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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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December 17, 1998
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Date of Report (Date of Earliest Event Reported)
MAXCOR FINANCIAL GROUP INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-25056 59-3262958
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
Two World Trade Center
New York, New York
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(Address of Principal Executive Offices)
10048
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(Zip Code)
(212) 748-7000
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed
Since Last Report)
The Exhibit Index is on Page 4
Page 1 of 8 Pages
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Item 5. Other Events
On December 17, 1998, Registrant issued a press release
announcing that the Euro Brokers Securities Lending division of its Maxcor
Financial Asset Management Inc. subsidiary, a federally registered investment
advisor, had concluded an agreement with SunGard/DML Inc., a subsidiary of
SunGard Data Systems Inc., to establish a master securities lending program
using Euro Brokers securities lending services and SunGard's software products.
On December 21, 1998, Registrant issued a press release
announcing the signing of definitive documentation by certain of its
London-based Euro Brokers subsidiaries to form a joint venture with certain
London and Paris-based subsidiaries of the European brokerage house, Finacor,
for the purpose of combining their respective capital markets brokerage
operations. The Euro Brokers group and the Finacor group will each own a 50%
equity interest in the joint venture, which is to be called "Euro Brokers
Finacor Limited." The joint venture is scheduled to commence trading on January
1, 1999, subject to receipt of necessary regulatory and certain other approvals.
Registrant's press releases announcing the foregoing matters
are attached hereto respectively as Exhibit 99.1 and Exhibit 99.2, each of which
is hereby incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
99.1 Press Release, dated December 17, 1998.
99.2 Press Release, dated December 21, 1998
Page 2 of 8 Pages
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
MAXCOR FINANCIAL GROUP INC.
By: /s/ Gilbert Scharf
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Name: Gilbert Scharf
Title: Chairman of the Board, President
and Chief Executive Officer
Date: December 22, 1998
Page 3 of 8 Pages
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EXHIBIT INDEX
Exhibit No. Description Page No.
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99.1 Press Release, dated December 17, 1998 5
99.2 Press Release, dated December 21, 1998 7
Page 4 of 8 Pages
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Exhibit 99.1
Maxcor Financial
FOR IMMEDIATE RELEASE
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Contact:
Maxcor Financial Group Inc.
Two World Trade Center, 84th Floor
New York, NY 10048
(212) 748-7000, Gilbert Scharf, Chairman
EURO BROKERS SECURITIES LENDING UNIT INKS DEAL WITH SUNGARD/DML
Euro Brokers to offer securities lending services to SunGard client base;
SunGard to provide automated software interfaces to support Euro Brokers'
services to clients
New York, New York, December 17, 1998 - Euro Brokers Securities
Lending, a division of Maxcor Financial Asset Management Inc., a registered
investment adviser and subsidiary of Maxcor Financial Group Inc. (Nasdaq: MAXF),
today announced that it has concluded an agreement with SunGard/DML Inc., a
subsidiary of SunGard Data Systems Inc. (NYSE: SDS), to establish a master
securities lending program using Euro Brokers securities lending services and
SunGard's software products.
Pursuant to the agreement, Euro Brokers will offer its securities
lending services to existing and prospective clients of SunGard/DML and its
affiliates. SunGard will provide Euro Brokers with proprietary software and
interfaces to enable clients already using, or intending to use, SunGard
software systems to exchange relevant securities lending data residing in such
systems on an automated basis directly with Euro Brokers.
"We are delighted to have concluded this arrangement with SunGard,"
commented George Martello, President of Euro Brokers Securities Lending.
"SunGard's technological expertise will enable us to raise our customer service
to the next level. Customers who already rely on SunGard for certain accounting
systems will now be able to obtain securities lending services with respect to
their existing portfolios on a seamless basis. In addition, we are very excited
at the prospect of being introduced to SunGard's clients and having the
opportunity to offer them the benefits of a securities lending program with us."
Dan McLoone, Managing Director of SunGard/DML, commented that "We are
very pleased to establish this new relationship. Euro Brokers has a superb
reputation in the securities lending market, and George Martello and his people
are excellent at what they do. We think the combination of our software and Euro
Brokers' securities lending expertise is an exciting opportunity."
Gilbert Scharf, Chairman of Maxcor Financial Group Inc., added "Both
parties worked hard to complete this agreement, and the result has been that
SunGard and Euro Brokers have developed a working relationship and a mutual
trust and respect that can only benefit our efforts together."
Page 5 of 8 Pages
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SunGard Data Systems Inc. (NYSE: SDS) is in the business of computer
service and application software. It is the largest specialized provider of
proprietary investment support systems, a pioneer and leading provider of
comprehensive computer disaster recovery services and a provider of proprietary
healthcare information systems. SunGard Data Systems can be reached at
http://www.sungard.com.
