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Merrill Lynch
Merrill Lynch's efforts to build a foreign exchange business essentially from scratch may have rivals casting doubts, but it is doing an impressive job building client bases, products, and volumes.
As a result it climbed from twenty-fourth to eleventh in the market share rankings of the Euromoney forex poll 2003, which was conducted just as Merrill's European operations were getting established.
For overall market share, the bank has almost tripled volumes from 1.1% of the total in the 2002 poll to 2.98% this year. When counting only volumes from institutional investors, Merrill's...