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MSCI ADOPTS THE WM/REUTERS CLOSING SPOT RATES

 LONDON, Dec. 13 /PRNewswire/ -- Morgan Stanley Capital International announced today that it is adopting the WM/Reuters Closing Spot Rates.
 Morgan Stanley Capital International said that in recent years it has increasingly been brought to their attention that their clients have experienced difficulties due to the use of different foreign exchange rates by the various custodians and performance measurement services. In order to help their clients address the issues of using multiple exchange rates, Morgan Stanley Capital International joined a committee formed by The WM Company, and including Reuters, Extel, investment managers and other index compilers, to establish an industry standard. This resulted in the creation of the WM/Reuters Closing Spot Rates which MSCI will be using effective Dec. 31, 1993.
 METHODOLOGY
 The rates will be taken daily at 4 p.m. London time by The WM Company based on data provided by Reuters. This is one hour later than MSCI does at present. In exceptional circumstances such as holidays or devaluations, the rates may be fixed at a different time.
 All rates will be sourced wherever possible from multi-contributor quotes on Reuters. Representative rates are selected for each currency based on a number of "snapshots" of the latest contributed quotations taken from the Reuters service at short intervals around 4 p.m. WM/Reuters provides the closing bid and offer rates. MSCI will use these to calculate the mid point to 5 decimal points for the official MSCI closing indices.
 EDITORIAL DISCRETION
 Morgan Stanley Capital International will continue to independently monitor the exchange rates. MSCI may under exceptional circumstances elect to use an alternative exchange Latin American markets.
 -0- 12/13/93
 /CONTACT: Mark Sladkus of Morgan Stanley Capital International, in Geneva, 011-41-22-735 1650/


CO: Morgan Stanley Capital International; The WM Company; Reuters ST: IN: FIN PUB SU: PDT

TW -- NY063 -- 3169 12/13/93 12:30 EST
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Publication:PR Newswire
Date:Dec 13, 1993
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