<PAGE>

 
                               SERVICE AGREEMENT                   Exhibit 10.44
 
                             Dated 19th, July 1995


PARTIES

     (1)  INDEX FOREX LIMITED whose registered office is at 11 Old Jewry, London
          EC2R 8DU (the "Company"); and

     (2)  MR. GRAHAM WELLESLEY of 38 Santos Road, London SW18 1MS (the
          "Executive")  SIMON DRABBLE, LORENZO NALDINI

1.   INTERPRETATION

     In this Agreement:-

     (a)  the "Board" means the board of directors of the Company;
     (b)  the "Commencement Date" means the ___ day of
          _______________ 1995;

     (c)  the "Group" means:

          (i)  the Company;

          (ii) the Company's holding company (if any);

          (iii)any other subsidiary of the Company or the Company's holding
               Company; and

          (iv) any other company in which the Company is interested and whose
               name is notified to the Executive by the Company as being a
               member of the Group

          and (where the context so admits) includes any member of the Group.
          For this purpose "holding company" and "subsidiary' have the meanings
          given to them by section 736, 736A and 736B of the companies Act 1985;

     (d)  "Net Income of the Company" means 50% (fifty per cent) of the gross
          income of the Company resulting from business undertaken by the Team
          (including introductory commissions from Index Futures Group, Inc.)
          less 50% (fifty percent) of the costs incurred by the Company in
          supporting the Team including, for the avoidance of doubt, the items
          and the indicative costs set out at Appendix 1 and trading errors and
          unpaid debts of the Team's clients.

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     (e)  the "Team" means Simon Drabble, Graham Wellesley and Lorenzo Naldini
          and such other persons as may be agreed from time to time by the
          parties.

     (f)  the "Termination Date" means the date on which the Executive's
          employment under this Agreement ceases;

     (g)  reference to any statutory provision includes a reference to that
          provision as amended, extended or reenacted and to any statutory
          replacement thereof (either before or after the date of this
          Agreement).

2.   APPOINTMENT, TERM AND CONTINUITY

     (a)  Subject to the provisions of this Agreement, the Executive is
          appointed and shall serve the Company as a Director from the
          Commencement Date until his employment is terminated by either party
          giving to the other not less than (three months') notice expiring at
          any time.

     (b)  The Executive's period of continuous employment with the Company for
          the purposes of the Employment Protection (Consolidation) Act 1978
          commenced on _________________ 1995.

3.   REMUNERATION

     (a)  The Executive shall be entitled to a commission share of the Net
          Income of the Company, his proportion of such commission to be
          determined by agreement with the other members of the Team and
          notified to the Company in writing.

     (b)  The Company shall pay the Executive as draw against commissions to be
          earned under sub-clause (a) above at the rate of US$8,565 per month or
          at such other rate as the Board may from time to time decide.  Such
          draw shall be paid monthly in arrears on the last working day in every
          month and shall be repayable by deduction from the commission share
          due in future quarters to the Executive pursuant to (C) below if the
          commission earned by the Team under (a) above are less than US$25,695
          in aggregate in any month or on average over any quarterly period
          Provided That the draw against commissions paid to the executive in
          the first three months of his employment shall not be repayable if the
          commissions earned by the Team under (a) above are less than US$25,695
          in aggregate in any of those three months or on average over such
          period.

     (C)  50% (fifty per cent) of the commission share of the Executive under
          (a) above shall be payable quarterly in arrears after deduction of any
          draw against commission

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          under (b) above with the balance of such commission share being
          payable at the Company's financial year end.

4.   EXPENSES

     The Company shall reimburse the Executive all reasonable out of pocket
     expenses properly incurred by him on the Company's business and evidenced
     to the Company's reasonable satisfaction provided that such expenses shall
     not exceed such amounts as may be agreed from time to time unless approved
     in advance.

5.   DUTIES

     (a)  The Executive shall act as a broker in spot and forward foreign
          exchange in the inter-bank market and as a introducer of clients to
          other Group companies in relation to on-exchange futures and options
          broking and clearing business.  The Executive shall also perform such
          other duties and exercises such powers as are consistent with his
          appointment and as are from time to time given to him by the Board and
          shall use his best endeavors to further the interests of the Group.
          The Executive shall comply with all policies and directives of the
          Board and the rules of the Securities and Futures Authority Limited
          ("SFA") and in particular personal account dealing and other
          regulatory notices and requirements in compliance with the SFA rules.

     (b)  Without prejudice to sub-clause (a) the Executive shall at all times
          keep the Board fully informed of his conduct of his duties on behalf
          of the Company and, as the case may be, of any other member of the
          Group when appropriate and shall promptly provide such information and
          explanations as may be requested from time to time by the Board.

