...while Morgan Stanley adds to range with synthetic ‘Tracer’

Morgan Stanley plans to launch a synthetic version of its tradable custodial receipt – ‘Tracer’ – product soon in Europe, following its introduction of a Tracer index based on single-name credit default swaps in the US in mid-April, and its launch of cash versions of the product last autumn (Risk February 2002).

The US synthetic Tracer – based on 50 reference entities – saw volumes of about $1 billion in the first week and a half of trading. The evenly weighted basket of five-and-three-quart

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