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62	62	=== Fixed Income Securities ===
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64		-Morgan Stanley makes markets for their clients in interest rate, foreign exchange and emerging market products, including exchange-traded and OTC securities and derivative instruments. The company also makes markets in credit-sensitive products, such as corporate bonds and mortgage securities and other securitized products, and related derivative instruments. The Firm undertakes lending activities, which include commercial mortgage lending, secured lending facilities and financing extended to sales and trading customers.
	64	+Morgan Stanley makes markets for their clients in interest rate, foreign exchange and emerging market products, including exchange-traded and OTC securities and derivative instruments. The company also makes markets in credit-sensitive products, such as corporate bonds and mortgage securities and other securitized products, and related derivative instruments. The Firm undertakes lending activities, which include commercial mortgage lending, secured lending facilities and financing extended to sales and trading customers. The company also makes markets in various commodity products related primarily to electricity, natural gas, oil and metals.
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69	69	== Wealth Management ==
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71	71	Wealth Management segment includes revenues from the distribution of newly issued securities. Morgan Stanley works as principal to the customers' purchases and sales of fixed income instruments. The company also manages the employees' deferred compensation plan from which it records gains and losses. Morgan Stanley earns commissions and fees from client transactions primarily in equity securities, insurance products, mutual funds, futures and options. The firm also earns revenues from order flow payments for directing customer orders to broker-dealers, exchanges and market centers for execution. This segment also include services associated with fee-based assets, account service and administration, as well as distribution of products. The company receives revenue for advisory services to these areas. The revenues generated from these services are generally based on the net asset value of the account in which a client is invested. Within the Wealth Management business segment, Interest income is driven by Investment securities, Loans and margin loans. Interest expense is driven by Deposits and other funding. Upon acquisition, E*TRADE’s Investment securities were recorded at fair value, and the resulting premium is being amortized over the life of the portfolio against interest income.
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75	75	Under the Investment Management segment the company invests funds of employee deferred compensation and co-investment plans. The profit or loss from this segment depends on the fair value estimation of these invested funds. The company uses judgmental approach in estimating the revenues from investments which may be subject to market, financial, and overall business conditions existing in the market.  Investments revenues are primarily from performance-based fees in the form of carried interest, a portion of which is subject to reversal, and gains and losses from investments. The business is entitled to receive carried interest when the return in certain funds exceeds specified performance targets. Additionally, there are certain sponsored Investment Management funds consolidated by Morgan Stanley where revenues are primarily attributable to holders of noncontrolling interests. This segment generates revenues from performance-based fees for asset management.
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	74	+Risks
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