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To: Dale Baker who wrote (32044)	12/16/2002 8:12:39 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

Some MAXF news after a long drought - the growth plans continue: Maxcor Financial Inc. Launches Institutional Equity Sales and Trading Group Monday December 16, 8:07 am ET NEW YORK--(BUSINESS WIRE)--Dec. 16, 2002--Maxcor Financial Inc., the U.S. broker-dealer subsidiary of Maxcor Financial Group Inc. (Nasdaq: MAXF - News), today announced its launch of an Institutional Equity Sales and Trading Group to expand its services to the institutional money management community. The mission of the Institutional Equity Sales and Trading Group is to add value by providing execution, information and liquidity tailored to the needs of buy-side traders and portfolio managers. The goal of the group is to partner with Maxcor's clients and act as a natural extension of the clients' trading desks by providing anonymous execution in listed and over-the-counter stocks, discreet block placements and competitive soft dollar arrangements. This new group focuses on what Maxcor considers an under-serviced market niche: less actively traded stocks that require special attention and natural liquidity to minimize the market impact of trade execution. The market segment includes small cap stocks, value stocks and real estate investment trusts. In conjunction with Maxcor's existing Leveraged Finance Group, the new Institutional Equity Sales and Trading Group also will provide research, trading strategies and execution services in the securities of companies emerging from bankruptcy and other arbitrage situations. In addition, the new group will work with publicly-traded corporations executing stock repurchase programs. "The launch of our Institutional Equity Sales and Trading Group is a further step in Maxcor's planned growth and diversification strategy," said Gilbert D. Scharf, Chairman and CEO of Maxcor Financial Group. "Unlike at many large financial institutions, the communication lines and coordination between this new group and our leveraged finance group will offer our clients extraordinary efficiencies and allow them to take advantage of trading strategies across multiple asset classes while receiving the highest levels of service." Maxcor Financial Group Inc. (www.maxf.com), through its U.S. registered broker-dealer subsidiary, Maxcor Financial Inc., conducts institutional sales and trading operations in municipal bonds, high-yield and distressed debt, and equities. The Company, through its various Euro Brokers businesses, is also a leading domestic and international inter-dealer brokerage firm specializing in interest rate and other derivatives, emerging market debt products, cash deposits and other money market instruments, U.S. Treasury and federal agency bonds and repurchase agreements, and other fixed income securities. The Company employs approximately 500 persons worldwide and maintains principal offices in New York, London and Tokyo. -------------------------------------------------------------------------------- Contact: For Maxcor Financial Media: Michelle Jordan, 714/435-0678 949/632-7848 (cellular) jordanllc@earthlink.net or Maxcor Institutional Equities: Jeff Goddard or Kirk Murphy Trading: Brian McCloskey 212/778-3464 jgoddard@maxf.com kmurphy@maxf.com bmccloskey@maxf.com -------------------------------------------------------------------------------- Source: Maxcor Financial Inc.