Document:

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                                                                     Exhibit 4.7
                                                                     -----------

                   [Letterhead of Maxcor Financial Group Inc.]

                                                   March 30, 2000

Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, NW
Washington, D.C.  20549

Dear Sirs or Madams:

      This will confirm that Maxcor Financial Group Inc. (the "Company") will
furnish to the Securities and Exchange Commission upon request a copy of the
following Note:

      (i)   Secured Promissory Note, dated December 10, 1997 issued by Euro
            Brokers Inc. to General Electric Capital Corporation.

      The amount of the foregoing Note does not exceed 10% of the total assets
of the Company and its subsidiaries on a consolidated basis.

                                    Very truly yours,

                                    /s/ Roger E. Schwed<PAGE>

                                                                    Exhibit 10.6
                                                                    ------------

                           MAXCOR FINANCIAL GROUP INC.
                             1996 STOCK OPTION PLAN
                             ----------------------

1. Purpose; Types of Awards; Construction.

            The purpose of the Financial Services Acquisition Corporation 1996
Stock Option Plan (the "Plan") is to align the interests of executive officers,
other key employees and nonemployee directors of Financial Services Acquisition
Corporation and its subsidiaries with those of the stockholders of Financial
Services Acquisition Corporation, to afford an incentive to such officers,
employees and directors to continue as such, to increase their efforts on behalf
of the Company and to promote the success of the Company's business. To further
such purposes, the Committee may grant options to purchase shares of the
Company's common stock. The provisions of the Plan are intended to satisfy the
requirements of Section 16(b) of the Securities Exchange Act of 1934 and of
Section 162(m) of the Internal Revenue Code of 1986, and shall be interpreted in
a manner consistent with the requirements thereof, as now or hereafter
construed, interpreted and applied by regulations, rulings and cases.

2. Definitions.

            As used in this Plan, the following words and phrases shall have the
meanings indicated below:

                  (a) "Agreement" shall mean a written agreement entered into
between the Company and an Optionee in connection with an award under the Plan.

                  (b) "Board" shall mean the Board of Directors of the Company.

                  (c) "Cause," when used in connection with the termination of
an Optionee's employment by the Company or the cessation of an Optionee's
service as a member of the Board, shall mean (i) the conviction of the Optionee
for the commission of a felony, (ii) the willful and continued failure by the
Optionee substantially to perform his duties and obligations to the Company or a
Subsidiary (other than any such failure resulting from his incapacity due to
physical or mental illness), or (iii) the willful engaging by the Optionee in
misconduct that is demonstrably injurious to the Company or a Subsidiary. For
purposes of this Section 2(c), no act, or failure to act, on an Optionee's part
shall be considered "willful" unless done, or omitted to be done, by the
Optionee in bad faith and without reasonable belief that his action or omission
was in the best interest of the Company. The Committee shall determine whether a
termination of employment is for Cause for purposes of the Plan.

As amended through 3/16/00

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                  (d) "Change in Control" shall mean the occurrence of the event
set forth in any of the following paragraphs:

                        (i) any Person (as defined below) is or becomes the
      beneficial owner (as defined in Rule 13d-3 under the Securities Exchange
      Act of 1934, as amended), directly or indirectly, of securities of the
      Company (not including in the securities beneficially owned by such Person
      any securities acquired directly from the Company or its subsidiaries)
      representing 50% or more of the combined voting power of the Company's
      then outstanding securities; or

                        (ii) the following individuals cease for any reason to
      constitute a majority of the number of directors then serving: individuals
      who, on the date hereof, constitute the Board and any new director (other
      than a director whose initial assumption of office is in connection with
      an actual or threatened election contest, including but not limited to a
      consent solicitation, relating to the election of directors of the
      Company) whose appointment or election by the Board or nomination for
      election by the Company's stockholders was approved or recommended by a
      vote of at least two-thirds (2/3) of the directors then still in office
      who either were directors on the date hereof or whose appointment,
      election or nomination for election was previously so approved or
      recommended; or

