Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
INDEX
1 Group Structure
2 Background
3 Key Individuals
5 Cash Equities
6 FX
7 Equity Derivatives
8 Fixed Income
9 Research
11 Makor Awards
12 Regulation
1
MAKOR GROUP BACKGROUND
The Makor Group (“Makor”) was founded in March 2011 by Michael Halimi and Avi Bouhadana, two ex-senior managers at Cantor Fitzgerald Europe.
Makor’s core business is to provide financial securities research and execution to institutional investors across a spectrum of products including cash
equities, fixed income securities, derivatives and FX.
Makor Securities and Makor Capital were established In London and Tel Aviv respectively. At the same time, the Singapore head office was set up in
preparation for future Asian expansion. In 2013 Makor branched out of traditional equities and fixed income and established an FX desk. In 2014 as
part of its first phase of geographical expansion, Makor acquired Oscar Gruss and Son Inc, a highly respected New York broker dealer with European
origins dating back to the early 20th century. In 2013 a Paris branch was established and in 2017 Makor opened a Gibraltar branch.
Makor has grown rapidly and is now proud to have offices in New York, Chicago, London, Paris, Geneva, Gibraltar, Tel Aviv and Singapore. With over
100 group employees, Makor offers its clients 24-hour global trading providing a single point of contact for more than 90 execution venues in cash
equities only. Our Global client base includes Pension, Mutual, Quant-driven, Hedge Funds, Risk Arbitrage specialists, Proprietary trading desks,
Private Banks.
Makor provides its clients with original and innovative trading ideas specializing in risk arbitrage, special situations, relative value and event-driven
opportunities for clients and regularly ranks in the Top 3 of the Thomson Reuters EXTEL risk-arb research surveys.
Makor acts only as an agent and is therefore not susceptible to the various conflicts in the financial services industry. Makor takes no proprietary
positions and as such acts wholly and exclusively for the benefit of the client. Makor is committed to providing anonymous best execution, research
and trading ideas.
Makor’s understanding of local markets and extensive client relationships built over senior managements combined 100 years industry experience,
allows them to tap into local institutional portfolios in order to maximize liquidity for clients.
2
KEY INDIVIDUALS
MAKOR GROUP FOUNDERS
Mr. Michael Halimi has 26 years of experience in the Capital Markets Mr. Avi Bouhadana has 19 years experience in the Capital Markets
industry and was previously partnered at Cantor Fitzgerald, where he industry and was previously Partner at Cantor Fitzgerald, where he
was the Global Head of Equities Sales. He worked at Cantor was CO Global Head of Equities Sales. He worked at Cantor for 14
Fitzgerald for a total of 14 years, where he first established an interest years. In September 1999, he implemented the European Equity
rate derivative desk. In September 1999, he implemented the Platform of Cantor Fitzgerald. He then became a senior managing
European Equity Platform of Cantor Fitzgerald. He then became a director in 2007.
senior managing director in 2007. Avi Bouhadana graduated from Ecole Polytechnique of Montreal.
Michael Halimi received his MBA in financial markets in June, 1992
from the University of Dauphine in Paris.
After working at Ernst & Young for 5 years, in 2001 Efraim Wolpert Mr. Yankel Hassan has 15 years of experience in the Capital Markets
joined Execution Limited, a startup London based institutional stock Industry. For 10 years, he worked in Equity Sales at Cantor Fitzgerald
broking business as CFO which grew into a $85m business London, eventually becoming co-manager of the Cash Equity
employing 125 people in London, Connecticut and Hong Kong. In Arbitrage Desk.
November 2010 Efraim joined the Makor Group. Yankel received a Master’s degree in Financial Markets from
Efraim has overall responsibility for finance, tax, legal and regulatory Dauphine University in Paris.
compliance across the Makor Group.
Efraim is a Chartered Accountant and has a Business Finance Degree
(First Class Honours) from the University of Cape Town.
3
KEY INDIVIDUALS
MAKOR SECURITIES EXECUTIVE COMMITTEE
Natalia North
Head of Compliance
Michael Benitah started in the industry in 1996 trading FX within Mr. Ronen Cohen has over 21 years of experience in the equity,
several banks (Republic National Bank, Bank Safra and Bear Stearns) options, and security industries as well as 18 years of experience in
before joining Cantor Fitzgerald in 2008 to setup and manage the FX risk management. Previously, he worked as a sales trader in the
agency desk. Israeli Stock Exchange and at the Foreign exchange desk.
Michael studied at ISG in Paris. Today Ronen Cohen is the President of Oscar Gruss & Son Inc., a
wholly owned subsidiary of Makor Partners Ltd.
