What WInterflood Securities does

Winterflood Securities is a London-based equity market maker and liquidity provider, founded in 1988 and operating as a division of Marex Financial following its December 2025 acquisition by Marex Group plc for approximately £103.9 million. The company provides two-way prices and execution services across pan-European and North American equities, investment trusts, gilts, bonds, and exchange-traded products to over 400 clients including 250+ institutional investors and 200+ retail brokers. Winterflood is registered as a market maker in more stocks than any other registered market maker on the London Stock Exchange, ranked first in volume on AIM in 2023, and operates connectivity to 70+ trading venues across 20 countries.

The company's core technology includes the BESTWINS automatic execution system (launched 1997), the Winner electronic trading platform (launched 2000), and Bondscape for fixed income. Winterflood generates revenue through multiple streams: bid-ask spreads on market making transactions, fees from the Winterflood Retail Access Platform (WRAP) which connects public companies with retail investors for IPOs and secondary placings, data monetisation through Winterflood Retail Intelligence (WRI) which captures 97%+ of UK retail trade flow, and investment trust research services. The company employs approximately 160 staff across trading (71 experienced traders) and technology (89 technology-focused people) functions.

Winterflood's go-to-market combines direct institutional sales relationships, the WRAP marketplace connecting issuers with 300+ retail counterparties (including Hargreaves Lansdown, AJ Bell, and Interactive Investor), and technology partnerships such as OptimX for buy-side access. The firm's value proposition centres on transparent liquidity provision in all market conditions, best execution (auto-execution prices beat benchmark at least 84.15% of the time in 2023), and unique retail trading intelligence that is difficult for competitors to replicate without similar settlement and execution infrastructure.

Name

WInterflood Securities

Legal name

Winterflood Securities

Website

https://winterflood.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

Winterflood Securities is a UK equity market maker and liquidity provider serving 400+ institutional and retail clients across 70+ trading venues. It operates WRAP for retail IPO distribution and WRI for proprietary retail trading analytics, now as a division of Marex Group.

Ownership category

akta.pro rank

Product category

Equity Market Making

NAICS

Investment Banking and Securities Intermediation (52315), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Investment Banking and Securities Intermediation (523150)

SIC

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

akta.pro primary industry

Equity Underwriting & Stabilization (Greenshoe/Price Support) (FSACAAAK)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Equity Capital Introduction & Prime Services (FSACAFAK)

Keywords

• Equity market making
• Liquidity provision
• Execution services
• Retail distribution platform
• Trading analytics

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Market Making Services: Providing two-way prices and liquidity in all market conditions to institutional investors, retail brokers and asset managers. Revenue generated through bid-ask spreads on executed trades.
2. WRAP Retail Distribution Platform: Facilitates retail investor participation in IPOs and capital raises. Platform connects public companies with retail investors, generating fees from issuers for access to retail capital pools.
3. Investment Trust Research (Fund Insight): Research reports on investment trusts available to readers, monetised through client engagement and distribution services.
4. Winterflood Retail Intelligence Data: Proprietary retail trading data analytics sold to corporate clients and market participants for investor targeting and marketing purposes.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Winterflood Securities is a leading UK equity market maker providing liquidity and execution services in all market conditions to a network of 400+ institutional investors, retail brokers, and asset managers. The firm offers access to 19,000+ tradable instruments across equities, investment trusts, gilts, bonds, and ETFs through electronic trading infrastructure connected to 70+ venues, complemented by the WRAP retail distribution platform for IPOs and capital raises, and the WRI proprietary retail trading analytics product.

Differentiator

Problem solved

Functional benefit

Brands

• WRAP (Winterflood Retail Access Platform): A fully digitised platform that connects public companies and retail investors by facilitating participation in IPOs and secondary placings. WRAP is the only platform that offers a comprehensive retail distribution solution with full in-house delivery.
• WRI (Winterflood Retail Intelligence)

