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                           Hoenig: News Release


                             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, New York, May 11, 2000, Hoenig Group Inc. (Nasdaq: HOEN) today
announced that Hoenig & Co., Inc., its principal brokerage subsidiary,
plans to close its Tokyo office.  As a result of the closing, Hoenig Group
Inc. will incur in the second quarter 2000 a one-time charge to earnings of
approximately $989,000 before taxes and $570,000 ($0.07 per share basic and
$0.06 per share diluted) after taxes.  The Company expects to complete the
closing of the Tokyo office in the next three to six months.  

The closing will result in positive cash flow and an increase in
stockholders' equity of approximately $143,000 in the second quarter 2000.
Of the $989,000 pre-tax charge, approximately $712,000 relates to the
recognition of the foreign currency translation loss previously reflected
in the Company's financial statements as a reduction of stockholders'
equity.  

Fredric Sapirstein, Chairman and CEO of Hoenig Group Inc. stated, "Last
year we completed the restructuring of our Tokyo operations and transferred
responsibility for the execution and settlement of trades in Japanese
equities to our Hong Kong operations.  This reduced our operating costs and
improved the profitability of our international brokerage operations.  Our
decision to close the office in Japan is based on our view that we can
continue to adequately service our clients' needs in the Japanese equity
markets from our Hong Kong office without incurring the additional costs of
maintaining a presence in Japan."

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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