Morgan Stanley Q4 commodities risk down 13 percent

NEW YORK (Reuters) - Morgan Stanley (GS.N) reported Thursday its commodities trading risk fell in the final quarter of 2011 from the previous quarter, but rose from a year before.

Value at risk (VaR) in commodities stood at $28 million per day in the fourth quarter, versus $32 million in the third quarter and $26 million in fourth quarter 2010, the Wall Street investment bank and broker said in its quarterly results.

VaR is an industry measure for the maximum amount of money a bank is willing to risk in a day for trading a particular asset class.