Makor Group
Makor Group is an agency-only institutional brokerage and investment bank founded in 2011, serving pension funds, mutual funds, hedge funds, and private banks across 20+ markets via 8 global offices. It offers execution in equities, fixed income, FX, derivatives, structured products, and digital assets.
- Company typePrivate
- Founded2011
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Makor Group does
Makor Group is an international agency-only institutional brokerage and investment bank founded in March 2011 by Michael Halimi and Avi Bouhadana, both former senior managers at Cantor Fitzgerald Europe. The firm provides bespoke execution and advisory services to leading institutional investors including pension funds, mutual funds, quant-driven funds, hedge funds, risk arbitrage specialists, proprietary trading desks, and private banks across more than 20 markets worldwide. Operating under FCA authorization (Reference 625054) from its London headquarters, Makor maintains 8 global offices spanning London, New York (via the historic Oscar Gruss & Son Inc. franchise dating to 1918), Tel Aviv, Paris, Geneva, Singapore, Dubai DIFC, and additional locations gained through the 2021 Churchill Capital acquisition.
The company's core products span Equities Execution (with access to over 90 execution venues), Derivatives Execution (listed options and futures), Fixed Income (sovereign, credit, emerging markets), Foreign Exchange, Investment Banking advisory (M&A and capital markets), and Structured Products. Underlying technology includes proprietary FinTech solutions enabling a single point of contact across asset classes, quantitative research products with focus on systematic analysis, and Makor OTF — an FCA-regulated Organized Trading Facility for exotic derivatives (Exchange for Physical and Total Return Swaps) operating via voice, Bloomberg chat, and email. The group also operates Enigma Securities as its institutional cryptocurrency brokerage arm.
Makor generates revenue through transaction-based commissions on executions across asset classes, advisory fees from the Investment Banking Division, structuring fees from bespoke capital-protected and yield-generating structured products (including Collective Investment Fund arrangements with Luxembourg life insurance partners VitisLife, Afi-Esca, and Intesa Sanpaolo Wealth Management), and basis-point fees on notional for trades executed on the OTF platform. The firm completed a Series A funding round in October 2021 at a $200 million post-money valuation, with proceeds directed toward digital asset expansion and proprietary technology development. All services operate on a pure agency basis with no proprietary trading books or positions, ensuring client alignment.
Makor Group firmographics
Firmographics- Name
- Makor Group
- Legal name
- Makor Securities London Limited
- Website
- https://makor-group.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Makor Group is an agency-only institutional brokerage and investment bank founded in 2011, serving pension funds, mutual funds, hedge funds, and private banks across 20+ markets via 8 global offices. It offers execution in equities, fixed income, FX, derivatives, structured products, and digital assets.
- Ownership category
- akta.pro rank
Makor Group industry classification
Industry- Product category
- Institutional Brokerage & Investment Banking
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Investment Advice (6282), Asset-Backed Securities (6189)
- akta.pro primary industry
- Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)
- akta.pro secondary industry
- Private Credit — Structured Credit (CLOs, ABS, Private Securitizations) (FSAHAJAH)
Keywords
Where Makor Group is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices8 records
Markets served
Makor Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Commission-based Execution: Makor acts solely as an agent, executing trades across cash equities, fixed income, FX, and derivatives on behalf of institutional clients. Revenue is generated through commissions on executed transactions, with rates structured by client type and product on the OTF rate card.
- Investment Banking Advisory: Makor's Investment Banking Division creates financial innovations, advises on origination and execution of M&A and capital markets transactions, generating advisory fees.
- Structured Products Structuring: Makor designs and structures bespoke capital-protected and yield-generating structured products for institutional and wealth management clients, including FIC (Collective Investment Fund) structures. Revenue derives from structuring fees.
