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Apr 16, 2026 12:01 PM

Hormuz Who? Iran War Volatility Hands Morgan Stanley A $5.15 Billion Trading Quarter

Remember March? When oil was ripping, the Strait of Hormuz was blockaded, and every market strategist on TV was warning about a generational shock? 

Morgan Stanley's (NYSE:MS) trading desks apparently took notes, and then took the other side.

MS stock is moving. See the chart and price action here. 

Morgan Stanley Record Trading Revs

The firm reported Wednesday that it pulled in $5.15 billion from equity trading in the first three months of 2026, a single-quarter record for the segment. 

Fixed income added another $3.36 billion. 

Put those together and the Institutional Securities division cleared $10.7 billion in net revenue, the best three-month run it has ever reported. 

The top-line numbers are just as striking. Total net revenue hit $20.6 billion, the ...