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                                                                   Exhibit 10.29


                              LaBRANCHE & CO INC.
                               One Exchange Plaza
                               Twenty-Fifth Floor
                            New York, New York 10006

                                                                 January 6, 2000

Mr. Harvey Traison
155 West 68th Street, Apt. #20-02
New York, New York 10023-5832

Dear Mr. Traison:

         We are pleased to offer you employment as the Senior Vice President &
         Chief Financial Officer of LaBranche & Co Inc. (the "Company" and,
         collectively with its subsidiaries and affiliates, the "Firm") upon the
         terms and conditions set forth herein.

1.       You shall be employed by the Firm, subject to the terms and conditions
         of this Agreement, for the period (the "Employment Period") commencing
         on March 1, 2000 (the "Commencement Date") and, unless terminated
         earlier in accordance herewith, ending on February 28, 2003 (the
         "Initial Employment Period"). The Employment Period shall be
         automatically extended for successive additional one (1) year periods
         (the "Additional Periods") unless, at least ninety (90) days prior to
         the end of the Initial Employment Period or any Additional Period, as
         the case may be, the Firm or you has notified the other in writing that
         the Employment Period shall terminate at the end of the then current
         term.

2.       During the Employment Period, you shall: (i) have such duties and
         responsibilities consistent with your position as are assigned by the
         Firm from time to time; (ii) devote substantially all of your entire
         business time to the faithful, diligent and competent performance of
         your duties and responsibilities; and (iii) be subject to the
         direction, supervision and control of the Firm. You shall refrain from
         engaging in any aspect of the securities business except on behalf of
         the Firm without the prior approval of the New York Stock Exchange,
         Inc. (the "NYSE") and the Firm. The foregoing shall not prevent you
         from participating in industry and charitable affairs (including those
         set forth on Schedule I hereto) and from managing your passive personal
         investments and those of your family provided that, individually and in
         the aggregate, such activities do not materially interfere with the
         performance of your duties hereunder. You shall be appointed to the
         Company's Board of Directors (the "Board") as soon as reasonably
         practicable after the Commencement Date. The Firm shall use its best
         efforts to cause you to be elected or appointed (or, reelected or
         reappointed, as the case may be) to the Board at all times during the
         Employment Period. If elected or appointed to the Board, you shall
         serve as a director without additional compensation. You shall be
         subject to all terms and

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Mr. Harvey Traison
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         conditions of employment generally applicable to senior executive
         employees of the Firm, as established by the Firm from time to time and
         as previously communicated to you.

3.       During the Initial Employment Period, the Firm shall pay to you an
         annual base salary of not less than Two Hundred Fifty Thousand Dollars
         ($250,000). Thereafter, the amount of your annual base salary during
         the Additional Periods shall be as agreed upon by you and the Firm.
         Such salary shall be paid in accordance with the Firm's normal payroll
         practices. You also shall be entitled to receive an annual bonus under
         the Company's Annual Incentive Plan (which was filed as an exhibit to
         the Company's Registration Statement on Form S-1) in accordance with
         the terms thereof as in effect from time to time.

4.       Subject to your satisfaction of any applicable eligibility
         requirements, you shall be entitled to participate, in accordance with
         the terms thereof, in all employee benefit plans and programs generally
         provided by the Firm to its senior executives (including any health,
         disability, insurance or other benefit plans or programs now existing
         or hereafter adopted), provided, however, that in the case of health
         benefits, such benefits are not duplicative of those to which you are
         entitled under the health benefit plan maintained by your prior
         employer. You also shall be entitled to up to twenty-five (25) days of
         paid vacation per calender year (pro-rated for partial years) at such
         times as agreed between you and the Chief Executive Officer of the
         Company.

5.       You shall be reimbursed by the Firm for all reasonable business
         expenses incurred by you in the performance of your duties hereunder
         for which you submit expense statements or vouchers and such other
         supporting information and substantiation as the Firm customarily
         requires of its employees.

6.       You or the Firm may terminate your employment at any time for any
         reason, or for no reason, by giving not less than ninety (90) days'
         prior written notice of termination, provided, however, that the Firm
         may elect to place you on paid leave for all or any part of such 90-day
         period, and provided, further, that no advance notice need be given by
         the Firm to you in connection with a termination of your employment for
         Cause or on account of Disability. "Cause" means: (i) your breach of
         this Agreement or any other written agreement between you and the Firm
         which is not cured by you within ten (10) days of your receipt of
         written notice thereof; (ii) your violation of any Firm policy
         (including in respect of hedging or confidential information) as in
         effect from time to time which is not cured (if such violation is in
         fact curable) by you within ten (10) days of your receipt of written
         notice thereof; (iii) your conviction of, or pleading NOLO CONTENDERE
         to, a crime involving moral turpitude or a felony; or (iv) your
         becoming subject to any "statutory disqualification" within the meaning
         of Section 3(a)(39) of the Securities Exchange Act of

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         1934, as amended (the "Exchange Act"). "Disability" means your absence
         from employment for at least 120 days in any 12-month period as a
         result of your incapacity due to mental or physical illness, as
         determined by the Firm.

