Morgan Stanley 2009 Annual Report Download - page 102
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The histograms below show the distribution of daily net trading revenue during 2009 and the one month ended
December 31, 2008, respectively, for the Company’s trading businesses (including net interest and non-agency
commissions but excluding certain non-trading revenues such as primary, fee-based and prime brokerage revenue
credited to the trading businesses). During 2009 and the one month ended December 31, 2008, the Company
experienced net trading losses on 38 days and 14 days, respectively. The loss days observed during December
2008 were driven predominately by increased levels of volatility realized in the market.
0
10
20
30
40
50
60
<-200
-200 to -175
-175 to -150
-150 to -125
-125 to -100
-100 to -75
-75 to -50
-50 to -25
-25 to 0
0 to 25
25 to 50
50 to 75
75 to 100
100 to 125
125 to 150
150 to 175
175 to 200
>200
Number of Days
Year Ended December 31, 2009
Daily Net Trading Revenue
(excluding primary revenue)
(dollars in millions)
(Loss) Gain
98