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Equity volumes across global markets have been elevated long enough to show up in bank earnings, and the magnitude of the swing is clarifying.
Morgan Stanley reported record quarterly revenue and profit, with its equities trading business up 69 percent.
The result arrives after rivals JPMorgan Chase and Goldman Sachs had already shown similar gains, which means this is a sector-wide story before it is a Morgan Stanley story.
The quarter in plain terms Morgan Stanley's record spans both the top and bottom line, with equities trading as the primary driver at a 69 percent gain over the comparable period.
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