Maxcor Financial Group Inc. is a financial services holding company
whose common stock is traded on the Nasdaq National Market System under the
symbol "MAXF". Through the Euro Brokers Securities Lending division of its
Maxcor Financial Asset Management Inc. subsidiary, the Company conducts
securities lending activities. The Company also has a broker-dealer subsidiary,
Maxcor Financial Inc., engaged in investment banking and other financial
activities. Through the Euro Brokers division of Maxcor Financial Inc. and other
Euro Brokers subsidiaries, including Euro Brokers Inc., the Company is a leading
domestic and international inter-dealer brokerage firm specializing in emerging
market products, cash deposits and other money market instruments, interest rate
and currency derivatives, natural gas, electricity and other energy products,
repurchase agreements and other fixed income securities. The Company employs
approximately 625 persons and maintains principal offices in New York, Stamford,
York, London, Geneva, Tokyo, Toronto and Mexico City.
Page 6 of 8 Pages
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Exhibit 99.2
EURO BROKERS FINACOR
FOR IMMEDIATE RELEASE
EURO BROKERS AND FINACOR ANNOUNCE 50/50 JOINT VENTURE OF EXISTING LONDON AND
PARIS BASED CAPITAL MARKETS GROUPS
Combined venture scheduled to commence trading 1 January 1999
(London, England and Paris, France) - 21 December 1998 - The Euro
Brokers and Finacor groups jointly announced today the signing of definitive
documentation to form a 50/50 joint venture combining their respective London
and Paris based capital markets groups. The new venture, to be called "Euro
Brokers Finacor Limited," will combine the existing interest-rate options,
Dollar deposit and Euro, Sterling, Dollar and Yen swaps operations of Euro
Brokers International Limited in London with the Euro and Scandinavian swaps
businesses of Finacor Limited in London and the Euro swaps business of Finacor
Peter in Paris.
Euro Brokers Finacor Limited is anticipated to start trading 1 January
1999, subject to the receipt of necessary regulatory and certain other
approvals.
Euro Brokers Finacor Limited will employ in excess of 100 brokers and
will be based in Euro Brokers' existing Houndsditch headquarters in London, with
a branch office operating out of Finacor's Champs Elysees premises. Already
boasting leading brokerage desks in multi-currency interest-rate options and
Scandinavian swaps, as well as highly-regarded Yen and Dollar derivative and
deposit teams, the joint venture is positioned to take full advantage of the new
economic and currency environment in Europe. The joint venture will also have
the benefit of the extensive international networks of its two partners - New
York, Tokyo, Toronto and Geneva for Euro Brokers, and Frankfurt, Munich,
Brussels, Zurich and Lisbon for Finacor.
Robin Clark of Euro Brokers, who, together with Alain Giraud of
Finacor, will be the Joint Managing Directors of the combined venture, commented
"By combining our London and Paris capital markets operations, we are taking
advantage of the tremendous compatibility in the strengths and assets of our two
businesses and will be able to offer all our customers a more complete and
competitive service in a wider range of markets. The joint venture represents a
fantastic opportunity to prosper by better servicing the needs of our customers
and our employees in the exciting and challenging times that lie ahead of us on
the eve of the Euro."
Alain Giraud added "I look forward to working with Robin to use the
combined strengths of our merged operations and respective international
networks to provide the best possible service to our customers. We feel that
Euro Brokers Finacor Limited will offer a unique profile: both global, with a
broad-based coverage of derivatives markets, and regional, with an expanded
domestic customer base. We will also have a combined pool of outstanding
brokering talent that we will be looking to build upon, both with new products
and new specialists."
Page 7 of 8 Pages
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The securities operations in London of Euro Brokers, housed in its Euro
Brokers Financial Services Limited subsidiary and consisting of emerging market
bonds and floating rate notes, as well as the securities operations in London of
Finacor, housed in its Monecor (London) Limited subsidiary, will each continue
to operate independently and not form a part of the joint venture.
Euro Brokers International Limited is a London-based subsidiary of
Maxcor Financial Group Inc., a publicly-traded financial services holding
company whose common stock is traded on the Nasdaq National Market under the
symbol "MAXF." Through its Euro Brokers subsidiaries and divisions, Maxcor
Financial Group Inc. is a leading domestic and international inter-dealer
brokerage firm specializing in emerging market products, cash deposits and other
money market instruments, interest rate and currency derivatives, natural gas,
electricity, solid fuel and other energy products, repurchase agreements and
other fixed income securities. Operating from principal offices in New York,
Stamford, London, Geneva, Tokyo, Toronto and Mexico City, the Company employs
approximately 625 professionals and services a wide range of multinational
banks, securities dealers and other financial institutions.
Finacor Limited and Finacor Peter are respectively London and
Paris-based subsidiaries of Finacor, a major european brokerage house, founded
in 1947 and listed on the Paris Stock Exchange. Finacor has specialized in OTC
money market instruments, derivatives, fixed income securities in the main
government and non-government bond markets, repurchase agreements, natural gas
and, recently, in phone capacities, as well in the main futures markets. It
employs approximately 500 professionals operating in Paris, London, Frankfurt,
Munich, Brussels, Zurich, Lisbon and Chicago.
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CONTACTS:
Robin A. Clark
Euro Brokers International Limited
133 Houndsditch
London EC3A 7AJ
Tel: 171-204-3000
Alain Giraud
Finacor
52 Avenue des Champs Elysees
Paris 75008
Tel: 331- 40-74-15-15
Page 8 of 8 Pages
