Morgan Stanley 2014 Annual Report Download - page 136
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The histogram below shows the distribution for 2014 of daily net trading revenues, including profits and losses
from positions included in VaR for the Company’s businesses that comprise the Primary Risk Categories. Daily
net trading revenues also include intraday trading activities but exclude certain items not captured in the VaR
model, such as fees, commissions and net interest income. Daily net trading revenues differ from the definition of
revenues required for Regulatory VaR backtesting, which further excludes intraday trading. During 2014, the
Company’s businesses that comprise the Primary Risk Categories experienced net trading losses on 25 days, of
which no day was in excess of the 95%/one-day Primary Risk Categories VaR.
07
18
82
94
43
12
210
<-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
Number of Days
Year Ended December 31, 2014
Daily Net Trading Revenues for Primary Risk Categories
(dollars in millions)
(Loss) Gain
132