Compensates

Merrill Lynch & Co.’s agreement to pay $100 million in fines to New York and other states and to change the way it compensates its researchers has ended an investigation for one company, but it already is beginning to have a ripple effect on the rest of the sector. Following the decision to change the way it operates, Salomon Smith Barney (SSB) followed suit, acknowledging that Merrill Lynch had set an industry standard that should be followed.