Technology will drive the securities industry toward globalization, said Philip Purcell, chairman and CEO of Morgan Stanley, Dean Witter, Discover, at last week's Securities Industry Association conference in Boca Raton, Fla., and to that end his firm has allocated $1 billion for tech expenditures in 1998.

Technological applications will play a large roll in the industry's global pursuits, and Morgan Stanley's ten-figure tech budget will be spent "on things like software to support global trading, currency links and product links, and analytics for our derivatives," Purcell said.

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