                        (iii) there is consummated a merger or consolidation of
      the Company or a direct or indirect subsidiary thereof with any other
      corporation, other than (A) a merger or consolidation which would result
      in the voting securities of the Company outstanding immediately prior to
      such merger or consolidation continuing to represent (either by remaining
      outstanding or by being converted into voting securities of the surviving
      entity or any parent thereof), in combination with the ownership of any
      trustee or other fiduciary holding securities under an employee benefit
      plan of the Company, at least 50% of the combined voting power of the
      securities of the Company or such surviving entity or any parent thereof
      outstanding immediately after such merger or consolidation, or (B) a
      merger or consolidation effected to implement a recapitalization of the
      Company (or similar transaction) in which no Person is or becomes the
      beneficial owner, directly or indirectly, of securities of the Company
      (not including in the securities beneficially owned by such Person any
      securities acquired directly from the Company or its subsidiaries)
      representing 50% or more of the combined voting power of the Company's
      then outstanding securities; or

                        (iv) the stockholders of the Company approve a plan of
      complete liquidation or dissolution of the Company or there is consummated
      an agreement for the sale or disposition by the Company of all or
      substantially all of the Company's assets, other than a sale or
      disposition by the Company of all or substantially all of the Company's
      assets to an entity, at least 50% of the combined voting power of the
      voting securities of which are owned by Persons in

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      substantially the same proportions as their ownership of the Company
      immediately prior to such sale.

            For purposes of this Section 2(d), "Person" shall have the meaning
given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof, except that such term shall not include (i) the Company
or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its subsidiaries, (iii)
an underwriter temporarily holding securities pursuant to an offering of such
securities, or (iv) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company.

                  (e) "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time.

                  (f) "Committee" shall mean a committee established by the
Board to administer the Plan.

                  (g) "Common Stock" shall mean shares of common stock, par
value $.001 per share, of the Company.

                  (h) "Company" shall mean Financial Services Acquisition
Corporation, a corporation organized under the laws of the State of Delaware, or
any successor corporation.

                  (i) "Disability" shall mean an Optionee's inability to perform
his duties with the Company or on the Board by reason of any medically
determinable physical or mental impairment, as determined by a physician
selected by the Optionee and acceptable to the Company.

                  (j) "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended from time to time, and as now or hereafter construed,
interpreted and applied by regulations, rulings and cases.

                  (k) "Fair Market Value" per share as of a particular date
shall mean (i) if the shares of Common Stock are then listed on a national
securities exchange, the closing sales price per share of Common Stock on the
national securities exchange on which the Common Stock is principally traded for
the last preceding date on which there was a sale of such Common Stock on such
exchange, or (ii) if the shares of Common Stock are then traded in an
over-the-counter market, the average of the closing bid and asked prices for the
shares of Common Stock in such over-the-counter market for the last preceding
date on which there was a sale of such Common Stock in such market, or (iii) if
the shares of Common Stock are not then listed on a national securities exchange
or traded in an over-the-counter market, such value as the Committee, in its
sole discretion, shall determine.

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                  (l) "Incentive Stock Option" shall mean any option intended to
be and designated as an incentive stock option within the meaning of Section 422
of the Code.

                  (ll) "Nonemployee Director" shall mean a member of the Board
who is not an employee of the Company.

                  (m) "Nonqualified Option" shall mean an Option that is not an
Incentive Stock Option.

                  (n) "Option" shall mean the right, granted hereunder, to
purchase shares of Common Stock. Options granted by the Committee pursuant to
the Plan may constitute either Incentive Stock Options or Nonqualified Stock
Options.

                  (o) "Optionee" shall mean a person who receives a grant of an
Option.

                  (p) "Option Price" shall mean the exercise price of the shares
of Common Stock covered by an Option.