- OTF Trading Fees: Fees for Exchange for Physical (EFP) and Total Return Swaps (TRS) executed on Makor's OTF, charged on a basis points on notional basis depending on product, client type, and liquidity provider status.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Exchange for Physical - Main Indices: 0.25bp on notional |
| Transaction based/ take rate | Pay-as-you-go | Exchange for Physical - Specific Sectors: 0.5bp on notional |
| Transaction based/ take rate | Pay-as-you-go | Total Return Swaps - Frequent Liquidity Provider: 1.00bp annualised notional |
| Transaction based/ take rate | Pay-as-you-go | Total Return Swaps - Liquidity Provider: 1.20bp annualised notional |
| Transaction based/ take rate | Pay-as-you-go | Total Return Swaps - Frequent Liquidity Taker: 1.50bp annualised notional |
| Transaction based/ take rate | Pay-as-you-go | Total Return Swaps - Liquidity Taker: 2.00bp annualised notional |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Makor Group product offering
Product offeringCore offering
Makor Group provides bespoke, agency-only execution and advisory services to institutional investors across equities, fixed income, FX, and derivatives — accessing 90+ execution venues worldwide from eight global offices. Complementary offerings include investment banking advisory (M&A and capital markets), structured products (capital-protected and yield-generating vehicles, including Collective Investment Funds integrated with Luxembourg life insurance), quantitative research on risk arbitrage and special situations, an FCA-regulated OTF for exotic derivatives, and institutional crypto brokerage through its Enigma Securities sub-brand.
Product overview
Makor Group is an international agency-only brokerage and investment banking firm offering a comprehensive suite of execution and advisory services. The core product portfolio spans Equities Execution, Derivatives Execution, Fixed Income, Foreign Exchange (FX), Investment Banking, and Structured Products. The group operates through sub-brands including Oscar Gruss & Son Inc. (established 1918, NYSE member providing special situations and risk arbitrage services) and Enigma Securities (cryptocurrency brokerage arm). Makor OTF is a proprietary organized trading facility platform for exotic derivatives. Additionally, the firm offers Collective Investment Fund (FIC) structured products through partnerships with life insurance providers in Luxembourg. All services operate on an agency-only basis with no proprietary trading positions.
Differentiator
Problem solved
Functional benefit
Brands
- Enigma Securities: Cryptocurrency brokerage arm of Makor Group providing institutional clients with digital currency trading services.
- Makor OTF
Products and services
- Equities Execution Provides institutional clients with a single point of access to over 90 execution venues across Europe, Americas, Asia, Africa, and the Middle East for cash equities execution. Agency-only, conflict-free model.
- Derivatives Execution Offers 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 Provides expert research and execution for relative and absolute-value opportunities in sovereign, credit and emerging markets, including hybrids and swaps, for institutional clients.
- Foreign Exchange (FX) FX trading desk fully dedicated to end-user clients, offering best-in-class execution in G10 and EM currencies with cost efficiency, no-conflict agency-based operation, anonymity and transparency.
- Investment Banking Advisory Decentralised and digital finance division creating financial innovations for clients, with unbiased extensive deal-making experience in M&A and capital markets advisory for institutional clients.
- Structured Products Addresses institutional clients' specific needs for capital protection, guaranteed yield, diversification and hedging strategies through specialised globally connected teams across multiple asset classes (including bespoke FIC Collective Investment Funds integrated with Luxembourg life-insurance wrappers).
- Oscar Gruss & Son Inc. (Brokerage Sub-Brand) Full-service brokerage arm providing independent, conflict-free research and timely market information in equities and options, with special situations coverage including risk arbitrage. NYSE member firm and oldest US brokerage in Israel (since 1968).
- Enigma Securities (Crypto Brokerage) Makor's institutional-grade cryptocurrency brokerage arm, serving hedge funds, venture capital funds, banks and other institutional clients with digital-asset trading services.
- Makor OTF (Organized Trading Facility) FCA-regulated trading venue for executing exotic derivative financial instruments, operating via voice, Bloomberg chat and email to match client orders with best-bid/best-offer logic, pre-trade anonymity, post-trade transparency, and market abuse monitoring.
- Quantitative Research Products Respected range of quantitative research products specifically designed to add value to clients' investment decisions through quantitative systematic analysis assisting valuation judgements, with dedicated coverage of strategy, risk arbitrage and special situations.
