the smaller players are being squeezed pretty hard,” says Michael Murray, vice president and senior trader at Rice Financial.
By combining Rice Financial’s derivative expertise with Apex’s client roster, the firm hopes to increase its bond underwriting pipeline, while having the acumen to implement municipal derivative products at the initial offering as well as servicing later needs to reduce cost of debt.
“Apex will help us strategically build our derivative business,” Rice says. “We don’t want to participate in the business. We want to be a dominant player.”