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Wall Street firms will have to reduce the size of their operations to abide by new government regulations, but the impact on profit could be less severe than expected as companies rush to reintegrate their most talented employees into different areas.

It is speculated that securities dealer Morgan Stanley will announce a 3% to 4% personnel reduction this month affecting between 1,500 and 1,800 jobs. A possible joint venture between Morgan Stanley and Smith Barney may result in further job losses.

Byline: SUSANNE CRAIG AND AARON LUCCHETTI; WALL STREET JOURNAL STAFF Merrill Lynch & Co. and Morgan Stanley, responding to evaporating profits and public ire over Wall Street's culpability for the [...]

Byline: MATTHEW KARNITSCHNIG, CARRICK MOLLENKAMP, SUSANNE CRAIG AND ANNELENA LOBB; Aaron Lucchetti, Deborah Solomon and Dan Fitzpatrick contributed to this article. The investment bank Lehman Brothers Holdings Inc. spent yesterday [...]

Byline: AARON LUCCHETTI Chicago Mercantile Exchange operator CME Group Inc. moved closer to an agreement to acquire Nymex Holdings Inc., a $9.3-billion (U.S.) deal that expands the CME into energy [...]

Byline: LAURIE P. COHEN AND AARON LUCCHETTI NEW YORK -- A high-profile regulatory case alleging that 14 elite New York Stock Exchange traders cheated investors could hinge on whether the [...]

Byline: AARON LUCCHETTI; WALL STREET JOURNAL STAFF New York Stock Exchange owner NYSE Euronext Inc. is in talks to buy its smaller rival the American Stock Exchange, according to people [...]

Byline: AARON LUCCHETTI NEW YORK -- John Thain led the New York Stock Exchange into the electronic age. Now it is up to his successor, Duncan Niederauer, to figure out [...]

Byline: AARON LUCCHETTI The accounting world has the Big Four. The auto sector had the Big Three. And stock exchanges, once a fragmented industry with dozens of players, may be [...]

The Qatar Investment Authority is in negotiations with Nasdaq Stock Market Inc. to purchase close to a 30% stake in the London Stock Exchange. Although it is unknown how much the Qatar Investment Authority has offered, such a stake would be valued at approximately $1.72 bil. The stake would be reduced to 22% after the LSE concludes its purchase of the exchange firm Borsa Italiana.

The London Stock Exchange PLC is helping Nasdaq Stock Market Inc. sell the 30% stake Nasdaq had built up in LSE from its two failed takeover bids. The stake, valued at $1.69 bil, has not yet attracted any buyers.

Byline: AARON LUCCHETTI It appears that exchange merger-mania isn't over. Nymex Holdings Inc., operator of the New York Mercantile Exchange, late Tuesday acknowledged preliminary merger talks, as the latest phase [...]

Bob Greifeld, chief executive of Nasdaq Stock Market Inc., has announced plans for selling the firm's 31% stake in the UK's London Stock Exchange PLC, currently valued at approximately $1.58 bil. Nasdaq has been attempting to purchase the LSE for more than a year, but offers have been rebuffed by shareholders and management. Nasdaq has agreed to buy Swedish exchange operator OMX AB earlier this year.

Byline: AARON LUCCHETTI, ANDREW CRITCHLOW AND IAN EDMONDSON; Nikhil Lohade and Alistair MacDonald contributed to this article Nasdaq Stock Market Inc. is facing some turbulence as it tries to land [...]

Nasdaq Stock Market Inc. is planning to purchase OMX AB in a cash and stock deal valued at approximately $3.5 bil, or $29.28 per share. The resulting exchange group would be valued at around $7 bil and operate in eight countries.

Germany's Deutsche Borse AG has bid $67.50 per share for International Securities Exchange Holdings Inc. in a deal totaling $2.8 bil. The offer constitutes one of the first bids by a Europe-based exchange operator to obtain a major American operator.

The exchange operator NYSE Euronext opened with stocks closing at $97.55, down approximately 3% on its first day. Priorities include making gains in the US derivatives market.

American investor Samuel Heyman, whose firm owns an 8.8% stake in the London Stock Exchange, is taking a nonagressive approach to Nasdaq's acquisition bid. Nasdaq, which already owns approximately 29% of the London Stock Exchange, needs the support of the London Stock Exchange's board in order to increase its bid.

London Stock Exchange PLC of the United Kingdom has rejected Nasdaq Stock Market Inc. of the United States latest bid offer. The American exchange proposed to purchase the remaining 71 percent of the London Stock Exchange PLC for 12.43 Pounds per share ($23.55). The acquisition would value the London Stock Exchange at 2.7 billion Pounds or $5.1 billion.

