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                     Hoenig: Invests in InstiPro
     


            Hoenig Group Inc. Invests in InstiPro To Fund 
        Innovative Business-to-Business Online Brokerage Firm

      InstiPro to Bring Advanced Smart Order Routing Technology 
       and Institutional-Quality Services to Retail Investors

Rye Brook, NY, May 10, 2000 - Hoenig Group Inc. (NASDAQ: HOEN) has
committed to make a $7.5 million strategic investment in InstiPro, a new
Business-to-Business (B2B) Web-based brokerage firm, in the form of a
convertible note and a warrant.  Once Hoenig completes its investment, it
will own 35% of InstiPro and a warrant to purchase an additional 10%.  
Hoenig also has entered into consulting and licensing arrangements with
InstiPro to provide Hoenig with InstiPro's technology and expertise in
providing active on-line trading capabilities and other investment tools to
hedge funds and other institutional investors.

"InstiPro is the ideal technology partner to assist Hoenig in capitalizing
on as yet untapped institutional online brokerage opportunities.  Along
with the stand-alone value of having an equity interest in InstiPro, we
plan to use InstiPro's smart order routing and related technology to
develop online services for our institutional customers," said Fredric P.
Sapirstein, Chairman and CEO of Hoenig Group Inc.  

InstiPro enables Internet sites and financial service organizations to
compete in today's fast-growing online brokerage market by providing
institutional-quality smart order routing and other decision-support tools
on-line.  InstiPro expects to offer its partners a turnkey online brokerage
service with no start-up costs that will enable them to deliver investment
services to their retail customers directly from their websites under a
co-branded name.

InstiPro's proprietary "Smart Order Server" is intended to benefit active
traders and retail investors alike, by automatically routing a customer's
order to the marketplace where it can receive a fast execution at the best
available price.  

About Hoenig Group Inc.

For thirty years, Hoenig Group Inc. has provided high quality trade
execution, independent research and premier client service to professional
money managers and alternative investment funds throughout the world.  
Hoenig Group Inc. operates through its brokerage subsidiaries in the United
States, United Kingdom, Hong Kong and Japan.  Hoenig Group's U.S. asset
management subsidiary, Axe-Houghton Associates, Inc., manages $4.8 billion
on behalf of public and corporate employee benefit plans, investment
partnerships and other institutional investors.

Hoenig notes that forward-looking statements in this announcement involve
risks and uncertainties.  Forward-looking statements reflect Hoenig's
current views with respect to future events.  Actual results could differ
materially from the expectations or assumptions expressed or implied
herein.  Factors, which could affect actual results, include changes in the
worldwide business environment affecting Internet and e-business
proliferation, and other factors listed from time to time in the Company's
SEC reports.  The Company does not intend to update this information and
disclaims any legal liability to the contrary.

                                   # # #

Press & Analyst Inquiries regarding Hoenig Group Contact:
                                              Shushan Communications
                                              Larry Shushan
                                              Phone:  (510) 839-9005 
                                              Email: L.Shushan@att.net or 
                                              Peter Bartelme
                                              Phone:  (415) 664-1503
                                              Email: pb@prstrategies.com 

Press & Analyst Inquiries regarding InstiPro Contact:
                                              Jeanine Moss/Director
                                              Organic Communications
                                              Phone:  (212) 277-4757
                                              E-mail: jmoss@organic.com or
                                              Jason Shniderson
                                              (212) 277-4763
                                              Email: jshnider@organic.com 


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