DEALS: Company will cater to stock day-traders

New York --- Two brokerage companies that cater to active traders are joining forces to create a company that will be a large player in the day-trading business. In the deal announced Thursday, Schonfeld & Co., the retail trading unit of closely held Schonfeld Group Holdings, will merge with Lightspeed Professional Trading, a unit of Lightspeed Holdings. The transaction will create a company that will operate under the Lightspeed name, with about 680 active trading accounts, $250 million in customer assets and generating about 100,000 trades a day. Terms of the deal weren't disclosed, but New York-based Schonfeld Group will be a major shareholder in Lightspeed Holdings.