Euro Brokers to resume trading - 60 employees missing

Euro Brokers to resume trading - 60 employees missing

Euro Brokers, the inter-dealer subsidiary of Maxcor Financial, has secured new office space and is to resume limited business operations following the destruction of its former office on the 84th floor at 2 World Trade Center.

The firm's new premises, which are temporary until a permanent location is decided upon, are located on the 16th floor of 1 New York Plaza, New York, NY 10292-2011. The space, which is furnished and equipped with phone lines already-installed, was made available to both Maxcor and Euro Brokers by Prudential Securities, the parent company of Euro Brokers' clearing firm, Wexford Clearing Services.

Since Tuesday's attack on the World Trade Center, 60 of Euro Brokers' approximately 300 New York-based employees have been reported either as missing or lost.

Gilbert Scharf, Maxcor's chairman and president, comments: "Resuming our business in the wake of such unimaginable personal losses is certainly not easy, but is the best way we know to rebuild our spirits."

The company says it will take some time to return to previous levels of profitability, but it has a strong cash position and very little debt. Its capital adequacy to conduct its businesses remains sufficient, and its primary lender has confirmed the continued availability of its credit line.

Euro Brokers says its critical books and records, including accounting records and trading records, were electronically backed-up off-site on Monday, 10 September, as part of a regular disaster recovery planning procedure, and are in the process of being re-transferred into a replicated environment. Its screen systems, middle office system and its Tradesoft electronic trading platform, together with their underlying software, have all been preserved and will be used in and available for rebuilding the firm's infrastructure.

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