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Merger Rumor

Traders Magazine, January 1998

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.

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