Continued high tangible equity buffers, although diluted following provisioning and acquisitions. Historically cautious risk appetite and good loss track record, which, though a rating strength, we continue to monitor closely for deterioration. Limited scale and diversity of revenues compared to larger broker and bank peers. The negative outlook reflects our view that, following the deterioration in Marex's capitalization and growth in risk appetite across its market-making and Marex Solutions businesses, our aggregate view of Marex's capital and risk position might no longer be commensurate with the current rating over the next 12-24 months. We could lower the ratings if: Marex's S&P Global Ratings risk-adjusted capital (RAC) ratio sits below 10% at year-end 2019; or The group's historically conservative risk appetite
