The following two page spread advertisement is from the Economist Nov 12, 1994. -------------------------------------------- Wouldn't the speculators love to know where you DM2.5 billion is right now. Your government has just raised DM2.5 billion. Your task is to convert those Deutsche marks into the currency of your country. And a whole world of speculators can't wait. They know they can make money at your expense by detecting and anticipating such a large currency move. But you have a surprise for them. Your currency is moving through the international markets right now -- right under the speculator's noses -- and they haven't a clue. Because you've found a firm that is more than a leading international trader. It's a select group of professionals -- strategists, researchers and economists with their own technology, their own global network and a distinctive approach to foreign exchange. They monitor the capital markets, not just trade flows, to get a more accurate picture of currency trends. Their strategic thinking helps pinpoint when -- and when not -- to make certain currency moves. And while they deal in all currencies, all markets and all size transactions, large positions such as yours are handled with special discretion. That's why, right now, your DM2.5 billion has been divided up -- into trades small enough to be undetected but large enough to be cost-efficient -- and blended strategically into the firm's daily global business. Most importantly, when the trading becomes fast and furious, these people make sure your transactions come first. You know they'll see you through it all. MORGAN STANLEY [The picture is of a chameleon.] -------------------------------------------- Note that not only are they selling anonymization services for *huge* sizes, they're also selling traffic analysis avoidance.
From what I know about the business, a typical commission is 1%, or somewhere around $10 million for th advertised transaction.
Eric