Morgan Stanley was honored as one of the best North American foreign exchange providers by Global Finance in their "Best Foreign Exchange Banks and Providers" 2001 survey. Citigroup and JP Morgan Chase were also honored in this category.

Joseph D. Giarraputo, publisher of Global Finance, said in a recent press release, "Foreign Exchange is becoming an ultra-competitive industry as technologies evolve and the market becomes more global. We've identified the traditional and online providers that stand out in their region and internationally."

The survey, with specific comments about Morgan Stanley and other firms, was conducted by Global Finance editors with input from industry analysts, corporate executives and technology experts, and will be featured in the June 2001 issue.

Congratulations to the Firm's Foreign Exchange Department for this notable accomplishment.