7.       You shall comply with all laws applicable to the securities business of
         the Firm and with all rules and regulations of the Securities and
         Exchange Commission, the NYSE (and any other securities exchange of
         which the Firm is a member), and the regulatory authority of any state
         in which the Firm is registered as a broker-dealer. You shall provide
         the Firm with such written information as may be necessary for the Firm
         to complete accurately all forms required by the rules and regulations
         of the NYSE, the Securities and Exchange Commission or any other
         regulatory organization to which the Firm is subject. You shall
         acknowledge that you are an agent and/or representative of the Firm in
         registration applications filed with appropriate regulatory
         authorities, and you shall be subject to the applicable approved person
         rules of the NYSE. You acknowledge that you are not subject to any
         "statutory disqualification" within the meaning of Section 3(a)(39) of
         the Exchange Act. You shall furnish the Firm with (for example, an
         affidavit of your tax return preparer) that you have filed all required
         tax returns and paid all required taxes for each tax year during the
         Employment Period.

8.       You acknowledge that during the course of your involvement in the
         Firm's activities or otherwise, you will obtain information concerning
         the Firm's businesses, strategies, operations, financial affairs,
         organizational and personnel matters (including information regarding
         any aspect of your tenure as an officer, director, consultant or
         employee of the Firm or of the termination of such office, position,
         arrangement or employment), policies, procedures or concerning those of
         third parties (collectively, "Confidential Information"). You further
         acknowledge that you may obtain Confidential Information in written or
         electronic form or orally. Notwithstanding the foregoing, Confidential
         Information shall not include any information which is (i) generally
         known within the securities industry, unless and to the extent such
         information becomes known as a result of your acts or omissions, or
         (ii) disclosed by you in order to comply with legal process, provided
         that you provide prompt notice to the Firm of your receipt of such
         process and cooperate with the Firm in attempting to obtain a
         protective order preventing such disclosure. In consideration of, and
         as a condition to, access to such Confidential Information, and without
         prejudice to or limitation of any other confidentiality obligations
         imposed by agreement or by law, you hereby undertake to use and protect
         Confidential Information in accordance with any restrictions placed on
         its use or disclosure. Except as authorized in advance by the Board,
         you may not: (i) use for your own account any Confidential Information,
         or (ii) disclose or allow disclosure of any Confidential Information,
         or of any information derived therefrom, in whatever form, to any
         person unless such person is a director, officer, partner, employee,
         attorney or agent of the Firm and, in your reasonable

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         good faith judgment, has a need to know the Confidential Information or
         information derived therefrom in furtherance of the business of the
         Firm. The foregoing obligations will survive, and remain binding and
         enforceable notwithstanding any termination of your employment with the
         Firm and any settlement of the financial rights and obligations arising
         from your employment with the Firm.

9.       In view of your importance to the Firm, you agree that the Firm would
         likely suffer significant harm from your competing with the Firm during
         the Employment Period and, except in the event that you are terminated
         by the Firm without Cause, the twelve (12) month period following the
         termination of the Employment Period for any reason (the "Restricted
         Period"). Accordingly, you agree that during the Restricted Period you
         will not, without the prior written consent of the Chief Executive
         Officer of the Company:

         (i)      form, or acquire a 5% or greater equity ownership, voting or
                  profit participation interest in, any Competitive Enterprise;
                  or

         (ii)     associate (including, but not limited to, association as an
                  officer, employee, partner, director, consultant, creditor,
                  agent or advisor) with any Competitive Enterprise and in
                  connection with such association engage in, or directly or
                  indirectly manage or supervise personnel engaged in, any
                  activity:

                  (A)      which is similar or substantially related to any
                           activity in which you were engaged, in whole or in
                           part, at the Firm, or

                  (B)      which calls for the application of the same or
                           similar specialized knowledge or skills as those
                           utilized by you or in your activities with the Firm,
                           at any time during the twelve (12) month period
                           immediately prior to the date of termination (or, in
                           the case of an action taken during your period of
                           employment with the Firm, during the twelve (12)
                           month period immediately prior to such action), and,
                           in any such case, irrespective of the purpose of the
                           activity or whether the activity is or was in
                           furtherance of advisory, agency, proprietary or
                           fiduciary business of either the Firm or the
                           Competitive Enterprise.

         (iii)    in any manner, directly or indirectly; (A) solicit a listed
                  company to transact business with a Competitive Enterprise or
                  to reduce or refrain from doing any business with the Firm, or
                  (B) interfere with or damage (or attempt to interfere with or
                  damage) any relationship between the Firm and a listed
                  company. The term "listed companies" means any company (x) for
                  which the Firm acts as a specialist, (y) which is seeking a
                  listing of its stock on the NYSE, or (z) which is

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Mr. Harvey Traison
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                  identified by the Firm as a potential listed company (whether
                  by new listing, transfer or other means) during the period of
                  your employment by the Firm.

