fully funded format, they don't have the liquidity or the return on equity looks worse comparatively for them. So I think it comes to Marex, we can actually help finance those activity. That's actually really attractive. And there are very few people who have all the aspects of that ability and that knowledge and know-how and that willingness to try that. We are sort of just well positioned for that growth if it does materialize. Thank you very much.

So thanks, everybody. Thanks for joining us. Thanks for all the questions. I think when -- sort of reflected on what were the themes of our presentations, a lot of what I wrote about in my remarks, and I think it was replicated in -- as a structure within the other presentations was this notion that 2 years on where we've made enormous progress relative to where we were at the IPO and that our opportunity set and the set of advantages we bring to bear today are just so much greater than we had at that point. And so our performance of the firm has also had the sort of multiplier effect, and it's a virtuous circle, and we're now better able to compete going forward. Listening to the presentations though I think there's another element of this that hopefully comes through to all of you, which is just almost like the reason behind that performance? What is it about our culture? What is it about how we approach these opportunities and how to make that sort of come alive for you? Because what I was hearing is just sort of this huge sense of opportunity, people being extremely well organized to go after it, very ambitious. Nobody is trying to figure out how do we grow at 5% a year. Everybody is trying to figure out how you're going to grow at 20%, how are you going to grow at 30% a year. How do you not be slower than the rest of the firm? And the kinds of questions you ask yourself when that's what you're trying to accomplish are just very different. And so hopefully, in addition to taking away a sense of how far the firm has come and also having a feel for how much better positioned we are to grow from here on in. You also have a feel for how the firm operates when it looks for opportunity and then sets itself up to capture those. And whether those are the opportunities that Paolo was describing in Prime or in payments or in FX or the opportunities that Thomas was identifying by expanding in product sets or by making more progress with clients or it's in digital assets, as Nilesh was describing. I mean what you're almost getting a feel for is how it is that the firm thinks about and sets itself up and how ambitious it is to take advantage of these opportunities and how the improved position that we've created for ourselves 2 years on, puts us in a position where we really can grow and thrive. So there's an enormous amount of entrepreneurial energy inside the firm. There's an organization that's actually very skilled at taking advantage of those opportunities. And the sort of growth rates that you've seen, I mean, it's not sort of -- it's not sort of an accident. I mean, it happens as a result of a lot of work and a lot of advantages that we sort of bring to bear and the way in which our culture positions us to take advantage of those opportunities. So thank you for joining us. Thank you for making the time to learn a little more about Marex. I mean we have lunch, and we're happy to sort of handle questions that you might have. Thank you to our investors for your support for the sort of feedback you give us. Thank you to the analysts for their sort of insights and sort of the engagement they have with us and obviously, to our Board and our management team who have been here today. And obviously, Adam and Mary, who have sort of pulled this all together with Nikola and others in a sort of support team who have made this such a successful day, so thank you all.