Following a decision to arrange a management buy out (MBO), Rolfe & Nolan -- a supplier of risk management and global straight-through-processing software to the futures and options industry -- says the company will de-list from the London Stock Exchange. The company also announced a reorganization to capitalize on its global presence.Among the changes, the new executive structure will rest with a Global Executive Board comprised of Chief Executive Bob Freeman, Paul Miller, Colin Wade, Phil Reed, Stephen Lacey, Bob Sylverne and Jim Birney. In North America, there is no change: Bob Sylverne continues as CEO of Rolfe & Nolan Systems Inc. Jim Birney continues to report to him as North American Sales Director.
Citing strong demand from securities firms for low-cost,
direct-access connections to options markets, the International Securities Exchange (ISE) launched a virtual-private-network connectivity solution. The VPN allows broker/dealers to use ISE trader workstations to route orders to the electronic options market over the Internet. ISE's VPN is available to ISE Electronic Access Members. The VPN has security and encryption features that are comparable to a private network over dedicated communications lines and is less expensive to operate, ISE contends.
Deutsche Brose AG plans to grow further in 2003, and expects earnings before interest and taxes (EBIT) to total $470.8 million to $492.2 million, according to chief financial officer Mathias Hlubek who made these projections in a speech on Thursday. Annual financial statements for 2002 show 46 percent growth in sales revenue to $1.19 billion. The EBIT of Deutsche Borse increased 26 percent to $375.78. After acquiring the clearing and settlement subsidiary Clearstream International and the IT subsidiary entory, the EBIT contains amortization and write-downs on goodwill amounting to $73.51 million.