Morgan Stanley reports annual foreign exchange and commodities trading revenue grew by 15 percent in 1992 to $282 million versus $246 million in 1991. Sources at Morgan Stanley say most of this number reflects earnings in FX, which is by far the dominant business. The investment bank's annual report attributes much of the FX gains to ongoing demand for currency transactions related to international capital and investment flows as well as to exchange-rate volatility.

Norway's leading banks are on

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