Morgan Stanley 2014 Annual Report Download - page 6

will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be
disclosed by the rules of either the SEC or the New York Stock Exchange LLC (“NYSE”) on its internet site.
You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations,
1585 Broadway, New York, NY 10036 (212-761-4000). The information on the Company’s internet site is not
incorporated by reference into this report.
Business Segments.
The Company is a global financial services firm that maintains significant market positions in each of its
business segments—Institutional Securities, Wealth Management and Investment Management.
Institutional Securities.
The Company’s Institutional Securities business segment provides financial advisory and capital-raising services
to a diverse group of corporate and other institutional clients globally, primarily through wholly owned
subsidiaries that include Morgan Stanley & Co. LLC (“MS&Co.”) and Morgan Stanley & Co. International plc
(“MSIP”), and certain joint venture entities that include Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”)
and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”). The Company, primarily through these
entities, also conducts sales and trading activities worldwide, as principal and agent, and provides related
financing services on behalf of institutional investors.
Investment Banking and Corporate Lending Activities.
Capital Raising. The Company manages and participates in public offerings and private placements of debt,
equity and other securities worldwide. The Company is a leading underwriter of common stock, preferred stock
and other equity-related securities, including convertible securities and American Depositary Receipts (“ADRs”).
The Company is also a leading underwriter of fixed income securities, including investment grade debt, non-
investment grade instruments, mortgage-related and other asset-backed securities, tax-exempt securities and
commercial paper and other short-term securities.
Financial Advisory Services. The Company provides corporate and other institutional clients globally with
advisory services on key strategic matters, such as mergers and acquisitions, divestitures, joint ventures,
corporate restructurings, recapitalizations, spin-offs, exchange offers and leveraged buyouts and takeover
defenses as well as shareholder relations. The Company also provides advice and services concerning rights
offerings, dividend policy, valuations, foreign exchange exposure, financial risk management strategies and
financial planning. In addition, the Company furnishes advice and services regarding project financings and
provides advisory services in connection with the purchase, sale, leasing and financing of real estate.
Corporate Lending. The Company provides loans or lending commitments, including bridge financing, to
select corporate clients through its subsidiaries, including Morgan Stanley Bank, N.A. (“MSBNA”). These loans
and lending commitments have varying terms; may be senior or subordinated; may be secured or unsecured; are
generally contingent upon representations, warranties and contractual conditions applicable to the borrower; and
may be syndicated, traded or hedged by the Company. The borrowers may be rated investment grade or non-
investment grade.
Sales and Trading Activities.
The Company conducts sales, trading, financing and market-making activities on securities, swaps and futures,
both on exchanges and in over-the-counter (“OTC”) markets around the world. The Company’s Institutional
Securities sales and trading activities comprise Institutional Equity; Fixed Income and Commodities; Research;
and Investments.
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