Products and services

• Winterflood Retail Access Platform (WRAP) A fully digitised platform that connects public companies and retail investors by facilitating participation in IPOs and secondary placings. Provides access to 300+ retail counterparties and has raised over £100m in capital from retail investors through 40+ transactions since launch. Used by issuers and investment managers seeking retail capital distribution in the UK.
• Winterflood Retail Intelligence (WRI) A proprietary data analytics solution providing market participants with granular detail on retail trading flows alongside key market signals such as retail imbalance, skew, and divergence analysis. Captures 97%+ of all retail trades executed in the UK from 150+ retail-facing counterparties. Used by corporate IR teams, ECM desks, and market participants for investor targeting and market intelligence.
• Equity Market Making Services Provision of two-way prices and liquidity in all market conditions across equities, investment trusts, gilts, bonds, and ETFs. Market maker on 70+ venues including exchanges, MTFs and dark pools. Provides execution services to 250+ institutional clients and 200+ retail brokers. Revenue generated through bid-ask spreads on executed trades.
• Winner Electronic Trading Platform Electronic trading platform providing execution services for institutional clients and retail brokers across 70+ venues. Supports equity, investment trust, gilt, bond, and ETF trading with 19,000+ tradable instruments.
• BESTWINS Automatic Execution System Automatic execution system that provides electronic execution of equity orders with prices that beat benchmark at least 84.15% of the time in 2023. Used by retail brokers and institutional clients for best execution.
• Fund Insight Investment Trust Research Research reports and coverage on investment trusts covering strategy, performance, and portfolio composition. Used by investors and advisers for due diligence and market intelligence on UK investment trusts including Schroder Asian Total Return, Worldwide Healthcare Trust, Finsbury Growth & Income Trust, and others.
• Winterflood Business Services (WBS) - Custody and Dealing Fully outsourced dealing and custody model including a fractional ETF dealing facility launched in 2017 allowing platforms, robo-advisers, and discretionary fund managers to offer trading and custody of ETFs on a fractional share basis.
• Fixed Income Market Making (Bondscape) Market making and trading in gilts and bonds under GEMM (Gilt-Edged Market Maker) status, with Winterflood acting as market maker on ORB. Supports retail inclusion in bond markets through the WRAP platform.
• Registered Auction Agent (RAA) Services Services as a Registered Auction Agent within the London Stock Exchange's Private Securities Market (PSM), enabling Winterflood to facilitate private market auctions.

Quantifiable outcome

• Market maker in more stocks than any other registered market maker on the London Stock Exchange
• +2 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Edison GroupcoreGTM or Marketing Partner · 7 April 2026Strategic partnership to provide research and intelligence capabilities. Edison's approximately 40,000 clients gain access to Winterflood services via existing intermediaries. Edison becomes preferred research partner for WRAP IPOs and capital raises, and preferred intelligence partner with WRI data insights.
• Hargreaves LansdowncoreChannel Partner/ Reseller/ Distributor · 1 June 2025Major UK retail platform partner providing retail investors access to WRAP fundraises. Significant client engagement in WRAP retail offers, cementing importance of retail investors in UK markets.
• AJ BellcoreChannel Partner/ Reseller/ Distributor · 1 June 2025Leading D2C platform partner for WRAP retail distribution. Most popular retail distribution platform for corporates in 2025, providing access to retail investor base.
• Interactive InvestorcoreChannel Partner/ Reseller/ Distributor · 1 June 2025Major UK investment platform partner. Works closely with WRAP team and values support and services for retail distribution to support companies raising capital.
• OptimXcoreTechnology or Integration · 9 January 2025Partnership enabling traders to access Winterflood's trading flow directly through OptimX platform. Seamless technology integration providing transparent liquidity and enhanced productivity for institutional clients.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Virtu Financial: Global electronic market maker and liquidity provider across equities, ETFs, and other asset classes. Broad incumbent competing with Winterflood on execution services and multi-venue connectivity, but operating at much larger scale globally.
• Citadel Securities: Global market maker providing liquidity across equities, options, and other products. A leading electronic liquidity provider competing with Winterflood in institutional execution, but operating at significantly larger scale across global venues.
• Jefferies International: Global investment banking and securities firm with significant UK equity operations including research, sales trading, and market making. Broader incumbent with overlapping capabilities but larger and more diversified than Winterflood.

Direct peers

• Shore Capital: UK stockbroking and market making group with stock market-making operations and investment trust research. Closely comparable to Winterflood as a UK equity market maker serving retail brokers and institutional clients.
• Panmure Gordon: UK-focused broker-dealer providing corporate broking, equity capital markets, and research for growth companies. Comparable to Winterflood in UK equity capital markets and corporate advisory for listed companies.
• Liberum Capital: UK independent investment bank focused on mid- and small-cap research, sales trading, and corporate broking. Comparable to Winterflood in serving UK institutional and retail broker clients with equity execution and investment trust coverage.
• Peel Hunt: UK-based investment bank and equity market maker specialising in mid- and small-cap companies, with significant AIM and retail broker relationships. Directly comparable to Winterflood on UK equity market making, IPO distribution, and investment trust research coverage.
• Canaccord Genuity: Global investment bank with a strong UK mid-market equity franchise in research, sales trading, and corporate broking. Comparable to Winterflood on UK equity intermediation and investment trust research coverage.
• Numis (now part of Deutsche Bank): UK equity research, sales trading, and corporate advisory house acquired by Deutsche Bank. Direct comparable as a UK-focused broker serving institutional and corporate clients with execution and capital markets services.
• Cenkos Securities (now part of RBC): UK small- and mid-cap corporate finance and stockbroking firm. Direct peer in UK equity capital markets, IPO advisory, and secondary market support.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/winterflood-securities

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about WInterflood Securities