US Investment Banks Post 1996 Gains, Pinpointing Forex As A Growth Area
NON-BANKS
The large US investment banks appear to have had a strong year overall, although most do not provide figures for pure foreign exchange trading revenues. Industry participants say, however, that the FX desks had a strong year, aided in part by positions that took advantage of the decline in volatility last year.
For the fiscal year ended November 30, Morgan Stanley's sales and trading revenues (combined trading, commissions and net interest) in the fourth quarter are reported as $729 million, an
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