Nasdaq-listed brokerage and clearing group Marex Group Limited completed its redomiciliation from England and Wales to Bermuda on Wednesday, with the change taking effect at 08:41am London time.
The company’s securities still trade on Nasdaq under the ticker MRX.
Marex said the move was meant to make its corporate structure and regulatory framework simpler, reduce administrative burdens, and bring Bermuda’s U.S.-style corporate law into line with its Nasdaq listing. The company added that complying with both English corporate law and Nasdaq/SEC rules had created additional legal and administrative burdens.
“Our corporate structure and regulatory framework had become complex due to our significant growth in recent years, including through acquisitions,” said Ian Lowitt, Marex Chief Executive Officer. “This move is expected to rationalize our corporate structure and regulatory framework, deliver cost savings and efficiencies and brings us under the US style corporate law of Bermuda, which aligns with our listing on Nasdaq.”
Shareholders approved the redomiciliation at meetings held on May 21, and the English High Court sanctioned the scheme of arrangement on June 26. Marex said it also received global regulatory approvals before completion.
The company said the move was not tax-driven, with operating companies’ tax residences unchanged and the new Bermuda parent remaining a U.K. taxpayer. Marex first announced the proposed redomiciliation on March 26, linking it to complexity created by recent growth and acquisitions.
