Auerbach Grayson & Company's international broker network expands to Italy.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y.--(BUSINESS WIRE)--March 10, 1997-- Akros SIM S.p.A. - No. 1 Trading Firm in Italy - is Newest Affiliate Auerbach Grayson & Company announced today that the leader in the Italian cash equity and derivatives markets, Akros SIM S.p.A., is the latest affiliate in Auerbach Grayson & Company's expanding international broker/dealer network. This network now gives U.S. institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. direct research and trading access to 53 international markets. "Akros SIM had the largest trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. of all Italian broker/dealers last year, transacting over $15 billion in U.S. dollars for their institutional clients," says David Grayson, managing director of Auerbach Grayson. "Auerbach Grayson clients will benefit from Akros SIM's strong focus on and understanding of the Italian market." Akros SIM is an independent brokerage house owned by Banca Akros. The managing director of both the brokerage firm and the Bank is Marco Turrina, who started Akros SIM in 1991. "Joining the Auerbach Grayson network marries two firms with very compatible philosophies," says Turrina. "Well over half of our business is conducted with foreign institutional counterparts, so we are already well aligned to working with firms like Auerbach Grayson. Auerbach Grayson seeks out only the strongest local brokers providing domestic quality research for their international network, and we are most pleased to partner with them." Akros SIM is the number one firm in Italy in two other ways: in terms of the derivatives business on the Italian equity index, for which they have a 15 percent market share, and in terms of brokerage of futures contracts Futures Contract An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. held on Italian government bonds. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Turrina, an average 620 billion lira LIRA. The name of a foreign coin. In all computations at the custom house, the lira of Sardinia shall be estimated at eighteen cents and six mills. Act of March 22, 1846. The lira of the Lombardo-Venetian Kingdom, and the lira of Tuscany, at sixteen cents. Act of March 22, 1846. per day was traded on the Italian stock market last year, up from 560 billion per day the year before. "In the first months of 1997 volume traded amounted to 2,000 billion lira per day on average. This boom was the key to the impressive Italian equities rally." Turrina believes that some sectors, including insurance, remain undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. when compared to other European markets. Italy's current low inflation, only 2.4 percent, is expected to continue. In general, he notes the two positive factors supporting Italian equities are: high liquidity and low interest rates. Auerbach Grayson & Company is a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ). Having established a unique partnership of local brokers worldwide, it is the only firm in the U.S. whose business is providing direct research, execution and settlement on a local basis in foreign securities markets for major U.S. institutions. In the past year Auerbach Grayson & Company provided specialized research on over 2,000 public companies in the more than 50 capital markets represented in their network of foreign brokers worldwide. Auerbach Grayson is headquartered in New York and was established in 1993. CONTACT: Thompson Becker International, Inc. James O'Connell or Gwynne Reynolds, 508/698-0448 |
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