The current issue of Euromoney’s International Securities Finance magazine ranked Morgan Stanley the best and biggest equity borrower in the 2004 Global Equity Finance Survey for the fourth year running.

Highlights of the Firm's rankings in the survey include:

• #1 Overall Borrower
• #1 in All Regions (Americas, Europe and Asia)
• #1 in 9 out of 11 categories
• #1 in Relationship Management

In the "Borrower and Lender Profiles" section of the issue, ISF noted Morgan Stanley’s formula for success: "Henry Ford once said: ‘Coming together is a beginning. Keeping together is progress. Working together is success.’ Judging by this year’s results Morgan Stanley has certainly mastered the working together phase."

In a crowded field of more than 28 competitors, Morgan Stanley placed first in the American, European and Asian regions, winning the Overall Best Global Borrower title in both the weighted (size adjusted) and unweighted categories. Showing consistent performance, Morgan Stanley has ranked number one or two in every rated category for the third year in a row.

"Our investments in people and technology across the globe have been recognized by our clients," Managing Director Martin Zapico and Managing Director Martin Tell said in a joint statement. "By helping our clients to meet their needs across products, we have differentiated ourselves as the market leader in equity finance."

The ISF survey is the industry benchmark survey that reflects the critical factors that drive the securities finance business. Specifically, securities lending is a market driven by size and breadth of demand, innovation and market knowledge. Being able to execute in this market requires high levels of professionalism, harnessed technology and seamless back office capabilities.

Topping the survey by a sizeable margin, Morgan Stanley placed first in the following critical categories:

• Relationship Management
• Global Coverage and Coordination
• Total Revenue to Lenders
• Breadth of Balance
• Market Knowledge
• Innovation and Product Knowledge
• Market Development
• Connectivity and Automation
• Operations