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Winterflood Securities, Liquidity, Retail Fundraising & the London Market Outlook

Winterflood Securities, Liquidity, Retail Fundraising & the London Market Outlook

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Zak Mir talks to Andrew Stancliffe, Head of Execution Services at Winterflood Securities, after the recent Marex takeover. They discuss the success of the Winterflood Retail Access Platform, which has now raised over £600m in fundraising and, in turn, has been a significant source of liquidity to the London stock market.Winterflood is one of those names that anyone active in UK equities will recognise from Level 2 screens, placings, and day-to-day market-making. But beyond the familiar name sits a bigger story about liquidity in small caps, how retail investors are gaining better access to fundraises, and why the UK market may be in better shape than its critics like to admit.Andrew Stancliffe, Head of Execution Services at Winterflood Securities, sits right in the middle of that story. His role covers the sales trading side of the business, working with clients ranging from institutions to retail execution brokers. Following Winterflood’s acquisition by Marex, there is also a clear focus on combining Winterflood’s market presence with Marex Financial's broader capabilities.The result is a useful window into where UK market structure is working well, where the frustrations really lie, and why technology is changing access without removing the need for human judgement.What Winterflood actually does in the marketAt a practical level, Winterflood sits at the heart of execution and liquidity provision in UK equities. It is a major market maker, particularly visible in smaller quoted companies, and plays an important role in helping buyers and sellers meet in names that might otherwise feel difficult to trade.Stancliffe’s remit is focused on execution services and sales trading, speaking to a broad spread of clients and helping ensure they get the best possible access to liquidity and trading opportunities.That matters because in the UK small cap market, liquidity is always the first complaint. If a share is not moving, or if trading looks thin, the market itself is usually blamed. Stancliffe’s view is more nuanced.Is there really a liquidity problem in UK small caps?Liquidity in smaller companies is one of those subjects that never seems to go away. It is a bit like the weather: people are rarely satisfied.Stancliffe’s argument is that the UK actually has one of the most vibrant and competitive small company trading environments around, especially because of the market-making infrastructure already in place. On many stocks there can be a large number of competing market makers, sometimes as many as 16, all quoting prices on screen.That creates depth which is easy to overlook.Where the challenge has become more noticeable is not necessarily in the mechanics of trading, but in the reduced participation from institutions in the smaller end of the market. Fewer institutional houses active in UK small caps naturally changes the shape of liquidity. Even so, his broader point is straightforward: if a company has a compelling story and the market cares, liquidity can appear very quickly and in significant size.That is an important distinction. Illiquidity is not always a market structure problem. Sometimes it is a company problem.Good companies tend to find liquidityOne of the more refreshing parts of the discussion was the blunt acknowledgement that some shares are inactive simply because they are not interesting enough. Markets rotate. Sectors and themes move in and out of favour. Individual names can go from dormant to heavily traded once the story improves.Stancliffe used IQE as a good example. It had traded below 10p and later moved as high as 60p to 70p, accompanied by a significant jump in volume. Before that rally, liquidity may well have looked challenged. Once the market’s attention returned, so did trading activity.The lesson is simple: Liquidity can be patchy at any given moment Interesting companies tend to attract liquidity over time Strong performance often solves the liquidity complaint very quickly That is also why recent winners in the London market, including selected small caps and Aquis-listed names, have managed to generate meaningful trading interest when the underlying story has been right.Where humans still matter in an AI-driven marketElectronic trading, automation and AI are now standard talking points across every part of financial markets. Execution services are no exception.Stancliffe is clearly in the camp that sees AI as a positive tool rather than a threat. His description of it as a “modern day calculator” is a good one. It captures the practical reality that AI can improve workflows, increase efficiency and help traders focus on higher-value activity, rather than replacing the core human role altogether.In execution businesses, that means automation can be used to handle smaller trades or more routine processes, while traders spend more time on larger opportunities and more complex client needs.But the key point is that relationships still matter. Markets are ...
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