     (c)  The Executive's normal working hours shall be (7:30 a.m. to 5:30 p.m.)
          on Mondays to Fridays inclusive with one hour for lunch and he shall
          devote such further time as may be necessary for the proper
          performance of his duties.  Pressure of work may well necessitate that
          longer hours are worked.

     (d)  The company may require the Executive to perform his duties anywhere
          within or outside the United Kingdom in the ordinary course of his
          duties.

     (e)  During his employment the Executive shall not, except with the prior
          written consent of the Board, be directly or indirectly engaged,
          concerned or interested in any other business or occupation provided
          that he may hold and/or be interested in (for the purpose of

                
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          investment only and not exceeding one per cent of the issued share
          capital of any company) any securities listed on a recognized stock
          exchange or dealt in on any public securities market.

     (f)  There shall be no obligation on the Company to vest in or assign to
          the Executive any powers or duties or to provide any work for him, and
          the Company may at any time or from time to time during any period of
          notice as specified in clause 2(a) (or in circumstances in which it
          reasonably believes that the Executive is guilty of misconduct or in
          breach of this Agreement, in order that the circumstances giving rise
          to that belief may be investigated) suspend the executive from the
          performance of his duties or exclude him from any premises of the
          Company and need not give any reason for so doing.  During such
          suspension or exclusion the Company may require the Executive to be
          available by telephone during normal working hours.  Salary and other
          benefits will not cease to be payable by reason only of such
          suspension or exclusion.

6.   HOLIDAYS

     (a)  In addition to public holidays the Executive shall be entitled to (25)
          working days' paid holiday in each calendar year which shall be taken
          at such time or times as may be agreed between the Executive and the
          Board.  Holiday entitlement during each of the first and last calendar
          years of employment shall be in direct proportion (to the nearest day)
          to the length of the Executive's service during such year.  The
          Executive shall have no claim against the Company if he does not take
          his full holiday entitlement and holiday not taken in one calendar
          year may not be carried forward in whole or in part to a subsequent
          calendar year.

     (b)  Reasonable notice of proposed holiday dates must be given by the
          Executive and the dates agreed with the Board.  No holiday may be
          taken by the Executive after notice to terminate the Executive's
          employment has been given.  On termination of his employment the
          Executive shall be entitled to remuneration in lieu of any outstanding
          holiday entitlement and the Company shall have the right to make an
          appropriate deduction from his final remuneration in respect of any
          excess holiday taken by the Executive.

     (c)  The retirement age of the Executive shall be 65.

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7.   SECRECY

     (a)  The Executive shall not (except in the proper course of his duties
          hereunder), either before or after the Termination Date, make use of
          or divulge to any person, and shall use his best endeavors to prevent
          the publication or disclosure of, any trade secret or any other
          private, confidential or secret information concerning the business or
          finances of the Group or any of its dealings, transaction or affairs
          or concerning any third party with which the Group has dealt and all
          notes, memoranda and other records of such trade secrets or
          information made or received by the Executive during the course of his
          employment hereunder shall be the property of the Company and shall be
          surrendered by him to someone duly authorized on their behalf at the
          termination of his employment with the Company or at the request of
          the Board at any time during the course of his employment.  In this
          Agreement confidential information includes, but is not limited to,
          the following:

          (i)  information relating to the Group's clients, prospective clients,
               persons to whom the Group has made presentations and for whom
               quotations have been prepared, and the requirements of such
               persons in terms of the Group's business or services;

          (ii) information relating to the Group's suppliers, agents and
               distributors;

          (iii)information relating to intellectual property in which the Group
               has an interest, the marketing of the Group's products and
               services and the fee arrangements in force between the Group and
               its clients.

     (b)  Whenever requested to do so by the Company, and in any event upon
          termination of his employment with the Company, the Executive shall
          hand over to the Company all models, equipment, documents and records
          (including all computer software and programs), and other things in
          his possession or control which relate to the business or affairs of
          the Group or of any third party with which the group has had dealings
          and no copies shall be retained by him.  As between the company and
          the Executive all such documents and records are deemed to be the
          property of the Company.

     (c)  The restrictions in sub-clause (a) shall cease to apply to information
          or knowledge which may (otherwise than through the Executive's fault)
          become available to the public.

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     (d)  These obligations are in addition to and not in submission for any
          obligations imposed upon the Executive by law or otherwise.

