April 18 Morgan Stanley said on Thursday
it saw lower revenue from commodities trading in the first
quarter from a year before, as its risk in trading in those
markets also fell.
"Fixed Income & Commodities sales and trading net revenues
were $1.5 billion compared with $2.6 billion a year ago
reflecting declines in commodities and rates," the Wall Street
The decline was partly offset by higher results in
securitized products and relative strength in corporate credit,
Morgan Stanley also said its Value-at-Risk for trading
commodities averaged $20 million per day in the three months to
March 31, versus $22 million in the fourth quarter of 2012 and
$27 million in the year-earlier first quarter.