In the March 2002 issue, Global Investor magazine (a Euromoney publication) ranked Morgan Stanley Best Overall FX Provider in this year's Foreign Exchange Survey of American respondents. The Firm ranked #2 in Best FX Service for Hedge Funds worldwide.

In addition, the Morgan Stanley FX ranking improved in all other categories over last year's rankings. On a global basis, the Firm maintained its position in the top ten FX providers.

"These rankings are significant to us in FX, especially since last year we decided to target a top ranking in Global Investor as a team goal," said Bill Brown, Managing Director and NY Head of FX Sales. "The positive rankings are a clear signal of our success in being First Choice with our customers and reflect the efforts of our salespeople, traders and operations staff around the world."

The rankings reflect the headway Morgan Stanley has made in the market segment in the last five years.

Global Investor received 384 responses to surveys submitted to various financial services firms, including hedge funds, investment managers, insurance companies and pension funds. Geographically, this year's respondent information breakdown is as follows: Europe 47%, Americas 36% and Asia/ROW 17%. Respondents ranked the contenders and the magazine compiled the results.