How Merrill got the message

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Merrill Lynch, a perennial league table beater in debt and equity capital markets, has always been the missing man in foreign exchange. Several times in the past decade the investment bank has stepped into the market, hired heavily, only to withdraw soon after.

Last November, Merrill started yet another run at the business by hiring forex and investment banking veteran Michael deSa away from D&D Partners, a TMT private equity fund of undisclosed size, which was backed by Deutsche Bank and Mic

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