8.   RESTRICTIONS

     (a)  The Executive shall not at any time during a period of six months
          after the Termination Date and in material competition with any
          business carried on by the Company or any other member of the Group at
          the Termination Date solicit the custom of or deal with any person,
          firm or company which was a client of or a prospective client of
          material importance to the Company or any other member of the Group
          and with whom the Executive had communicated or associated to any
          material extent in the course of his employment during the twelve
          months preceding the Termination Date unless the Company ceases to
          carry on inter-bank foreign business.

     (b)  The Executive shall not at any time after the Termination Date
          represent himself or cause or permit himself to be represented as
          being in any way connected with the Group.

     (c)  The Executive shall be bound by the following restrictions in respect
          of any employee of the Group who is an employee of the Company or any
          other member of the Group at the Termination Date or at any time
          during the preceding twelve months in an executive, managerial,
          technical or sales capacity-

          (i)  the Executive shall not at any time during a period of six months
               from the Termination Date employ or offer to any such employee
               any alternative employment or attempt in any way to persuade any
               such employee to enter any alternative employment or to leave the
               employment of the Group.

          (ii) the Executive shall during a period of six months from the
               Termination Date use his best endeavors to prevent any person,
               firm or company with whom he may be engaged or connected from
               employing or offering to any such employee any alternative
               employment or from attempting in any way to persuade any such
               employee to enter into any alternative employment or to leave the
               employment of the Group.

     (d)  The Executive acknowledges that in all the circumstances of this
          Agreement (including, but not limited to, the remuneration payable to
          the Executive hereunder) the restrictions and provisions herein
          contained are reasonable and necessary for the

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          protection of the Group's legitimate business interests and he further
          acknowledges that, having regard to those circumstances, such
          restrictions and provisions do not work harshly on him.

     (e)  Notwithstanding sub-clause (d), the parties agree that the covenants
          set out in this clause shall be separate and severable and enforceable
          accordingly and, if any of the above periods of six months following
          the Termination Date referred to in sub-clauses (a), (b) and (c) shall
          be adjudged to go beyond what is reasonable in all the circumstances
          for the protection of the Group, a period or periods of three months
          following the termination Date shall be submitted thereof.

     (f)  The undertakings in this clause shall cover all actions by the
          Executive in whatever capacity and whether directly or indirectly
          through or with any third party, agent, company, partnership,
          employee, employer, associate (within the meaning of section 435 of
          the Insolvency Act 1985) or trust which if done by him personally
          would breach the provisions of this clause.

     (g)  These obligations are in addition to and not in substitution for any
          obligations imposed upon the Executive by law or otherwise.

9.   INJUNCTIVE RELIEF FOR SECRECY AND RESTRICTIONS

     The Executive acknowledges that the Company will have no adequate remedy at
     law if the Executive violates the terms of the provisions of either of
     clauses 7 ("Secrecy") or 8 ("Restrictions") above.  In the event of any
     such violation, the Company shall have the right, in addition to and
     without prejudice to any other rights it may have, to obtain in any court
     of competent jurisdiction injunctive relief of or specific performance to
     restrain any breach or threatened breach of this Agreement.

10.  DISCIPLINARY AND GRIEVANCE PROCEDURE

     In the execution of his duties the Executive shall conduct
     himself in a manner befitting his appointment hereunder.  If the Executive
     is dissatisfied with any disciplinary decision or wishes to seek redress
     for any grievance relating to his employment he shall refer it to Charles
     Romilly whose decision shall be final.

11.  TERMINATION

     (a)  The Executives' employment may be terminated by the Company forthwith
          by notice if:-

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     (i)  he makes any arrangement or composition with his creditors generally
          or there are grounds under section 267 if the Insolvency Act 1986 for
          the presentation of a credit's petition for a bankruptcy order to be
          made against him or an interim receiver of his property is appointed
          under section 286 of that Act;

     (ii) he is convicted of a criminal offense as a result of which he is
          sentenced to a term of imprisonment;

     (iii)he commits any serious breach of his obligations to the Company;

     (iv) having committed any breach of his obligations to the Company he fails
          to rectify such breach (if reasonably capable of rectification) or
          commits a further or continuing breach after warning by the Company;

     (v)  his conduct is in the opinion of the Board prejudicial to the
          interests of the Group.  The Board may take into account a conviction
          for any criminal offense not covered by sub-clause (ii) ;

     (vi) being a director of any company in the Group he resigns his
          directorship or become prohibited by law from being a director;

     (vii)he becomes of unsound mind or becomes a patient under the Mental
          Health Act 1983;

     (viii)by reason of ill health or incapacity he is prevented from performing
          his duties for periods which have exceeded (or in the reasonable
          estimation of the Board are likely to exceed) in aggregate twenty-six
          weeks in any twelve month period.

     (xi) he ceases to be authorised to conduct investment business in the
          United Kingdom.

