From: eric@remailer.net (Eric Hughes)
Date: Fri, 9 Dec 94 05:43:46 PST
To: cypherpunks@toad.com
Subject: Anonymity in the foreign exchange markets
Message-ID: <199412091441.GAA25607@largo.remailer.net>
MIME-Version: 1.0
Content-Type: text/plain


The following two page spread advertisement is from the Economist Nov
12, 1994.

--------------------------------------------
Wouldn't the speculators love to know where you DM2.5 billion is
right now.

Your government has just raised DM2.5 billion.  Your task is to
convert those Deutsche marks into the currency of your country.  And a
whole world of speculators can't wait.  They know they can make money
at your expense by detecting and anticipating such a large currency
move.

But you have a surprise for them.  Your currency is moving through the
international markets right now -- right under the speculator's noses
-- and they haven't a clue.

Because you've found a firm that is more than a leading international
trader.  It's a select group of professionals -- strategists,
researchers and economists with their own technology, their own global
network and a distinctive approach to foreign exchange.

They monitor the capital markets, not just trade flows, to get a more
accurate picture of currency trends.  Their strategic thinking helps
pinpoint when -- and when not -- to make certain currency moves.

And while they deal in all currencies, all markets and all size
transactions, large positions such as yours are handled with special
discretion.  That's why, right now, your DM2.5 billion has been
divided up -- into trades small enough to be undetected but large
enough to be cost-efficient -- and blended strategically into the
firm's daily global business.

Most importantly, when the trading becomes fast and furious, these
people make sure your transactions come first.  You know they'll see
you through it all.

MORGAN STANLEY

[The picture is of a chameleon.]
--------------------------------------------

Note that not only are they selling anonymization services for *huge*
sizes, they're also selling traffic analysis avoidance.

From what I know about the business, a typical commission is 1%, or
somewhere around $10 million for th advertised transaction.

Eric