LOOSE CHANGE

LOOSE CHANGE

Morgan Stanley Group Inc. announced record foreign exchange results for 1992, but declined to break out the number. The FX earnings were offset, however, by declines in equity derivatives revenue, especially from its Tokyo office, and commodities trading income.

Connecticut-based Ferrell Capital Management's Ferrell FX Index finished January down 2.4 percent. Ferrell sources say the negative reading stems from a large number of trend-followers, who followed the dollar on its choppy downward

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