High equity buffers. Limited risk appetite and good loss track record. Limited scale and diversity of revenues compared to larger rated peers. Confidence-sensitivity of Marex Spectron Group's liquidity position with reliance on margin aggregation benefit. Potential for outsized capital distributions stemming from the group's private equity ownership structure. The stable outlook reflects our expectation that Marex Spectron will retain its position as a leading global commodities broker with solid profitability and a conservative risk appetite. We expect that the firm will gradually grow its revenues as the market environment becomes more favorable, and retain profits to support its strong capital position. We could lower the ratings if: The group's solid operational track record weakened; The strong capital position weakened, with
