Morgan Stanley 2010 Annual Report Download - page 120

loans and lending commitments as discussed above and current exposure arising from the Company’s OTC
derivative contracts) was to emerging markets, and no one emerging market country accounted for more than
approximately 1% of the Company’s credit exposure.
The Company defines emerging markets to include generally all countries where the economic, legal and
political systems are transitional and in the process of developing into more transparent and accountable systems
that are consistent with advanced countries.
The following tables show the Company’s percentage of credit exposure from its primary corporate loans and
lending commitments and OTC derivative products by country at December 31, 2010 and December 31, 2009:
Corporate Lending Exposure(1)
At December 31,
2010
At December 31,
2009Country
United States ..................................................... 65% 65%
United Kingdom .................................................. 7 7
Germany ........................................................ 6 6
Netherlands ...................................................... 2 2
Canada .......................................................... 2 2
France .......................................................... 2 2
Switzerland ...................................................... 2 2
Cayman Islands ................................................... 2 2
Luxembourg ...................................................... 2 2
Other ........................................................... 10 10
Total ........................................................ 100% 100%
OTC Derivative Products(1)(2)
At December 31,
2010
At December 31,
2009Country
United States ..................................................... 35% 31%
Cayman Islands ................................................... 11 14
United Kingdom .................................................. 9 8
Italy ............................................................ 7 7
France .......................................................... 4 3
Germany ........................................................ 3 4
Japan ........................................................... 3 2
Luxembourg ...................................................... 2 2
Australia ......................................................... 2 2
Chile ............................................................ 2 2
Jersey ........................................................... 2 3
Austria .......................................................... 2 2
Netherlands ...................................................... 2 1
Canada .......................................................... 2 2
Switzerland ...................................................... 2 1
Other ........................................................... 12 16
Total ........................................................ 100% 100%
(1) Credit exposure amounts are based on the domicile of the counterparty.
(2) Credit exposure amounts do not reflect the offsetting benefit of financial instruments that the Company utilizes to hedge credit exposure
arising from OTC derivative products.
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