4
MAKOR GROUP TIMELINE
Makor Creation
Opening Offices in London & Tel Aviv
5
MAKOR SECURITIES ACTIVITIES/PRODUCTS
CASH EQUITY BUSINESS (Core business)
6
MAKOR SECURITIES ACTIVITIES/PRODUCTS
FX
FX is a give up business i.e. Makor gives up to its PB and the client gives up to its PB
FX Spot and Options is OTC
Makor has zero positions at all times and hence has no trading capabilities, PnL is always positive
Makor does Voice trading and electronic trading
Electronic trading is for FX Spot only (Spot FX is not regulated)
Voice trading for Options is then booked manually through ETG system (the system is also integrated into the FX PBs)
After trade details agreed on both sides, client and bank/liquidity provider both send the trade details/ confirmation to the PB
PB will advise if they do not match and will ensure is corrected immediately
Makor middle office is also following the trades throughout the day on the PB’s online portal
T+0 reconciliations to make sure all fully reconciled at end of day
FX PBs are RBS and BNP Paribas
We are considered an FXI (FX Intermediary)
FX Products traded:
- Spot (can be done electronic)
- Forward
- Swap
- Option
- Exotic Option
All institutional clients
Our commission is the spread
7
MAKOR SECURITIES ACTIVITIES/PRODUCTS
EQUITY DERIVATIVES
Listed derivatives
Client/counterparty sends us an order and we find the other side with liquidity providers
Essentially it is an inter-dealer broker business
Makor acts as an introducing broker, the clients are not considered clients of Makor for derivatives trading activity.
Clearing houses have the direct relationship with the client
Makor has no clearing accounts themselves
We cross only via VANTAGE
Products traded currently (listed)
- Single Stock Options and Futures
- Futures Indices via Vantage or Newedge
- Option Indices
- Single Stock Delta 1 Futures via Vantage or Newedge
- ETF Options
- Dividend Futures in Indices and single stock TRF on Index
No presence in Asia or Asian markets
Orders can be received from Paris and London
Trading is done directly into client accounts at whichever clearing banks
All clients sign give-up agreements authorizing makor as an execution agent
8
MAKOR SECURITIES ACTIVITIES/PRODUCTS
FIXED INCOME
9
MAKOR SECURITIES ACTIVITIES/PRODUCTS
Future Plans: Organised Trading Facility (OTF)
Makor Securities is planning on applying to operate an OTF
Commercial Rationale
1. Circumstances have evolved in the marketplace since Makor made its case as to whether MiFID II and supporting ESMA guidance necessitated
authorisation as an OTF – in short, a notable cross-section of the foremost liquidity providing ‘bulge bracket’ are not willing to trade with Makor unless it
establishes an OTF
a. JPM have ceased trading entirely also for listed products
b. All Bank counterparties have ceased trading EFP’s
c. US banks have ceased trading OTC products entirely
2. This is materially affecting our revenues and overall business
3. Additionally we are in the process of designing and building an EFP (exchange for physical) electronic matching business.
a. Even though a typical EFP trade is reported on exchange i.e. the future is sold for a basket of stocks and the trade is done on exchange, many bulge
bracket counterparties hold that an EFP is an OTC security
b. The individual stocks in an EFP can be exchanged OTC
OTC Example products below that we can’t trade at all or are severely restricted
EFP’s (Exchange for Physical)
Equity index futures and single stock futures:
- CASH CLOSE
- ROLLS,
- TOTAL RETURN SWAPS
Variance SWAPS; Volatility SWAPS
Dividend Index SWAPS
Option strategies example Spread, Calendar, Vertical
Light Exotic Options eg Call vs Call Basket
Exotic Options
10
MAKOR AWARDS
Makor’s unwavering dedication and commitment to its clients has been rewarded with Extel Surveys.
Makor provides differentiating in-depth research coverage on companies involved in Global Mergers and Acquisitions.
1 1 2
2016 2017 2014
11
REGULATION
• Makor Securities London Limited (MSLL) is authorized and regulated by the Financial Conduct Authority (FCA) with registration number 625054
https://register.fca.org.uk/
• MSLL Paris is the FCA regulated branch and MSLL Gibraltar is in the process of being registered with the FCA and Gibraltar FSC
• Oscar Gruss and Son Inc (OG) is authorized and regulated by the Financial Industry Regulatory Authority (FINRA) with CRD # 2091, SEC # 22371
https://brokercheck.finra.org/firm/summary/2091
• Makor Capital Markets (Switzerland) is registered with the Swiss Financial Markets Supervisory Authority (FINMA) as an authorised representative
office of MSLL
• MSLL and OG are registered as Introducing brokers with the National Futures Association (NFA)
12
GROUP STRUCTURE
Makor Capital Ltd Makor Capital Markets SA Makor Partners Ltd Makor Ventures Pte Ltd
— Israel — — Switzerland — — UK — — Singapore —
Oscar Gruss & Son Inc Makor Securities London Ltd Digital Crypto Group Ltd
— US — — UK — — UK —
13
GROUP COMPANY DETAILS
Tel: +44 20 7290 5777 Tel: +1 212 514 2400 Tel: +972 3 545 3777
14
CONTACT
www.makor-capital.com