Morgan Stanley, through its subsidiaries and affiliates, operates as a financial services company worldwide. The company provides various products and services to a group of clients and customers, including corporations, governments, financial institutions, and individuals. Segments The company has three business segments: Institutional Securities, Wealth Management, and Investment Management. Institutional Securities This segment provides investment banking, sales and trading and other services to corporations, governments, financial institutions, and high-to-ultra high net worth clients. Investment banking services comprise capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings, real estate and project finance. Sales and trading services include sales, financing and market-making activities in equity securities and fixed income products, including foreign exchange and commodities, as well as prime brokerage services. Other services include corporate lending activities and credit products, investments and research. Wealth Management This segment provides a range of financial services and solutions to individual investors and small-to-medium sized businesses and institutions covering brokerage and investment advisory services, market-making activities in fixed income securities, financial and wealth planning services, annuity and insurance products, credit and other lending products, banking and retirement plan services. Investment Management This segment provides a range of investment strategies and products that span geographies, asset classes, and public and private markets, to a group of clients across institutional and intermediary channels. Institutional clients include defined benefit/defined contribution pensions, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are serviced through intermediaries, including affiliated and non-affiliated distributors. Strategies and products comprise traditional asset management, including equity, fixed income, liquidity, alternatives and managed futures products, as well as merchant banking and real estate investing. Supervision and Regulation The company is a financial holding company regulated by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended (the ‘BHC Act’). In particular, as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the company is subject to (among other things) revised and expanded regulation and supervision; more intensive scrutiny of its businesses and plans for expansion of those businesses; new activities limitations; a systemic risk regime that imposes heightened capital and liquidity requirements; new restrictions on activities and investments imposed by a section of the BHC Act added by the Dodd-Frank Wall Street Reform and Consumer Protection Act referred to as the ‘Volcker Rule’; and derivatives regulation. In addition, the Consumer Financial Protection Bureau has primary rulemaking, enforcement and examination authority over the company and its subsidiaries with respect to federal consumer protection laws, to the extent applicable. The company’s U.S. bank subsidiaries are subject to Sections 23A and 23B of the Federal Reserve Act, which impose restrictions on ‘covered transactions’ with any affiliates. The company’s primary U.S. broker-dealer subsidiaries, Morgan Stanley & Co. LLC and MSSB LLC, are registered broker-dealers with the U.S. Securities and Exchange Commission and in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands; and are members of various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc., and various securities exchanges and clearing organizations. MSSB LLC is also a registered investment adviser with the U.S. Securities and Exchange Commission. MSSB LLC’s relationship with its investment advisory clients is subject to the fiduciary and other obligations imposed on investment advisors under the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder, as well as various state securities laws. The Prudential Regulation Authority, the Financial Conduct Authority and various securities and futures exchanges in the United Kingdom (U.K.), including the London Stock Exchange and ICE Futures Europe, regulate the company’s activities in the U.K.; the Bundesanstalt für Finanzdienstleistungsaufsicht (the Federal Financial Supervisory Authority) and the Deutsche BÔrse AG regulate its activities in the Federal Republic of Germany; the Financial Services Agency, the Bank of Japan, the Japanese Securities Dealers Association and various Japanese securities and futures exchanges, regulate its activities in Japan; the Securities and Futures Commission of Hong Kong, the Hong Kong Monetary Authority and the Hong Kong Exchanges and Clearing Limited regulate its operations in Hong Kong; and the Monetary Authority of Singapore and the Singapore Exchange Limited regulate its business in Singapore. The Financial Conduct Authority is the primary regulator of the company’s business in the U.K.; the Financial Services Agency regulates the company’s business in Japan; the Hong Kong Securities and Futures Commission regulates the company’s business in Hong Kong; and the Monetary Authority of Singapore regulates the company’s business in Singapore. The company is also subject to applicable anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, in the jurisdictions in which it operates. History Morgan Stanley was founded in 1935. The company was incorporated under the laws of the state of Delaware in 1981.
New York, NY 10036
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