         (iv)     in any manner, directly or indirectly, solicit any person who
                  is an employee of the Firm to resign from the Firm or to apply
                  for or accept employment with any Competitive Enterprise.

For purposes of this Agreement, a "Competitive Enterprise" is a business
enterprise that (A) engages in any activity, or (B) owns or controls a
significant interest in any entity that engages in any activity, that, in either
case, competes anywhere with any business activity in which the Firm is engaged.
The activities covered by the previous sentence include, without limitation,
specialist services, making markets in securities and/or securities brokerage,
sales, lending, custody, clearance, settlement or trading.

10.      If any of the provisions of Section 8 or 9 is finally held to be
         invalid, illegal or unenforceable because it exceeds the maximum scope
         determined to be acceptable to permit such provision to be enforceable,
         such Section will be deemed to be modified to the minimum extent
         necessary to modify such scope in order to make such provision
         enforceable hereunder.

11.      Subject to the provisions of Sections 12 and 13 hereof, any dispute,
         controversy or claim between you and the Firm arising out of or
         relating to or concerning the provisions of this Agreement, your
         employment with the Firm (or termination thereof) or otherwise
         concerning any rights, obligations or other aspects of your employment
         relationship in respect of the Firm ("Employment Related Matters")
         shall be finally settled by arbitration in New York City before, and in
         accordance with the rules then obtaining of, the NYSE or, if the NYSE
         declines to arbitrate the matter, the American Arbitration Association
         (the "AAA") in accordance with the commercial arbitration rules of the
         AAA, PROVIDED HOWEVER, that, in addition to the right to compel
         arbitration of any dispute or controversy, you or the Firm may bring an
         action or special proceeding in a state or federal court of competent
         jurisdiction sitting in New York City, whether or not an arbitration
         proceeding has theretofore been or is ever initiated, for the purpose
         of temporarily, preliminarily, or permanently enforcing the provisions
         of this Agreement or to enforce an arbitration award.

12.      Notwithstanding the provisions of Section 11, and in addition to its
         right to submit any dispute or controversy to arbitration, the Firm may
         bring an action or special proceeding in a state or federal court of
         competent jurisdiction sitting in the City of New York, whether or not
         an arbitration proceeding has theretofore been or is ever initiated,
         for the purpose of temporarily, preliminarily or permanently enforcing
         the provisions of Sections 8 or 9 of this Agreement.

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13.      You and the Firm hereby irrevocably submit to the exclusive
         jurisdiction of any state or federal court located in the City of New
         York over any suit, action or proceeding arising out of or relating to
         or concerning this Agreement, or any Employment Related Matter that is
         not otherwise arbitrated or resolved according to the provisions of
         Section 11 hereof.

14.      The Firm may withhold from any and all amounts payable hereunder such
         federal, state and local taxes as may be required to be withheld
         pursuant to any applicable law or regulation.

15.      This Agreement shall be governed by and construed in accordance with
         the laws of the State of New York, without regard to principles of
         conflict of laws.

16.      This Agreement shall supersede any and all prior understandings and
         agreements between you and the Firm, whether written or oral, relating
         to the subject matter hereof. Notices hereunder shall be delivered to
         the Company at its principal executive office directed to the attention
         of the Company's Secretary, and to you at your last address appearing
         in the Company's employment records.

17.      You may not, directly or indirectly, assign your rights or obligations
         hereunder. The Company may at any time and from time to time assign its
         rights and obligations hereunder, including, without limitation, to any
         of its subsidiaries or affiliates (and have such rights and obligations
         reassigned to it or to any other subsidiary or affiliate). This
         Agreement shall inure to the benefit of and be binding upon the Company
         and its successors and assigns. This Agreement may not be amended or
         modified other than by a written agreement executed by you and the
         Company or its successors, nor may any provision hereof be waived other
         than by a writing executed by you or the Company or its successors.

18.      You represent and warrant that you are free to enter into this
         Agreement and to perform the duties required hereunder, and that there
         are no other employment agreements or understandings, restrictive
         covenants or other restrictions, whether written or oral, preventing
         the performance of your duties hereunder.

19.      If any provision of this Agreement is finally held to be invalid,
         illegal or unenforceable (whether in whole or in part), such provision
         shall be deemed modified to the extent, but only to the extent, of such
         invalidity, illegality or unenforceability and the remaining provisions
         shall not be affected thereby. Except as expressly provided herein,
         this Agreement shall not confer on any person other than you and the
         Firm any rights or remedies hereunder.

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         Please confirm your acceptance and agreement to the terms and
conditions hereof by signing and returning the enclosed duplicate of this letter
which shall thereupon constitute an agreement between you and the Company.


                                        Very truly yours,

                                        LaBRANCHE & CO INC.


                                        By: /s/ George M.L. LaBranche, IV
                                            ------------------------------------
                                            Name:  George M.L. LaBranche, IV
                                            Title: Chairman, Chief Executive
                                                   Officer & President

Agreed & accepted
as of the date hereof:

By: /s/ Harvey Traison
   --------------------------
         Harvey Traison