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FYI...
>
> Refco Announces Acquisition of Lind-Waldock & Co.
>
> New York, NY and Chicago, IL-January 7, 2000-Refco Group, a world leader
in
> providing institutional risk management and investment services, and
> Lind-Waldock & Company, the world's largest discount futures brokerage
firm,
> announced today that Refco Group will acquire Lind-Waldock, pending
> regulatory approval. Refco Group is the parent company of Refco, Inc.,
one
> of the world's largest registered futures commission merchants.
> Lind-Waldock will continue as a clearing member of major exchanges, and
will
> operate as a separate entity.
>
> Phil Bennett, Chief Executive Officer of Refco Group, said, "We are
> delighted to have come to an agreement to add Lind-Waldock & Co, the
world's
> largest futures discount operation, to our corporate family. Lind-Waldock
> has been in business for thirty-five years, has operated very
successfully
> throughout its history, has developed a market leadership role in online
> trading and has earned a reputation of the highest integrity in the
futures
> industry." Bennett also announced that Joe Murphy, President of Refco,
Inc.
> and EVP of Refco Group, will assume an active role at Lind-Waldock.
Murphy
> said, "Lind-Waldock will be an integral part of Refco's global strategy
of
> providing clients with an effective portal to market information and
> liquidity. The acquisition will enable Refco to benefit from the growth
in
> the activity and importance of the individual investor, who is
increasingly
> sophisticated and turning to the Internet as a research and trading
tool."
>
> Barry Lind, Chairman of Lind-Waldock who will continue to act as Chairman
of
> the separate entity, said "We see a great future in futures. This
agreement
> will give us the resources to take the steps necessary-particularly
> increasing investment in technology- to maintain our position as the
premier
> organization in the retail field. Right now, just under half of our
orders
> are entered online, and we see the trend to online futures trading, and
the
> use of technology by the individual investor, growing."
>
> The combined U.S. customer equity of the two companies at approximately
$2.1
> billion would place the newly joined firms 6th in the rankings of brokers
> prepared by Futures Magazine in 1999. The Refco-Lind union also creates
the
> world's largest non-banking FCM. In addition to its U.S. client equity,
the
> combined entities hold more than $800 million in non-U.S. customer
> positions.
>
> -More-
>
>
>
> Refco, Inc. is a member of principal U.S. and international exchanges,
and
> one of the most active members of futures exchanges in Chicago, New York,
> London, Frankfurt, Paris, and Singapore. Refco Group, Ltd. Is a
diversified
> financial services organization with operations in 13 countries and an
> extensive global institutional client base. Refco Group has recently
> completed a number of significant management changes. Among other moves,
> Dennis Klejna, former director of the Enforcement Division of the
Commodity
> Futures Trading Commission, has joined Refco Group, Ltd. and Refco, Inc.,
as
> general counsel. William Sexton, former Chase Manhattan Bank Futures
Company
> executive, and most recently, New York Board of Trade director of
electronic
> products and market development, has joined as Chief Operating Officer of
> Refco, Inc.
>
> In addition to its futures brokerage activities, Refco is a major broker
of
> cash market products including foreign exchange and securities. Refco
also
> maintains a significant presence in asset management through its
> Forstmann-Leff and Tilney (U.K.) subsidiaries.
>
> Lind-Waldock & Co. is the world's largest discount futures firm, and a
> member of principal U.S. exchanges. It also is a non-clearing member of
the
> London International Financial Futures and Options Exchange (LIFFE) and
> Eurex, the European derivatives exchange. Lind-Waldock has headquarters
in
> Chicago, and operations in New York, London and, through an affiliate, in
> Hong Kong. Lind-Waldock offers self-directed trading, broker-assisted
> trading, systems trading, and managed futures, as well as execution and
> clearing services for financial institutions and other brokerages. It was
> one of the first firms to offer online futures trading to retail
customers.
> Lind-Waldock is a privately owned company.
>
> -End-
>
>
>
>
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