WALL STREET – Discover Financial Services, the wholly owned subsidiary of Morgan Stanley, will go public this morning when its shares begin trading on the New York Stock Exchange. Discover is being spun off from Morgan Stanley just two years after acquiring Pulse EFT, the electronic funds network for 4,100 credit unions and banks. The spin-off is occurring during a hot market for payments networks, with MasterCard having quadrupled its share price since going public a year ago, and Visa USA poised to test the market with its own IPO. In addition, Metavante, the parent of NYCE, is in the process of being spun off by Marshall & Ilsley, into a publicly traded company.
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