Marex Spectron has lured Phillip Price to join the global commodities brokerage as Head of Ferrous Metals Trading as it accelerates the expansion of its business lines.
Price is joining the brokerage’s metals derivatives franchise, tasked with further building Marex Spectron’s market making and trading business across different sectors while also overseeing the day-to-day operations globally. He joins Marex with over 12 years of experience to enhance its derivatives team, with the group eyeing a broader focus and growth in different regions.
Price recently served as a founding partner and CEO of Ferrometrics LLC, a company that specialises in developing liquidity in nascent derivatives markets. He was also deputy chairman of the London Metal Exchange Steel Trading Committee and works closely with other exchanges, including SGX, CME Group and Nasdaq.
Over the course of his career, Price designed a wide variety of derivatives-backed strategies and held senior roles including his stint as head of risk management and derivatives trading at Stemcor.
“Phillip brings a wealth of knowledge and exceptional experience in ferrous metals to the firm. He is well regarded in this space and is an ideal person to lead our ferrous team as we strengthen our ferrous metal capabilities,” said Simon van Den Born, President of the Group.
“Joining Marex Spectron’s metals team was a natural step for me. This new role provides a great opportunity to expand Marex’s client offering and make a real contribution to a growing franchise,” Price added.
Consistent with other firms in the sector, Covid-19 has been a challenge, with 90 percent of Marex’s staff working from home, the CEO revealed.
However, one of the biggest contributors to the strong results this year was Marex’s takeovers spree. Most recently, it concluded the purchase of Marquee Oil Broking Limited, a provider of physical fuel oil broking services, which was the latest consolidation in a sector squeezed by rising competition and smaller margins.