EXHIBIT 21 SUBSIDIARIES OF THE REGISTRANT The following are subsidiaries of ML & Co. as of March 22, 1996 and the states or jurisdictions in which they are organized. Indentation indicates the principal parent of each subsidiary. Except as otherwise specified, in each case ML & Co. owns, directly or indirectly, at least 99% of the voting securities of each subsidiary. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a "significant subsidiary" as that term is defined in Rule 1.02(v) of Regulation S-X, under the Securities Exchange Act of 1934. State or Juris- Name diction of Entity - ---- ----------------- Merrill Lynch & Co., Inc. .................................. Delaware Merrill Lynch, Pierce, Fenner & Smith Incorporated1 ..... Delaware Broadcort Capital Corp. .............................. Delaware Merrill Lynch & Co., Canada Ltd. ..................... Ontario Merrill Lynch Canada Incorporated/Incorporee ....... Nova Scotia Merrill Lynch Life Agency Inc.2 ...................... Washington Wagner Stott Clearing Corp.3 ......................... Delaware Merrill Lynch Bank & Trust Co. .......................... New Jersey Merrill Lynch Capital Services, Inc. .................... Delaware Merrill Lynch Government Securities Inc. ................ Delaware Merrill Lynch Money Markets Inc. ..................... Delaware Merrill Lynch Group, Inc. ............................... Delaware Merrill Lynch Capital Partners, Inc................... Delaware Merrill Lynch Derivative Products, Inc.4 ............. Delaware Merrill Lynch Futures Inc. ........................... Delaware Merrill Lynch Group Holdings Limited ................. Ireland Merrill Lynch Capital Markets Bank Limited ........ Ireland - ---------- 1 MLPF&S also conducts business as "Merrill Lynch & Co." 2 Similarly named affiliates and subsidiaries that engage in the sale of life insurance and annuity products are incorporated in various other jurisdictions. 3 The preferred stock of the corporation is owned by an unaffiliated group of investors. 4 ML & Co. owns 100% of this corporation's outstanding common voting stock. 100% of the outstanding preferred voting stock is held by outside parties. The board of directors consist of 11 members, 9 of which are ML & Co. employees and 2 of which represents outside parties. State or Juris- Name diction of Entity - ---- ----------------- Merrill Lynch & Co., Inc. Merrill Lynch Group, Inc. (cont'd) Merrill Lynch Insurance Group, Inc. .................. Delaware Merrill Lynch Life Insurance Company ............... Arkansas ML Life Insurance Company of New York .............. New York Merrill Lynch International Finance Corporation ...... New York Merrill Lynch International Bank Limited ........... England Merrill Lynch Bank (Suisse) S.A. ................. Switzerland Merrill Lynch Mortgage Capital Inc. .................. Delaware Merrill Lynch National Financial ..................... Utah Merrill Lynch Trust Bank of Michigan.................. Michigan Merrill Lynch Trust Company........................... New Jersey Merrill Lynch Business Financial Services Inc. ..... Delaware Merrill Lynch Credit Corporation.................... Delaware Merrill Lynch Home Equity Acceptance, Inc. ....... Delaware Merrill Lynch Trust Company........................... Florida Merrill Lynch Financial Data Services, Inc. ........ Florida Merrill Lynch Trust Company of America................ Illinois Merrill Lynch Trust Company of California ............ California Merrill Lynch Trust Company of Texas ................. Texas Merrill Lynch Investment Partners Inc. ............... Delaware ML IBK Positions Inc. ................................ Delaware Merrill Lynch Capital Corporation5 ................. Delaware ML Leasing Equipment Corp.6 .......................... Delaware Princeton Services, Inc.7............................. Delaware Merrill Lynch International Incorporated................. Delaware - ---------- 5 This company has 7 subsidiaries holding or having a direct or indirect interest in specific investments on its behalf. 6 This corporation has more than 45 direct or indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of limited partnerships. 7 This corporation is the general partner of Merrill Lynch Asset Management, LP and Fund Asset Management, LP (whose limited partner in both cases is ML & Co.). 2 State or Juris- Name diction of Entity - ---- ----------------- Merrill Lynch & Co., Inc. Merrill Lynch International Incorporated (cont'd) Merrill Lynch International (Australia) Limited....... New South Wales Merrill Lynch International Bank...................... United States Merrill Lynch International Holdings Inc. ............ Delaware Merrill Lynch Bank (Austria) Aktiengesellschaft A.G. ........................................ Austria Merrill Lynch Bank and Trust Company (Cayman) Limited .......................................... Cayman Islands, British West Indies Merrill Lynch International & Co.8 ............... Netherlands Antilles Merrill Lynch Capital Markets A.G. ................. Switzerland Merrill Lynch Europe PLC ........................... England Merrill Lynch International Limited............... England Merrill Lynch Capital Markets PLC................. England Merrill Lynch, Pierce, Fenner & Smith (Brokers & Dealers) Limited ............................... England Merrill Trust Company (Jersey) Limited ........... Jersey, Channel Islands Merrill Lynch Europe Ltd. .......................... Cayman Islands, British West Indies Merrill Lynch Holding GmbH9 ........................ Germany Merrill Lynch Bank A.G. .......................... Germany Merrill Lynch GmbH................................ Germany Merrill Lynch Holding S.A.F. ....................... France Merrill Lynch Capital Markets (France) S.A. ...... France Merrill Lynch Far East Limited ..................... Hong Kong Merrill Lynch Japan Incorporated ..................... Delaware - ---------- 8 A partnership among subsidiaries of ML & Co. 9 ML & Co. holds a 50% interest in this corporation, with the remaining 50% interest held by an outside party. 3