The stock exchange Deutsche Borse AG of Germany has withdrawn its merger offer for Euronext N.V. of the Netherlands leaving the way open for NYSE Group Inc. to move in. The move is considered a victory for NYSE Group Inc. and leaves Deutsche Borse AG with its war chest in search of a new acquisition.

The planned merger of the Chicago Board of Trade and Chicago Mercantile Exchange Holdings Inc. is putting pressure on other exchanges in the United States and Europe to pursue their own mergers. The New York Stock Exchange, which previously considered a merger with the Chicago Board of Trade, has agreed to merge with Euronext N.V. , but the deal has yet to be voted on.

Euronext N.V. of the Netherlands posted stellar first half earnings, up 57 percent, with net profit of 193.7 million Euros ($248.4 million) up from 93.4 million Euros last year. The Chief Executive Officer, Jean-Francois Theodore is continuing with merger plans with NYSE Group Inc. of the United States and has been criticized by some shareholders for not considering a rival offer.

Senior executives from Euronext N.V. of the Netherlands and NYSE Group Inc. of the United States are meeting in New York to consolidate their merger. The next move is to take the deal back to their shareholders. Deutsche Boerse AG of Germany has begun wooing large investors to get behind a merger with Euronext N.V.

NYSE Group Inc. of the United States is rounding out a $10.1 billion acquisition bid for Euronext N.V. of the Netherlands. A rival acquisition interest, Deutsche Borse AG of Germany, has not been successful in its bid to be acquired by the United States operator.

Atticus Capital, a nine percent stakeholder in Euronext N.V. of the Netherlands, has indicated it would be open to a merger of the stock exchange with either Deutsche Boerse AG of Germany or NYSE Group Inc. of the United States. Euronext N.V. is currently in negotiations with NYSE Group Inc.

Deutsche Boerse AG of Germany is in acquisition negotiations with Euronext N.V. of the Netherlands even though the Dutch stock exchange is in talks with the New York Stock Exchange. The German Boerse is also considering alternatives that may include other mergers in the European Union.

NYSE Group Inc. of the United States and Euronext N.V. of the Netherlands executives are in merger talks. The NYSE Group Inc.'s market valuation is approximately $11 billion and Euronext N.V. is approximately 8 billion Euros ($10 billion).

A shotgun merger between Euronext N.V. of the Netherlands and Deutsche Borse AG of Germany is being promoted by Euronext N.V. shareholders. The Dutch stock exchange is willing to continue discussions with Deutsche Borse AG but is looking at all options. Euronext N.V. operates from France.

The Nasdaq Stock Market Inc. of the United States has withdrawn its takeover offer of $4.2 billion for the London Stock Exchange PLC of the United Kingdom. There was concern the bid was too high. It is the third acquisition bid for the London Stock Exchange PLC that has been turned away in 18 months.

The London Stock Exchange PLC of the United Kingdom has received an offer of acquisition from The Nasdaq Stock Market Inc. of the United States for $4.2 billion. Since the overture, shares on the London Stock Exchange PLC have rocketed, nearly doubling. The increase in share value raises the question, are London Stock Exchange PLC stocks undervalued?

Billionaire Kenneth Langone is now lobbying investors to vote against the New York Stock Exchange Inc.'s plan to acquire Archipelago Holdings Inc. Recently he formed a group of investors in a bid that stalled for the acquisition of the New York Stock Exchange Inc.

Elite floor traders (15) of the New York Stock Exchange have been indicted on securities fraud in civil proceedings by the United States Securities and Exchange Commission. Investors were cheated of more than $158 million by unlawful trading of the exchanges seven specialist firms. The New York Stock Exchange has plans to videotape its traders.

The Securities and Exchange Commission is expected to let the New York Stock Exchange win in its efforts to incorporate more electronic trading into its structure in spite of objections by the Nasdaq Stock Market.

Having lost nearly a third of its worldwide staff in the September 11 terrorist attacks in 2001, Cantor Fitzgerald L.P. has nonetheless regained its footing in the bond-trading market and is in fact turning a profit. The company, whose offices were in the World Trade Center, has adjusted to the shift to a more technology-based method of client communication and is further addressing market challenges through its electronic trading company eSpeed Inc.

Bind p ricing policies come under continuing scrutiny after National Association of Securities Dealers' reached a settlement with four Wall Street firms that overcharged investors on corporate bonds.