Morgan Stanley's decision to increase its equity stake in
The Clearing Corporation (TCC) has given rise to speculation
that the company had plans to provide an OTC clearing mechanism
that could serve as an alternative to other OTC clearing
initiatives, primarily offered by Chicago Mercantile Exchange
Morgan Stanley purchased Refco's ownership stake in TCC out
of its ongoing bankruptcy case. The $4.4m purchase meant Morgan
Stanley's stake in TCC rose to 7% from 1%. Sources said Morgan
Stanley's interest is further evidence of a two pronged
approach by the large Wall Street firms in TCC.
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