Derivatives exposures at Morgan Stanley rose during the three months to end-December in the first such increase since the second quarter of 2017.

Total derivatives exposures, as measured for the purposes of the Federal Reserve’s supplementary leverage ratio (SLR) calculation, went up by $5.1 billion quarter-on-quarter, or 3%, to$195 billion.

This follows five consecutive quarters of decline, during which Morgan Stanley shed \$9.8 billion (5%) worth of its derivatives exposures. Compared with