                  (q) "Parent" shall mean any company (other than the Company)
in an unbroken chain of companies ending with the Company if, at the time of
granting an Option, each of the companies other than the Company owns stock
possessing fifty percent (50%) or more of the total combined voting power of all
classes of stock in one of the other companies in such chain.

                  (r) "Plan" shall mean this Financial Services Acquisition
Corporation 1996 Stock Option Plan, as it may be amended from time to time.

                  (s) "Retirement" shall mean the retirement of an Optionee in
accordance with the terms of any tax-qualified retirement plan maintained by the
Company or a Subsidiary in which the Optionee participates. If the Optionee is
not a participant in such a plan, such term shall mean the termination of the
Optionee's employment or cessation of the Optionee's service as a member of the
Board, other than by reason of death, Disability or Cause on or after attainment
of the age of 65.

                  (t) "Rule 16b-3" shall mean Rule 16b-3, as from time to time
in effect, promulgated by the Securities and Exchange Commission under Section
16 of the Exchange Act, including any successor to such Rule.

                  (u) "Subsidiary" shall mean any company (other than the
Company) in an unbroken chain of companies beginning with the Company if, at the
time of granting an Option, each of the companies other than the last company in
the unbroken

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chain owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other companies in such
chain.

                  (v) "Ten Percent Stockholder" shall mean an Optionee who, at
the time an Incentive Stock Option is granted, owns (or is deemed to own
pursuant to the attribution rules of Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or any Parent or Subsidiary.

3. Administration.

            The Plan shall be administered by the Committee, the members of
which shall, except as may otherwise be determined by the Board, be "nonemployee
directors" under Rule 16b-3 and "outside directors" under Section 162(m) of the
Code.

            The Committee shall have the authority in its discretion, subject to
and not inconsistent with the express provisions of the Plan, to administer the
Plan and to exercise all the powers and authorities either specifically granted
to it under the Plan or necessary or advisable in the administration of the
Plan, including, without limitation, the authority to grant Options; to
determine which Options shall constitute Incentive Stock Options and which
Options shall constitute Nonqualified Stock Options; to determine the purchase
price of the shares of Common Stock covered by each Option; to determine the
persons to whom, and the time or times at which awards shall be granted; to
determine the number of shares to be covered by each award; to interpret the
Plan; to prescribe, amend and rescind rules and regulations relating to the
Plan; to determine the terms and provisions of the Agreements (which need not be
identical) and to cancel or suspend awards, as necessary; and to make all other
determinations deemed necessary or advisable for the administration of the Plan.

            The Committee may delegate to one or more of its members or to one
or more agents such administrative duties as it may deem advisable, including
delegating to one or more of the Company's management employees the authority to
grant Options to employees who are not "insiders" for purposes of Section 16 of
the Exchange Act and who are not "covered employees" for purposes of Section
162(m) of the Code, and the Committee or any person to whom it has delegated
duties as aforesaid may employ one or more persons to render advice with respect
to any responsibility the Committee or such person may have under the Plan. The
Board shall have sole authority, unless expressly delegated to the Committee, to
grant Options to Nonemployee Directors. All decisions, determination and
interpretations of the Committee shall be final and binding on all Optionees of
any awards under this Plan.

            The Board shall have the authority to fill all vacancies, however
caused, in the Committee. The Board may from time to time appoint additional
members to the Committee, and may at any time remove one or more Committee
members. One member of the Committee shall be selected by the Board as chairman.
The Committee shall hold

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its meetings at such times and places as it shall deem advisable. All
determinations of the Committee shall be made by a majority of its members
either present in person or participating by conference telephone at a meeting
or by written consent. The Committee may appoint a secretary and make such rules
and regulations for the conduct of its business as it shall deem advisable, and
shall keep minutes of its meetings.

            No member of the Board or Committee shall be liable for any action
taken or determination made in good faith with respect to the Plan or any award
granted hereunder.

