In its May 1999 issue, Risk magazine ranked Morgan Stanley the number one investment bank for U.S. interest rate options in its annual survey of end-users.

The survey was conducted by sending questionnaires to over 4,500 corporate treasurers, hedge-fund managers and portfolio managers. Banks were selected based on advice, consistency and speed of pricing, dealing with volatility, liquidity and innovation.

Thirty banks were cited, with Morgan Stanley being the top-ranked investment bank and second-ranked bank overall.

The U.S. Interest Rate Options Desk is part of the Fixed Income Derivative Product Group and is responsible for the Firm's customer business in U.S. dollar denominated swaptions, LIBOR caps and floors, Treasury options and exotics. The desk also carries out proprietary trading strategies relating to these instruments.