Maxcor and Finacor Announce Completion of Joint Venture in London.

NEW YORK, LONDON & PARIS--(BUSINESS WIRE)--Jan. 5, 1999--

"Euro Brokers Finacor Limited," Combining Existing London-Based

Capital Markets Groups of Euro Brokers and Finacor, Up and

Running as of 4 January 1999

Maxcor Financial Group Inc. (Nasdaq: MAXF) and the Paris-based brokerage firm, Finacor, announced today that their respective Euro Brokers and Finacor subsidiaries have successfully completed the joint venture arrangements previously announced on 21 December 1998 relating to their respective London-based capital markets operations. The formal combination of the London operations occurred on 31 December 1998. It is anticipated that Finacor's Paris-based capital markets operations, which also form a part of the joint venture, will follow by the end of March 1999, depending upon the timing of receipt of certain regulatory rulings.

The joint venture, which began trading on 4 January 1999 under the name of "Euro Brokers Finacor Limited," combines the existing interest-rate options, Dollar deposit and Euro, Sterling, Dollar and Yen swaps operations of Euro Brokers in London with the Euro and Scandinavian swaps businesses of Finacor in London and the Euro swaps business of Finacor in Paris.

Maxcor Financial Group Inc. is 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 is a well-recognized specialist in the European fixed-income market. The firm has been listed on the Paris Second Market since 1987 under the symbol "FCO." Originally founded in 1947 as a money-market broker, Finacor has diversified over time into new markets, such as bonds, interest rate derivatives, futures, repurchase agreements and, lately, phone capacities. Finacor holds strategic stakes in the stockbroking business through Exane, and in gas brokerage through E.E.S. It employs a staff of approximately 450 professionals, who are based in Paris, Frankfurt, Munich, London, Brussels, Zurich, Lisbon and Chicago.