-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HoczSO44pVl3fEbncxHoqXh66IuQ2Nr1/0OdNHuiysVqaZFxMrF+5wlQhY8Uxvyz LO7Uamr1LPhrd6ATo2zlGQ== 0000889812-98-002976.txt : 19981228 0000889812-98-002976.hdr.sgml : 19981228 ACCESSION NUMBER: 0000889812-98-002976 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19981217 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXCOR FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000931707 STANDARD INDUSTRIAL CLASSIFICATION: LOAN BROKERS [6163] IRS NUMBER: 593262958 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25056 FILM NUMBER: 98774426 BUSINESS ADDRESS: STREET 1: TWO WORLD TRADE CTR STREET 2: 84TH FL CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 2127487000 MAIL ADDRESS: STREET 1: TWO WORLD TRADE CENTER STREET 2: 84TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10048 FORMER COMPANY: FORMER CONFORMED NAME: FINANCIAL SERVICES ACQUISITION CORP /DE/ DATE OF NAME CHANGE: 19941020 8-K 1 CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ---------------- December 17, 1998 ------------------------------------------------ Date of Report (Date of Earliest Event Reported) MAXCOR FINANCIAL GROUP INC. ------------------------------------------------ (Exact Name of Registrant as Specified in Charter) Delaware 0-25056 59-3262958 - --------------------------- ------------------------ ------------------- (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) Two World Trade Center New York, New York ------------------------------------------------ (Address of Principal Executive Offices) 10048 ---------- (Zip Code) (212) 748-7000 ------------------------------------------------ (Registrant's Telephone Number, Including Area Code) ------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report) The Exhibit Index is on Page 4 Page 1 of 8 Pages 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 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 ---------------------------------- Name: Gilbert Scharf Title: Chairman of the Board, President and Chief Executive Officer Date: December 22, 1998 Page 3 of 8 Pages EXHIBIT INDEX Exhibit No. Description Page No. - ----------- ----------- -------- 99.1 Press Release, dated December 17, 1998 5 99.2 Press Release, dated December 21, 1998 7 Page 4 of 8 Pages EX-99.1 2 PRESS RELEASE DATED DECEMBER 17, 1998 Exhibit 99.1 Maxcor Financial FOR IMMEDIATE RELEASE - --------------------- 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 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 EX-99.2 3 PRESS RELEASE DATED DECEMBER 21, 1998 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 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. # # 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 -----END PRIVACY-ENHANCED MESSAGE-----