Carlos Gomes-Lopez's questions to Marex Group PLC (MRX) leadership • Q3 2024
Question
Carlos Gomes-Lopez of HSBC asked for clarification on the tax rate applicable to the NII sensitivity. He also questioned whether potential easing of capital rules for U.S. banks could increase their appetite to re-enter the clearing business and compete with Marex.
Answer
CEO Ian Lowitt clarified the firm's tax rate should normalize to around 25% in the medium term, after being elevated in the current year by non-deductible IPO costs. He expressed skepticism that regulatory changes would cause banks to 'stampede' back into clearing, arguing their exit was driven more by strategy and skill set alignment rather than purely capital rules.