Morgan Stanley has followed Wall Street rival Goldman Sachs in posting a strong rebound in third-quarter fixed income and commodities trading revenues compared with a steep drop at that business a year ago.

Underlying third-quarter revenues from fixed income and commodities sales and trading at Morgan Stanley's institutional securities division, excluding the effects of so-called debt valuation adjustments, surged 19% year-on-year to $997 million, the bank said in its quarterly results statement on Friday.

Trading propels profits past $1bn at Morgan Stanley

Bank's institutional securities unit storms back from weak third quarter of 2013 with one of the strongest year-on-year revenue rises from fixed income on Wall Street

Vivek Ahuja

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