- Capital-Protected Structured FIC with VitisLife and Intesa Sanpaolo Capital-Protected Collective Investment Fund (FIC) structured in partnership with VitisLife and Intesa Sanpaolo Wealth Management, integrating Makor-designed structured products into Luxembourg life-insurance wrappers for wealth-management distribution.
- Capital-Protected Structured FIC (Intesa Sanpaolo WM + Vitis) Capital-protected structured FIC designed in collaboration with Intesa Sanpaolo Wealth Management and Vitis, delivering capital protection along with equity-market participation for wealth-management distribution via the Luxembourg life-insurance wrapper.
- Disruptive New FIC (Afi-Esca Luxembourg) Disruptive new FIC integrated into Afi-Esca Luxembourg life-insurance products, providing a diversified allocation of custom-built structured products as a credible high-performing alternative to French SCPIs with target 7% annual yield, quarterly income distribution, and built-in 10% liquidity pocket.
Quantifiable outcome
- Top 3 in Thomson Reuters EXTEL risk-arb research surveys
- +4 more outcomes
Companies that use Makor Group
Customer profileNamed customers10 records
Segments1 record
Ideal customer profiles2 records
Makor Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Makor Group partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Intesa Sanpaolo Wealth ManagementcoreIntesa Sanpaolo Wealth Management serves as rigorous overseer and custodian bank in a tripartite alliance with Vitis and Makor for a capital-protected Collective Investment Fund (FIC). Intesa Sanpaolo WM (Luxembourg subsidiary) is the official FIC manager, providing reliability and transparency.
- Afi-Esca LuxembourgcoreA Luxembourg life insurance company (part of Burrus family group, 100+ years in insurance/finance) partnered with Makor to launch a disruptive new FIC providing an alternative to French SCPIs. Afi-Esca provides the Luxembourg life insurance wrapper with tax efficiency and the Triangle of Security for investor protection.
- VitisLifecoreStrategic collaboration where VitisLife (Luxembourg life insurer) partnered with Makor Securities and Intesa Sanpaolo to secure Makor's first FIC Capital guarantee. This capital guarantee milestone represents Makor's entry into the structured FIC market for wealth management solutions.
- Melanion CapitalminorEnigma Securities (Makor's crypto arm) and Makor retained as Execution Partners for Melanion Capital's newly created Melanion ETF Business. Enigma Securities provides execution services for the Melanion ETF.
- Churchill CapitalcoreSubject to regulatory approval, Makor entered a strategic alliance with Churchill Capital, a global firm specialized in trading and advisory services. This alliance expanded Makor's presence in New York, London, Monaco, Melbourne, and Singapore, adding the Churchill Capital brokerage business through an acquisition completed in June 2021.
- ACG AnalyticsminorACG Analytics and Makor Oscar Gruss formed a partnership to provide clients with analysis of the impact of public policy on capital markets, combining Makor's trading capabilities with ACG's policy research expertise.
- London Stock ExchangecoreMakor Securities London Ltd became a direct member of the London Stock Exchange and Turquoise MTF, strengthening Makor's European equities presence with deeper liquidity and greater transaction efficiency for global clients.
- Investre NetworkminorStrategic partnership between Makor's crypto brokerage Enigma Securities and Investre Network (cross-chain lending platform and derivatives marketplace). Collaboration aims to deliver world-class crypto capabilities in the under-serviced cryptocurrency market through Investre's dynamic collateral management and disintermediated clearing.
- Legolas IncminorMakor partnered with Legolas Inc to create a cryptocurrency exchange enabling institutional clients (hedge funds, VC funds, banks) to trade all cryptocurrencies in a trusted, compliant environment. This partnership leveraged Makor's financial markets expertise and Makor Ventures incubator's online gaming knowledge.
Scale indicators11 records
Recent moves8 records
Expansion highlights6 records
Makor Group competitors and assessment
Company assessmentDirect peers
- Instinet: Instinet, owned by Nomura, is a pure agency-only institutional equities execution broker with block-trading and electronic capabilities. The closest philosophical comparable to Makor as a strictly agency-only execution house for institutional buy-side.
