Two Day-Trading Firms to Merge

Schonfeld & Co., the retail-trading unit of closely held Schonfeld Group Holdings, will merge with Lightspeed Professional Trading, a unit of Lightspeed Holdings. The combined company 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 weren't disclosed, but New York-based Schonfeld Group will be a major shareholder in Lightspeed Holdings.

The deal is expected to be completed this year.