Equity derivatives house of the year: Morgan Stanley

There were lots of chances to get things wrong in last year's equity derivatives markets. Morgan Stanley took none of them

Alvise Munari, Morgan Stanley

A trader at a large hedge fund is giving a mildly critical verdict on the equity derivatives business at Morgan Stanley. He has a lot of respect for it as a counterparty, he says, but when it came to the year’s biggest trade – the stampede of foreign investors seeking upside exposure to the Nikkei 225 index– Morgan Stanley was not always competitive.

“It’s a great house, but when it came to large sizes on outright Nikkei volatility – unless it had the axe – the pricing was slightly off,” he says

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