4. Eligibility.

            Awards may be granted to executive officers and other key employees
of the Company, EBIC and their Subsidiaries, including officers and directors
who are employees, and to Nonemployee Directors. In determining the persons to
whom awards shall be granted and the number of shares to be covered by each
award, the Committee shall take into account the duties of the respective
persons, their present and potential contributions to the success of the Company
and such other factors as the Committee shall deem relevant in connection with
accomplishing the purpose of the Plan.

5. Stock.

            The maximum number of shares of Common Stock reserved for the grant
of awards under the Plan shall be 1,800,000, subject to adjustment as provided
in Section 9 hereof. Such shares may, in whole or in part, be authorized but
unissued shares or shares that shall have been or may be reacquired by the
Company.

            If any outstanding award under the Plan should for any reason
expire, be cancelled or be forfeited without having been exercised in full, the
shares of Common Stock allocable to the unexercised, cancelled or terminated
portion of such award shall (unless the Plan shall have been terminated) become
available for subsequent grants of awards under the Plan.

            In no event may an Optionee be granted during any calendar year an
Option to acquire more than 500,000 shares of Common Stock.

6. Terms and Conditions of Options.

            Each Option granted pursuant to the Plan shall be evidenced by an
Agreement, in such form and containing such terms and conditions as the
Committee shall from time to time approve, which Agreement shall comply with and
be subject to the following terms and conditions, unless otherwise specifically
provided in such Option Agreement:

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                  (a) Number of Shares. Each Option Agreement shall state the
number of shares of Common Stock to which the Option relates.

                  (b) Type of Option. Each Option Agreement shall specifically
state that the Option constitutes an Incentive Stock Option or a Nonqualified
Stock Option.

                  (c) Option Price. Each Option Agreement shall state the Option
Price, which shall not be less than one hundred percent (100%) of the Fair
Market Value of the shares of Common Stock covered by the Option on the date of
grant unless, with respect to Nonqualified Stock Options, otherwise determined
by the Committee. The Option Price shall be subject to adjustment as provided in
Section 9 hereof. The date as of which the Committee adopts a resolution
expressly granting an Option shall be considered the day on which such Option is
granted, unless such resolution specifies a different date.

                  (d) Medium and Time of Payment. The Option Price shall be paid
in full, at the time of exercise, in cash or in shares of Common Stock then
owned by the Optionee having a Fair Market Value equal to such Option Price or
in a combination of cash and Common Stock or, unless the Committee shall
determine otherwise, by a cashless exercise procedure through a broker-dealer.

                  (e) Exercise Schedule and Period of Options. Each Option
Agreement shall provide the exercise schedule for the Option as determined by
the Committee; provided, however, that, the Committee shall have the authority
to accelerate the exercisability of any outstanding Option at such time and
under such circumstances as it, in its sole discretion, deems appropriate. The
exercise period shall be ten (10) years from the date of the grant of the Option
unless otherwise determined by the Committee; provided, however, that, in the
case of an Incentive Stock Option, such exercise period shall not exceed ten
(10) years from the date of grant of such Option. The exercise period shall be
subject to earlier termination as provided in Sections 6(f) and 6(g) hereof. An
Option may be exercised, as to any or all full shares of Common Stock as to
which the Option has become exercisable, by written notice delivered in person
or by mail to the Secretary of the Company, specifying the number of shares of
Common Stock with respect to which the Option is being exercised.

                  (f) Termination. Except as provided in this Section 6(f) and
in Section 6(g) hereof, an Option may not be exercised unless (i) with respect
to an Optionee who is an employee of the Company, the Optionee is then in the
employ of the Company or a Subsidiary (or a company or a Parent or Subsidiary
company of such company issuing or assuming the Option in a transaction to which
Section 424(a) of the Code applies), and unless the Optionee has remained
continuously so employed since the date of grant of the Option and (ii) with
respect to an Optionee who is a Nonemployee Director, the Optionee is then
serving as a member of the Board or as a member of a board of directors of a
company or a Parent or Subsidiary company of such company

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issuing or assuming the Option. In the event that the employment of an Optionee
shall terminate or the service of an Optionee as a member of the Board shall
cease (other than by reason of death, Disability, Retirement or Cause), all
Options of such Optionee that are exercisable at the time of such termination
may, unless earlier terminated in accordance with their terms, be exercised
within thirty (30) days after the date of such termination or service (or such
different period as the Committee shall prescribe).

