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Fixed Income
Morgan Stanley’s Fixed Income Division actively assesses and manages risk, trades securities and structures as well as executes innovative transactions in a fast-paced and constantly changing global market.
Our team is divided into four groups:
Commodities
Morgan Stanley is a market leader in energy and metals trading worldwide. Commodities professionals trade actual physical commodities as well as associated derivatives and futures. With its active presence in these markets, Morgan Stanley offers clients the ability to take advantage of market opportunities as well as manage the price risk inherent in their business.
 Price Reporting Code of Conduct
Interest Rate and Currency Products
Morgan Stanley is a global dealer in interest rate and currency products across the following areas:
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Interest Rate Cash/Derivatives |
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Provides 24-hour primary and secondary liquidity and takes proprietary positions in government, agency, agency pass—through, interest rate swaps and options markets in all major countries.
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Foreign Exchange |
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A leading market-maker in spot and forward currencies, as well as vanilla and exotic options; Morgan Stanley provides a wide range of services to institutional and high-net-worth clients around the world.
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Municipal and Public Finance Securities |
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We provides sales, trading, underwriting, derivatives and capital-markets activities in the $2.39 trillion tax-exempt fixed income market.
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Emerging Markets |
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Morgan Stanley trades external and local debt, foreign exchange of emerging-markets countries, emerging-markets derivatives, and works with clients to develop sophisticated investment and trading strategies for emerging-markets sovereign countries. |
Credit Products Group (CPG)
Trades all cash and derivative products for securities with embedded credit risk in these areas:
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Corporate Credit Group (CCG) |
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Encompasses investment grade and high-yield bond and credit derivatives trading; structured credit trading, including baskets and synthetic CDOs; par and distressed loan trading; convertible bond trading and strategic and proprietary investments across multiple asset classes.
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Securitized Products Group (SPG) |
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SPG engages in a wide array of global activities such as structuring, underwriting and trading of collateralized securities. The team makes active markets and takes proprietary positions in the full range of asset-backed, residential mortgage-backed, commercial-backed and collateralized debt-obligation securities in both the cash and synthetic markets.
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Distribution
The sales function exists in all product areas, connecting Morgan Stanley’s resources with our institutional clients, such as banks, insurance companies, hedge funds, money managers, pension funds and mutual funds. Salespeople help institutional clients to achieve their particular investment objectives, providing them not only with product expertise but also with immediate access to all areas of the firm.
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