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FOR IMMEDIATE RELEASE
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Maxcor Financial
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MAXCOR AND EURO BROKERS ANNOUNCE ACQUISITION OF
TRADESOFT TECHNOLOGIES TO EXPAND ELECTRONIC TRADING
OFFERINGS
(New York, New York - August 14, 2000) - Maxcor Financial Group Inc.
(Nasdaq: MAXF) today announced that it has acquired the privately-held Tradesoft
Technologies, Inc. for a combination of cash and common stock of Maxcor valued
at approximately $2.6 million. Tradesoft is a B2B e-commerce technology provider
of electronic trading platforms to interdealer brokers and large financial
institutions. In conjunction with Maxcor's various Euro Brokers interdealer
brokerage operations, Tradesoft has developed what is believed to be the leading
electronic alternative trading system (ATS) for trading emerging market debt,
with users comprised of some of the largest financial institutions in the world.
"We are delighted with the technology and expertise Tradesoft has
demonstrated in launching our emerging markets electronic trading system," said
Gilbert Scharf, Maxcor's President and Chief Executive Officer. "By integrating
their technology seamlessly into our existing back office and screen systems,
Tradesoft is revolutionizing the way we deliver brokerage services and helping
us fulfill our strategy of also becoming a financial services information and
technology provider. We believe this transformation can be extended to our other
brokerage operations, as well as new products, to grow our electronic trading
presence rapidly on a worldwide basis."
The acquisition will accelerate Maxcor's ability to offer its global
customer base the benefits of a fully electronic trading alternative across a
wider range of products, with automation of order entry, price distribution,
continuous order matching and straight through processing. The emerging market
debt trading system represents the first of a number of markets, including
additional Euro Brokers businesses, that Maxcor intends to automate. Maxcor also
expects the technology improvements associated with its new electronic trading
systems to provide significant opportunities for improving and strengthening its
core voice brokerage operations.
"Technology will be the linchpin of our business going forward, and
this combination unites the leadership position of Euro Brokers with the best
technology available in this market," said Michael Pins, President of Maxcor's
broker-dealer subsidiary. "Our largest customers have already embraced
Tradesoft's trading system for its superior functionality and ease-of-use, as
well as for its anonymity, stability and robust performance."
Dan White, Tradesoft's Chief Technology Officer, stated that "the
skills and businesses of Tradesoft and Maxcor are a perfect match. Maxcor brings
to the table existing order flow, extensive customer relationships and a proven
name in its Euro Brokers business units. Euro Brokers' expertise and presence in
so many markets, in association with Tradesoft's experience with electronic
brokerage systems, will leverage Tradesoft's ability to forge alliances with
other intermediaries, trading companies and financial institutions and extend
our e-commerce initiatives to new markets and new customers."
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Maxcor Financial Group Inc. (www.maxf.com), through its various Euro
Brokers entities, is a leading domestic and international inter-dealer brokerage
firm specializing in interest rate and currency derivatives, emerging market
products, cash deposits and other money market instruments, repurchase
agreements, corporate bonds and other fixed income securities and certain energy
products (including electricity, physical emissions, bandwidth and coal). Maxcor
Financial Inc. is the Company's U.S. registered broker-dealer subsidiary and
Maxcor Financial Asset Management Inc. is the Company's SEC registered
investment adviser subsidiary. The Company employs approximately 570 persons and
maintains principal offices in New York, London, and Tokyo, with other offices
in Stamford (CT), York (PA), Vancouver (WA), Geneva and Mexico City.
Tradesoft Technologies, Inc. (www.tradesoft.com) is a leading B2B
e-commerce technology provider to financial intermediaries and large financial
institutions. Tradesoft specializes in the design and development of electronic
brokerage systems, straight through processing facilities and continuous order
matching engine technology. Tradesoft was founded in 1997 and has offices in New
York and Parsippany (NJ).
Contacts: Maxcor Financial Group Inc., New York
Keith Reihl, (212) 748-7000
Tradesoft Technologies, Inc., New York
Ian Doull, (212) 748-2615
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This release contains certain "forward-looking" statements made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Wherever possible, the Company has identified these forward-looking
statements by words such as "believes," "anticipates," "intends," "expects" and
similar phrases. Such forward-looking statements, which describe the Company's
current beliefs concerning future business conditions and the outlook for the
Company, are subject to significant uncertainties, many of which are beyond the
control of the Company. Actual results or performance could differ materially
from that expected by the Company. Uncertainties include factors such as market
and economic conditions, the success of technology development and deployment,
the status of relationships with employees, customers and clearing firms,
possible third-party litigations or other unanticipated contingencies, the
actions of competitors, and government regulatory changes. Reference is made to
the "Cautionary Statements" section of the Company's 1999 Annual Report on Form
10-K and to the Company's subsequent filings with the Securities and Exchange
Commission for a fuller description of these and additional uncertainties. The
forward-looking statements made herein are only made as of the date of this
press release, and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
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