Makor

What Makor does

Makor Group is a London-headquartered, FCA-regulated institutional brokerage providing bespoke execution and advisory services across cash equities, fixed income, FX, derivatives, structured products, and investment banking. The firm serves pension funds, mutual funds, quant-driven funds, hedge funds, risk arbitrage specialists, proprietary trading desks, and private banks across more than 20 markets, operating exclusively on an agency basis with no proprietary trading book or positions. Its technology stack centers on a quantitative systematic analysis platform that supports valuation judgments, with dedicated coverage of strategy, risk arbitrage, and special situations, and the firm provides clients with a single point of access to over 90 execution venues globally.

The group is organized around operating subsidiaries including Makor Securities, Makor Capital, Makor Capital Markets, Makor OTF (an organized trading facility), the Oscar Gruss investment banking arm, and Enigma Securities, a digital asset brokerage expanded with Series A proceeds. Makor earns revenue through transaction-based fees on agency execution and advisory mandates, with bespoke quote-based pricing for institutional clients and no publicly disclosed rates. The firm has 150 professionals distributed across eight offices in London, New York, Tel Aviv, Paris, Geneva, Singapore, and Dubai, and has pursued a growth strategy anchored by a $200 million Series A in October 2021, a strategic partnership with Algorand, and structured product launches with VitisLife, Intesa Sanpaolo Wealth Management, and Afi-Esca. In January 2026 the AMF fined Makor Securities Paris €700,000 and its director €150,000 for compliance failures, an issue the firm is appealing.

Name

Makor

Legal name

Makor Group

Website

https://makor-capital.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

251–500 employees

Short description

Makor Group is a London-headquartered, FCA-regulated institutional brokerage providing agency-based execution and advisory services in equities, fixed income, FX, derivatives, and structured products to pension funds, hedge funds, mutual funds, quant funds, and private banks across 20+ markets.

Ownership category

akta.pro rank

Product category

Institutional Brokerage Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

Keywords

• Institutional brokerage
• Execution services
• Equity derivatives
• Fixed income trading
• Structured products

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Execution and Advisory Services: Agency-based execution services for institutional investors across Equities, Fixed Income, FX, Derivatives, and Structured Products. The firm operates without trading books or proprietary positions of its own, earning commissions and fees for best execution services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Makor provides bespoke execution and advisory services to institutional investors across Equities, Fixed Income, Foreign Exchange, Derivatives, Structured Products, and Investment Banking. The firm operates as a pure agency broker, holding no proprietary trading books or positions, delivering best execution across 90+ venues globally through 8 offices. It also offers quantitative research products and runs an Organised Trading Facility (OTF).

Product overview

Makor Group operates as a unified platform providing bespoke execution and advisory services to institutional investors. The core offering spans six product lines: Equities (90+ execution venues globally), Derivatives (options and futures), Fixed Income, Foreign Exchange, Investment Banking, and Structured Products. Supporting sub-brands include Oscar Gruss (New York-based execution arm), Enigma Securities (digital asset brokerage), and Makor OTF (Organised Trading Facility). The company also recently launched new FIC (Fonds d'Investissement en Capital) products through strategic partnerships with VitisLife, Intesa Sanpaolo, and Afi-Esca. Services are delivered through 8 offices worldwide with 150 professionals across London, New York, Tel Aviv, Paris, Geneva, Singapore, and Dubai.

Differentiator

Problem solved

Functional benefit

Brands

• Enigma Securities: Digital asset brokerage subsidiary of Makor Group focused on expanding digital asset trading capabilities.
• Oscar Gruss
• Makor OTF

Products and services

• Equities Execution Agency execution services providing institutional investors single-point access to over 90 execution venues across Europe, Americas, Asia, Africa and the Middle East.
• Derivatives Execution Execution in global listed options (single stock, index, sector) and futures (single stock, index, dividend) with enhanced returns and prudent risk management for institutional clients.
• Fixed Income Execution and Research Research-driven execution identifying relative and absolute-value opportunities in sovereign, credit and emerging markets, including hybrids and swaps.
• Foreign Exchange Execution Dedicated end-user FX trading desk offering best-in-class execution in G10/EM currencies with cost efficiency, no-conflict agency operation, anonymity and transparency.
• Investment Banking Advisory Decentralized finance advisory creating cutting-edge financial innovations based on unbiased, extensive deal-making experience for institutional clients.
• Structured Products

Quantifiable outcome

• 450,000+ successful trades executed
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered minor and core.

• Afi-EscaminorStrategic or Co-development Partner · 17 September 2025Partnership with Afi-Esca to offer a disruptive new FIC (Fonds d'Investissement en Croissance) as an alternative to SCPIs within Luxembourg life insurance framework.
• VitisLifecoreStrategic or Co-development Partner · 10 April 2024Strategic collaboration with VitisLife to secure Makor's first FIC Capital guarantee, combining capital protection with structured investment solutions.
• Intesa Sanpaolo Wealth ManagementcoreStrategic or Co-development Partner · 10 April 2024Strategic collaboration with Intesa Sanpaolo Wealth Management and VitisLife to launch first FIC Capital Guarantee product, offering capital-protected structured investments.
• AlgorandcoreStrategic or Co-development Partner · 13 October 2021Strategic partnership announced with Algorand as part of Makor's Series A funding round. Algorand's CEO was appointed to Makor's board. Partnership aimed at expanding Makor's digital asset brokerage Enigma Securities.
• London Stock ExchangeminorOthersMakor became a member of London Stock Exchange, enabling execution access and market participation.
• TurquoiseminorOthersMakor became a member of Turquoise, a London-based multilateral trading facility.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Marex: London-based global broker-dealer offering agency execution across metals, ags, energy, equities, fixed income and FX to institutional clients. Closest direct peer in scale, multi-asset agency model, and global office footprint (now publicly listed after growing from similar mid-tier base).
• TP ICAP: Large interdealer broker and institutional execution venue operator with global offices. Comparable in providing voice and electronic execution across rates, FX, equities, and commodities to institutional clients.
• Compagnie Financière Tradition: Swiss-based interdealer broker operating globally across equities, fixed income, FX, and derivatives with an agency-focused model. Closely mirrors Makor's institutional multi-asset, multi-jurisdiction execution proposition.
• BGC Group: Institutional broker-dealer and fintech operator providing voice, hybrid, and fully electronic execution across rates, FX, credit, and equities. Directly comparable agency execution and global footprint.
• Instinet: Nomura-owned pure-agency equities execution broker serving institutional clients globally. Closely aligned with Makor's no-conflict agency philosophy, especially on the equities execution side.
• Kepler Cheuvreux: Pan-European equity broker and investment bank offering execution, research, and advisory to institutional clients. Comparable in serving pension funds and asset managers with bespoke execution and IB services.
• Flow Traders: Global liquidity provider and execution venue across equities, fixed income, FX, and digital assets. Comparable multi-asset institutional execution focus, though more electronic/prop-leaning; useful comparable for trading revenue mix.
• BTIG: Employee-owned institutional broker-dealer offering execution, sales, trading, and investment banking globally. Similar boutique-style institutional focus and multi-asset offering, with comparable client mix of hedge funds, mutual funds, and pension funds.

Broad incumbents

• StoneX Group: Large global institutional broker-dealer and clearing services provider across asset classes. Overlapping capabilities in execution and clearing for institutional clients, with broader commercial offering.
• Virtu Financial: Major electronic market maker and execution services provider offering agency execution across global equities, ETFs, and other asset classes. Comparable agency execution services though more electronic and significantly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/makor_capital
• LinkedInlinkedin.com/company/makor-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Makor