- BTIG: BTIG is a US-based institutional broker-dealer offering execution, trading, research, and corporate services across equities, fixed income, derivatives, and now digital assets. Directly comparable multi-asset agency broker with similar global footprint ambitions.
- FalconX: FalconX is an institutional digital-asset prime brokerage offering execution, custody, and credit to crypto-native funds and traditional institutions. Closest direct comparable to Makor's Enigma Securities crypto brokerage arm.
- Compass Point Research & Trading: Compass Point is a US-based mid-size institutional broker-dealer focused on small- and mid-cap equities, with research and execution services for institutional clients. Similar size and institutional mid-market positioning to Makor.
- Rosenblatt Securities: Rosenblatt Securities is a US agency-only institutional broker with a leading electronic trading and block-trading desk, similar to Makor in prioritizing execution quality for institutional buy-side over balance-sheet services.
- Canaccord Genuity: Canaccord Genuity is a mid-market global investment bank with strong execution and advisory franchises in equities and fixed income. Comparable to Makor in serving institutional investors with a multi-asset execution and IB advisory model.
- Marex: Marex is a London-headquartered diversified financial services platform with agency execution, hedging, and market-making across commodities, FX, and equities. Closely comparable to Makor in size, multi-asset agency focus, and recent growth trajectory (Marex IPO'd in 2024).
- BGC Group: BGC Group (formerly BGC Partners) operates a global interdealer brokerage and Fenics electronic trading platform across rates, FX, credit, and equities. Directly comparable voice/electronic hybrid broker with similar institutional client base.
- TP ICAP: TP ICAP is the world's largest interdealer broker, operating across rates, FX, equities, and credit with a voice-and-electronic hybrid model. Directly comparable to Makor as a multi-asset agency broker serving institutional clients with similar workflow and product mix.
Broad incumbents
- Jefferies: Jefferies is a US-headquartered full-service investment bank with deep equities, fixed income, and FX execution capabilities plus a strong mid-market M&A franchise. A broader incumbent that competes with Makor across agency execution and IB advisory, but at substantially greater scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Makor Group social profiles
Digital presenceMakor Group compliance and trust
Trust signalCompliance5 records
Makor Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Makor Group leadership team
Management profileNumber of profiles
Profiles14 records
Makor Group subsidiaries and ownership
Company hierarchySubsidiaries9 records
Makor Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Makor Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Makor Group
What does Makor Group do?
Makor Group provides bespoke, agency-only execution and advisory services to institutional investors across equities, fixed income, FX, and derivatives — accessing 90+ execution venues worldwide from eight global offices. Complementary offerings include investment banking advisory (M&A and capital markets), structured products (capital-protected and yield-generating vehicles, including Collective Investment Funds integrated with Luxembourg life insurance), quantitative research on risk arbitrage and special situations, an FCA-regulated OTF for exotic derivatives, and institutional crypto brokerage through its Enigma Securities sub-brand.
Is Makor Group a public or private company?
Makor Group is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Makor Group founded?
Makor Group was founded in 2011. It employs 101 to 250 people.
Where is Makor Group based?
Makor Group is headquartered in London, United Kingdom, in the Europe region.
How does Makor Group make money?
Four revenue lines are on record. Commission-based Execution is the primary driver. The others are investment Banking Advisory, structured Products Structuring and OTF Trading Fees.
Who are Makor Group's main competitors?
Direct peers on record are Instinet, BTIG, FalconX, Compass Point Research & Trading, Rosenblatt Securities, Canaccord Genuity, Marex, BGC Group and TP ICAP. Jefferies is listed as a broad incumbent.
Does Makor Group have an API?
No public API is recorded for Makor Group.
What industry is Makor Group in?
Makor Group's product category is Institutional Brokerage & Investment Banking. Its primary akta.pro industry code is BPAHAOAL, Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory), with a secondary code of FSAHAJAH, Private Credit — Structured Credit (CLOs, ABS, Private Securitizations). Its NAICS code is 523 and its SIC code is 6211.