Investment Banks Reap Big Gains In Forex Morgan Posts Record FX Trading Revenues
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U.S.-based investment banks rode a feverish stock market to new peaks in 1991. Though equity and fixed income trading revenues were certainly the highlight, foreign exchange trading revenues weren't too shoddy either, officials surveyed say.
Although Merrill Lynch & Co. didn't manage to better its 1990 forex gains, Morgan Stanley reported record results from its foreign exchange trading operation in 1991. The gains, which come in the face of slightly lower trading revenues among U.S. banks (see
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