                  (g) Death, Disability or Retirement of Optionee. If an
Optionee shall die while employed by the Company or a Subsidiary or serving as a
member of the Board, or within thirty (30) days after the date of termination of
such Optionee's employment or cessation of such Optionee's service (or within
such different period as the Committee may have provided pursuant to Section
6(f) hereof), or if the Optionee's employment shall terminate or service shall
cease by reason of Disability or Retirement, all Options theretofore granted to
such Optionee (to the extent otherwise exercisable) may, unless earlier
terminated in accordance with their terms, be exercised by the Optionee or by
his beneficiary, at any time within one year after the death, Disability or
Retirement of the Optionee (or such different period as the Committee shall
prescribe). In the event that an Option granted hereunder shall be exercised by
the legal representatives of a deceased or former Optionee, written notice of
such exercise shall be accompanied by a certified copy of letters testamentary
or equivalent proof of the right of such legal representative to exercise such
Option. Unless otherwise determined by the Committee, Options not otherwise
exercisable on the date of termination of employment shall be forfeited as of
such date.

                  (h) Other Provisions. The Option Agreements evidencing awards
under the Plan shall contain such other terms and conditions not inconsistent
with the Plan as the Committee may determine, including penalties for the
commission of competitive acts.

7. Nonqualified Stock Options.

            Options granted pursuant to this Section 7 are intended to
constitute Nonqualified Stock Options and shall be subject only to the general
terms and conditions specified in Section 6 hereof.

8. Incentive Stock Options.

            Options granted pursuant to this Section 8 are intended to
constitute Incentive Stock Options and shall be subject to the following special
terms and conditions, in addition to the general terms and conditions specified
in Section 6 hereof. An Incentive Stock Option may not be granted to a
Nonemployee Director.

                  (a) Value of Shares. The aggregate Fair Market Value
(determined as of the date the Incentive Stock Option is granted) of the shares
of Common Stock with respect to which Incentive Stock Options granted under this
Plan

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and all other option plans of any subsidiary become exercisable for the first
time by each Optionee during any calendar year shall not exceed $100,000.

                  (b) Ten Percent Stockholder. In the case of an Incentive Stock
Option granted to a Ten Percent Stockholder, (i) the Option Price shall not be
less than one hundred ten percent (110%) of the Fair Market Value of the shares
of Common Stock on the date of grant of such Incentive Stock Option, and (ii)
the exercise period shall not exceed five (5) years from the date of grant of
such Incentive Stock Option.

9. Effect of Certain Changes.

                  (a) In the event of any extraordinary dividend, stock
dividend, recapitalization, merger, consolidation, stock split or other similar
transactions, each of the number of shares of Common Stock available for awards,
the number of such shares covered by outstanding awards, and the price per share
of Options, as appropriate, shall be equitably adjusted by the Committee to
reflect such event and preserve the value of such awards; provided, however,
that any fractional shares resulting from such adjustment shall be eliminated.

                  (b) Unless otherwise specifically provided in an Agreement,
upon the occurrence of a Change in Control, each Option granted under the Plan
and then outstanding but not yet exercisable shall thereupon become fully
exercisable.

10. Surrender and Exchange of Awards.

            The Committee may permit the voluntary surrender of all or a portion
of any Option granted under the Plan or any option granted under any other plan,
program or arrangement of the Company or any Subsidiary ("Surrendered Option"),
to be conditioned upon the granting to the Optionee of a new Option for the same
number of shares of Common Stock as the Surrendered Option, or may require such
voluntary surrender as a condition precedent to a grant of a new Option to such
Optionee. Subject to the provisions of the Plan, such new Option may be an
Incentive Stock Option or a Nonqualified Stock Option, and shall be exercisable
at the price, during such period and on such other terms and conditions as are
specified by the Committee at the time the new Option is granted.

