Commentary

Traders Magazine Online News

Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

Traders Poll

Is the adoption of electronic trading in fixed income on par of that in the FX sector?




Free Site Registration

February 1, 1998

Merger Rumor

By John A. Byrne

With smaller profit margins hurting the payment-for-order-flow business, some industry experts are waiting for the first big merger among major Nasdaq wholesalers. Already, rumors are swirling on Wall Street that Nasdaq powerhouse Mayer & Schweitzer and Jersey-City based competitor Herzog, Heine, Geduld may merge.

According to sources close to Herzog's trading desk, Mayer is negotiating a purchase of Herzog. The sources said that the acquisition was not imminent, but expected a deal to be completed by year's end.

E.E. "Buzzy" Geduld, president of Herzog, said there was no truth to the rumor. A Mayer spokesman had not returned calls at press time.

A combined Mayer and Herzog would be a formidable giant. Mayer and Herzog were ranked first and second, respectively, in the AutEx year-end rankings of Nasdaq and over-the-counter volume for 1997. Mayer, a New York-based Charles Schwab Corporation affiliate, had an advertised trading volume of 12.4 million shares, according to the AutEx 1997 rankings. Herzog had a 1997 advertised volume of 11.08 million shares.