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60	60	A significant portion of the results for this business is generated by commissions and fees from executing and clearing client transactions on major stock and derivative exchanges, as well as from OTC transactions. The company makes markets for the clients principally in equity-related securities and derivative products, including those that provide liquidity and are utilized for hedging. Market-making also generates gains and losses on inventory held to facilitate client activity, which are reflected in Trading revenues. Execution services also includes certain Investments and Other revenues.
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62		-=== Fixed Income Securities ===
	62	+=== Fixed Income Securities ===
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64	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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76	76	Morgan Stanley formally opens its doors for business at 2 Wall Street, New York City, on September 16, 1935. The foundation of the company can be found back in time around 1924. When the Congress forced banks to choose between serving institutional or commercial clients, Harold Stanley and Henry Morgan leave J.P. Morgan & Co. to open a new investment bank that bears their names. After the stock market crush in 1929, given the catalysts of the situation which includes easy credits during 1921 to 1929, Congress passes the Banking Act of 1933, otherwise known as the Glass-Steagall Act, forcing banks to choose between investment and commercial banking while adding new protections for consumer deposits. Some J.P. Morgan partners travel to the summer home of colleague Thomas Lamont to work out details for a new investment bank named Morgan Stanley in 1935. Morgan Stanley & Co. launches in 1935 with six officers and a staff of 13 employees. One week after its launch, Morgan Stanley debuts on the bond market with a $19 million offering for Consumers Power Company. In 1938, Morgan Stanley leads a group of 102 underwriters in managing a $100 million offering of debentures for U.S. Steel. During 1950s and 1960s, Morgan Stanley continues to be a leader in helping blue-chip clients tap public markets to finance growth and innovation. However, a suit was filed by the Justice Department in 1947 against Morgan Stanley and 16 other Wall Street firms, the case was known as "Investment Bankers Case". But in 1953, judge Harold R. Medina dismisses the government’s antitrust case against Morgan Stanley and 16 other firms. The 'Medina Trial' restores faith in the Wall Street. In 1953, Morgan Stanley manages record offerings for General Motors, starting with a $300 million bond offer that enabled the carmaker to finance more innovation and to ramp up production. The Morgan Stanley Foundation was established with a $25,000 donation from partners in 1961. In 1962, Morgan Stanley creates one of the first computer-modeling technology for financial analysis in collaboration with IBM. In 1967, the company goes into managing international stocks and bonds by establishing Morgan & Cie International in Paris. In 1969, Morgan Stanley acquires broker Brooks, Harvey & Co., substantially increasing its real estate financing and advisory business. Morgan Stanley returned to its roots by moving away from the shared ownership model and partially incorporated in 1970 and completed its incorporation by 1975. During the same year 1970, the company opens its business in Japan. In 1973, Morgan Stanley moves its headquarters from Wall Street to Midtown Manhattan. In 1975, Morgan Stanley buys the remaining stake in Morgan & Cie., renaming it Morgan Stanley International. The company co-manages the IPO of Apple Computers in 1980. Apple Computer goes public at $22 a share, raising more than $100 million and giving 25-year-old Steve Jobs a stake worth $217 million after its first trading day. In 1986, the company buys a seat on the Tokyo Stock Exchange for $5.00 million, the first U.S. investment bank to do so. To increase capital needed to meet growing demands from customers and capital requirements from the SEC, Morgan Stanley goes public in 1986 on the New York Stock Exchange at $56.50 a share, closing at $71.25 its first day.
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78		-Morgan Stanley opens an office in Mumbai, becoming the first U.S. investment bank to purchase a seat on the Bombay Stock Exchange in 1995. Around the same time, the company also takes an early lead in China, South Africa, and Russia. In 1997, Morgan Stanley establishes its first permanent office in São Paulo, Brazil.
	78	+Morgan Stanley opens an office in Mumbai, becoming the first U.S. investment bank to purchase a seat on the Bombay Stock Exchange in 1995. Around the same time, the company also takes an early lead in China, South Africa, and Russia. In 1997, Morgan Stanley establishes its first permanent office in São Paulo, Brazil. In 1997, Morgan Stanley merges with Dean Witter to create Morgan Stanley Dean Witter & Co. The $10.2 billion merger created America's largest securities firm at that time. Morgan Stanley serves in 1999 as lead underwriter for UPS in a $5.47 billion public offering that was the largest IPO ever at the time.
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