11. Period During Which Awards May Be Granted.

            Awards may be granted pursuant to the Plan from time to time within
a period of ten (10) years from the date the Plan is adopted by the Board, or
the date the Plan is approved by the shareholders of the Company, whichever is
earlier, unless the Board shall terminate the Plan at an earlier date.

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12. Nontransferability of Awards.

            Except as otherwise determined by the Committee, awards granted
under the Plan shall not be transferable otherwise than by will or by the laws
of descent and distribution, and awards may be exercised or otherwise realized,
during the lifetime of the Optionee, only by the Optionee or by his guardian or
legal representative.

13. Approval of Shareholders.

            The Plan shall take effect upon its adoption by the Board and shall
terminate on the tenth anniversary of such date, but the Plan (and any grants of
awards made prior to the shareholder approval mentioned herein) shall be subject
to the approval of Company's shareholders, which approval must occur within
twelve months of the date the Plan is adopted by the Board.

14. Agreement by Optionee Regarding Withholding Taxes.

            If the Committee shall so require, as a condition of exercise of a
Nonqualified Stock Option (a "Tax Event"), each Optionee who is not a
Nonemployee Director shall agree that no later than the date of the Tax Event,
such Optionee will pay to the Company or make arrangements satisfactory to the
Committee regarding payment of any federal, state or local taxes of any kind
required by law to be withheld upon the Tax Event. Alternatively, the Committee
may provide that such an Optionee may elect, to the extent permitted or required
by law, to have the Company deduct federal, state and local taxes of any kind
required by law to be withheld upon the Tax Event from any payment of any kind
due the Optionee. The withholding obligation may be satisfied by the withholding
or delivery of Common Stock.

15. Amendment and Termination of the Plan.

            The Board at any time and from time to time may suspend, terminate,
modify or amend the Plan; provided, however, that, unless otherwise determined
by the Board, an amendment that requires stockholder approval in order for the
Plan to continue to comply with Rule 16b-3, Section 162(m) of the Code or any
other law, regulation or stock exchange requirement shall not be effective
unless approved by the requisite vote of stockholders. Except as provided in
Section 9(a) hereof, no suspension, termination, modification or amendment of
the Plan may adversely affect any award previously granted, unless the written
consent of the Optionee is obtained.

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16. Rights as a Shareholder.

            An Optionee or a transferee of an award shall have no rights as a
shareholder with respect to any shares covered by the award until the date of
the issuance of a stock certificate to him for such shares. No adjustment shall
be made for dividends (ordinary or extraordinary, whether in cash, securities or
other property) or distribution of other rights for which the record date is
prior to the date such stock certificate is issued, except as provided in
Section 9(a) hereof.

17. No Rights to Employment or Service as a Director.

              Nothing in the Plan or in any award granted or Agreement entered
into pursuant hereto shall confer upon any Optionee the right to continue in the
employ of the Company or any Subsidiary or as a member of the Board or to be
entitled to any remuneration or benefits not set forth in the Plan or such
Agreement or to interfere with or limit in any way the right of the Company or
any such Subsidiary to terminate such Optionee's employment or service. Awards
granted under the Plan shall not be affected by any change in duties or position
of an employee Optionee as long as such Optionee continues to be employed by the
Company or any Subsidiary.

18. Beneficiary.

            An Optionee may file with the Committee a written designation of a
beneficiary on such form as may be prescribed by the Committee and may, from
time to time, amend or revoke such designation. If no designated beneficiary
survives the Optionee, the executor or administrator of the Optionee's estate
shall be deemed to be the Optionee's beneficiary.

19. Governing Law.

            The Plan and all determinations made and actions taken pursuant
hereto shall be governed by the laws of the State of Delaware.

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