Morgan Stanley

Investor Relations

By putting clients first, leading with exceptional ideas, doing the right thing, and giving back, Morgan Stanley aims to deliver results today, while setting strategic goals for the future.

The following table presents an index of Morgan Stanley's risk and capital disclosures in the 2024 Annual Report on Form 10-K, the Quarterly Report on Form 10-Q and the Basel III Pillar 3 Disclosure Report for the quarterly period ended June 30, 2025.

Morgan Stanley's Pillar 3 Disclosures are not required to be, and have not been, audited by an independent registered public accounting firm. Morgan Stanley's Pillar 3 Disclosures were based on our current understanding of U.S. Basel III and other factors, which may be subject to change as additional clarification and implementation guidance from regulators relating to U.S. Basel III are received, and as the interpretation of the final rule evolves over time. Some measures of exposures may not be consistent with U.S. GAAP, and may not be comparable with measures reported in Morgan Stanley's Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q.

  Details 2024
Annual
Report on
Form 10-K
Q2 2025
Quarterly
Report on
Form 10-Q
Q2 2025
Basel III
Pillar 3
Disclosures
Risk Overview Risk factors 13 78
Liquidity risk management framework 45 19
Regulatory requirements 49 22
Regulatory developments and other matters 54 27
Risk management 55 28
Liquidity Risk
and Funding
Liquidity risk 74 36
Required liquidity framework 45 18
Liquidity resources 46 19
Funding management 47 20
Off-Balance sheet arrangements 49 22
Borrowings and other secured financings 119 62
Commitments, guarantees and contingencies 121 63
Operational
Risk
Supervision and regulation 6  
Risk governance structure 55  
Risk management process 58 28
Operational risk 71 36 23
Legal, regulatory and compliance risk 74 36
Capital Adequacy and Risk-Weighted Assets Regulatory capital framework 49, 131 22, 69 1
Regulatory capital requirements 50, 131 23, 70 1
Regulatory capital ratios 51, 132 24, 70 3
Capital conservation buffer, countercyclical capital buffer and global systemically important bank surcharge 49, 50 23 4
Internal ratings system exposures   9
Regulatory capital changes 51 24
Risk-weighted assets rollforward 52 25
Supplementary leverage ratio 51 23 24
Attribution of average common equity according to the required capital framework 54 26
Market risk Market risk 58 28 19
Risk limits framework 58
Trading risks 59 28
Non-trading risks 61 29
Credit spread risk sensitivity 61 29
Interest rate risk sensitivity 61 29 19
Model methodology, assumptions and exposure measures   20
Model limitations   21
Model validation   22
Regulatory VaR backtesting   22
Covered positions   22
Stress testing of covered positions   23
Credit Risk Credit risk 62 30 5
Credit risk: General disclosures   5
Monitoring and control 62
Credit exposures: Derivatives 69, 107 35
Country risk exposure 70 36
Derivative instruments and hedging activities 105 51
Loans, lending commitments and allowance for credit losses 63, 113 30, 58 6
Credit risk mitigation 63 13
Equities not subject to the market risk capital rule   14
Securitization exposures   15