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             Hoenig: To Repurchase up to One Million Shares


                             NEWS RELEASE

                                        For:       Hoenig Group Inc.    
                                                   4 International Drive
                                                   Rye Brook, NY  10573

                                        Company 
                                        Contact:   Fredric P. Sapirstein 
                                                   Chief Executive Officer 
                                                   (914) 935-9000

FOR IMMEDIATE RELEASE


RYE BROOK, NY, November 4, 1999 -- Hoenig Group Inc. (NASDAQ SYMBOL HOEN)
announced today that its Board of Directors has authorized the management
of the Company to repurchase up to one million shares of the Company's
common stock from time to time in open-market and privately negotiated
transactions subject to the availability of shares for repurchase at prices
that the Company considers to be attractive.  This repurchase program
replaces the June 1998 stock repurchase program, under which the Company
had purchased a total of 397,462 shares.

The Company stated that it intends to fund the repurchases from internally
generated funds, and that it does not expect the repurchases to have an
adverse effect on the availability of capital needed to fund the Company's
current and future cash needs.

Hoenig Group Inc. provides global securities brokerage to institutional
clients through its wholly-owned brokerage subsidiaries in the United
States, United Kingdom, Hong Kong and Japan.  Hoenig Group Inc.'s
wholly-owned subsidiary, Axe-Houghton Associates, Inc., provides
professional investment management to public and corporate employee benefit
plans, investment partnerships and other institutional clients.

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