Morgan Stanley lost money in that business on eight days in the period, down from 31 days a year earlier.
Bloomberg reports that traders generated more than $100m on nine days in the period, compared with two days in the third quarter of 2011, the New York-based company said yesterday in a regulatory filing. None of the daily losses exceeded the bank’s so-called value-at-risk, an estimate of potential trading losses.
In the meantime, Reuters reports that Morgan Stanley is trying to halt a securities arbitration case filed by a Facebook investor who blames the firm and other companies for $1.9m in damages stemming from the social media giant's botched initial public offering.
Finally, the news agency also reports that Morgan Stanley has launched the sale of its India private wealth management unit, which manages about $1bn including loans, after entering the highly fragmented and competitive market just four years ago, sources with knowledge of the matter said.