When Euromoney's International Securities Finance publication announced the results of its 2007 Equity Lending Survey at a recent awards ceremony, Morgan Stanley was once again shown to be the best of breed. This marks the seventh consecutive year that the Firm has received top honors. The results of the 2007 Global Equity Finance Survey appear in the September issue.

The ISF survey is the industry benchmark survey reflecting the critical factors underpinning 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.

Morgan Stanley's performance again clearly demonstrated its continued dominance as the best equity borrower globally in the securities finance industry. Highlights of the Firm's rankings in the survey include:

• #1 overall borrower in Unweighted and Weighted categories
• #1 in All Regions (Americas, Europe and Asia)
• #1 in 11 out of 11 rating categories
• #1 in Relationship Management

"Simply the best," read the ISF headline for the coverage, which went on to warn other prime brokers that "there does not seem to be a chink in Morgan's armour."

In reference to the distance between Morgan Stanley and competitors, and the consistency of the Firm's performance, the editors said, "One word describes this performance — dominant" and that "... there has only been one constant – Morgan Stanley."

ISF asked counterparties to rank each other according to 11 service categories. Topping the survey by a sizeable margin, Morgan Stanley placed first in each:

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