In this episode of Marex Market Pulse, we’re joined by Joe Winkley, Head of Corporate Services at Winterflood, now a division of the Marex Group. The conversation explores how equity markets are evolving, with a particular focus on the growing role of retail investors, the changing dynamics of capital raising, and how technology is reshaping access to markets.
In the episode, we discuss: The evolution of retail participation
Retail investor participation has increased significantly in recent years, driven by greater market accessibility, improved digital platforms, and a broader cultural shift towards personal investing.
Whilst this has accelerated engagement, but structural changes, including mobile trading and lower barriers to entry have helped sustain participation.
Retail investors are now a more consistent and influential presence in equity markets, rather than a cyclical phenomenon.
Why retail matters in capital raising
Issuers are increasingly recognising the value of including retail investors alongside institutions when raising capital.
Retail participation can diversify the shareholder base, improve liquidity, and enhance aftermarket performance.
Engaging retail investors also supports stronger brand alignment and long-term investor loyalty.
The role of Winterflood Retail Access Platform (WRAP) in fundraising
WRAP has become a key tool in connecting issuers with retail investors during capital raises.
It enables intermediaries to efficiently allocate shares to retail participants, broadening access beyond traditional institutional channels.
For investors, it provides a structured and transparent route to participate in primary market opportunities that were historically harder to access.
How technology, AI and data are expanding access
Advances in technology and data are improving how deals are distributed and targeted to relevant investors.
AI-driven insights can help match opportunities with appropriate investor profiles, increasing efficiency and participation.
Digital infrastructure is reducing friction in the capital raising process, making it easier for a wider range of investors to engage.
The future of retail participation
Retail participation is expected to remain a structural feature of equity markets rather than a temporary trend.
Continued innovation in platforms and distribution models will further integrate retail into the capital raising ecosystem.
Over time, the distinction between institutional and retail access is likely to narrow, creating a more inclusive and connected market environment.
Retail Investor Report, April 2026:
Building on its report covering 2025, Winterflood has published the second edition of its data-driven insight into the trading activity of UK investors. The latest Winterflood UK Retail Investor Report, based on proprietary data from the first quarter of 2026, is now available. The analysis draws on data from Winterflood Retail Intelligence (“WRI”), developed by an in-house team of data scientists and strategists, which aggregates information from over 150 retail-facing counterparties and provides detailed analytics on more than 97% of UK retail trade flow in equities and ETFs.
About Winterflood
Winterflood is one of the UK’s leading equity market makers, delivering execution services to over 400 institutional clients and ranking consistently as a top three trader with a market share of about 15% by volume on the London Stock Exchange.
Winterflood provides access to a broad range of instruments including UK, European and North American equities, investment trusts, exchange‑traded products and fixed income. They also offer key market advice and analysis. Coverage includes, investment trusts, corporate advisory, research and equity, and debt capital markets. The Winterflood Retail Access Platform (WRAP) provides comprehensive end-to-end retail distribution for both equity and debt issuers, and Winterflood Retail Intelligence (WRI) provides retail trading data analysis.