     (b)  Upon termination of his employment howsoever arising the Executive
          shall resign without claim for compensation from all directorships and
          other offices within the Group and should he fail to do so the Company
          is hereby irrevocably authorized by the Executive to appoint some
          person in his name and on his behalf as his attorney to sign any
          documents and do all things necessary or requisite to give effect
          thereto.

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     (c)  Upon the termination of the Executive's employment for whatever reason
          the Company will be entitled to deduct from any payments then due or
          becoming due to the Executive (whether in respect of any period before
          such termination or not) any moneys which may then be or become due or
          may become due thereafter from the Executive to the Company or any
          other member of the Group.

     (d)  If the Executive's employment shall be terminated by reason only of
          the liquidation of the Company for the purpose of amalgamation or
          reconstruction and the Executive shall be offered employment with any
          concern or undertaking resulting from such amalgamation or
          reconstruction on terms no less favorable than the terms of this
          Agreement the Executive shall have no claim against the Company in
          respect of the termination of his employment hereunder.

12.  NOTICES

     All notices under this Agreement shall be in writing. Notices to the
     Company may be given by the Executive either personally to Charles Romilly
     or by prepaid first class letter, facsimile or telex addressed to the
     Company at its registered office for the time being.  Notices to the
     Executive may be given by the Company either personally or by prepaid first
     class letter, facsimile or telex addressed to the Executive at his last
     known address or his place of work.  Any such notice unless given
     personally shall be deemed, if given by letter, to have been served 48
     hours from the time of posting and in proving service by post it shall be
     sufficient to show that the letter was properly addressed and posted in
     accordance with the provisions of this clause and, if given by facsimile or
     telex, to have been served at the time it is transmitted if transmitted
     between 9:00 a.m. and 5:30 p.m. London time on a business day or, if not so
     transmitted, at 9:00 a.m. London time on the first business day thereafter.
     In proving service by facsimile or telex it shall be sufficient to show
     that the transmission was properly made and that the transmitting device
     was connected to a device with a facsimile or telex telephone number
     reasonably believed to be that of the party to be served.

13f  PREVIOUS AGREEMENTS

     (a)  This Agreement supersedes any previous agreement (whether written,
          oral or implied) between any member of the Group and the Executive
          relating to his employment which, without prejudice to his right to
          receive sums accrued due thereunder, shall be void from the
          Commencement Date.

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     (b)  The Executive acknowledges and warrants that there are no agreements
          or arrangements, whether oral, written or implied, between any member
          of the Group and the Executive other than those expressly set out in
          this Agreement and that he is not entering into this Agreement in
          reliance on any representation not expressly set out herein.

14.  GOVERNING LAW

     This Agreement shall be governed by and construed in accordance with
     English law and the Executive hereby irrevocably agrees for the exclusive
     benefit of the Company that the English Courts are to have jurisdiction to
     settle any disputes which may arise out of or in connection with this
     Agreement.

EXECUTED (in the case of the Executive as a deed) on the date appearing at the
beginning of this document.


SIGNED by
the duly authorized representative of 
THE COMPANY in the presence of:



Witness:



SIGNED AND DELIVERED as a deed by 
THE EXECUTIVE in the presence of:



Witness:

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                                   Appendix 2
<TABLE>
<CAPTION>
 
<S>                            <C>       
Agreed Fixed Overheads
Staff Costs
Graham Wellesley               $  8,565
Simon Drabble                     8,565
Lorenzo Naldini                   8,565
Alex (Assistant)                  4,280
Settlements                       5,900
Treasurer                         5,900
Inputter                          1,000
                                 42,775
Medical Insurance                   ?
Subsistence
Recruitment & Training              300
                                    300
Marketing
Advertising                       2,500
Printing                            ?
Entertaining                      1,500
Travel                            1,500
Postage & Stationary              1,500
                                  7,000
IT
Data Processing                   3,000
Information Services              8,250   2 Reuters 2000 &
                                          2 Reuters 2000 Dealers
Depreciation/Fixed writeoff         ?
Tullett & Tokyo Broker Box        4,500
                                 15,750
 
Premises Cost
Rent, Rates, Services etc.        4,700   (1,020 Square feet @ 37
                                  4,700   Lombard Street)
Other Expenses
Subscriptions                       410   (SFA)
Telecoms                          2,000
Audit & Accounting                1,000
Legal & professional              2,000
Insurance                           500
Bank Charges                      1,000
Sundries                          1,000
Irrevocable VAT                     ?
                                  7,910
Errors                              ?
Cost of Capital                  20,400
Total Overhead                   98,635
Less draws                      (25,695)
                                 73,140
Bonus escrow                   $124,530
</TABLE>

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