The contents of this letter are also available on the Morgan Stanley Wealth Management Disclosures page and may be updated from time to time. To the extent that you continue to enter into FX transactions with us, it will be on the basis that you have read and understood these terms. Morgan Stanley is generally engaged in a broad spectrum of FX activities, including with respect to equity and fixed income securities that are denominated in a foreign currency for a variety of purposes.
The FX markets are predominantly principal markets. Thus, Morgan Stanley will typically face its clients as principal when executing trades resulting from FX Transaction Requests and does not generally act as an agent, broker or fiduciary with respect to market making activity.
We employ reasonably designed means to minimize market impact and stand ready to discuss market pricing and execution levels with you at your request. Morgan Stanley may enter into transactions in the relevant or related instruments through internal sources of liquidity or in the market at different times and prices in order to execute your FX Transaction Request and offset the risk incurred, and ultimately provide you with an overall fill that takes into account these transactions.
We may choose to leave our principal position unhedged or partially hedged, and may adjust any hedge from time to time in our sole discretion. In order to unwind a hedge, we may need to unwind our principal position by trading in the relevant or related instruments.
Regardless of whether or how we choose to hedge, any profit or loss resulting from any hedging activity will accrue solely to Morgan Stanley. When negotiating any particular FX Transaction Requests with us, you may ask that we not trade as a principal ahead of, or alongside, your transaction, or that we execute in a certain manner, such as through the use of algorithms.
Please note that such a request may limit the execution services we are able to offer you in any particular case. Morgan Stanley utilizes a number of internally developed tools designed to access both external and internal sources of liquidity in order for Morgan Stanley, as principal, to provide what we deem to be the most favorable bids and offers, and executions, reasonably available under the circumstances.
Morgan Stanley may benefit from reduced transaction costs when executing through certain internal or external trading venues and, if we have an investment in, or other relationship with, an external venue, the Firm may receive other benefits as a result of that interest. In addition, all or a portion of your transaction may be filled by internal sources of liquidity rather than external trading venues. Either way, unless we agree otherwise, Morgan Stanley will trade in a principal capacity, and your execution levels may be inclusive of what we deem to be a reasonable spread above the price at which Morgan Stanley may transact, or has transacted, with other clients or trading counterparties, in addition to any disclosed fees that may be charged to access particular sources of liquidity.
The price at which you trade with Wealth Management will depend on a number of factors, including those set out below. This list is not exhaustive and Wealth Management may take into account other factors that it considers appropriate in determining that price. In addition, to the extent we execute a trade with you through internal sources of liquidity, and that liquidity is sourced from another client, we may also receive additional compensation on, and fees for, the trade we execute with that other client which will be included in the spread charged to that client.
The type of product, transaction and market in which the product would be traded, such as:. Internal costs to Morgan Stanley, such as counterparty credit risk, hedging and market. FX Transaction Requests may be submitted by your FA electronically or by voice or other traditional communication channels, and there is no guarantee that any FX Transaction Request will be filled, in whole or in part.
Orders submitted electronically are time stamped upon receipt by Wealth Management and voice orders that are not subject to immediate execution are time stamped when input into the order management system. Spot foreign exchange orders that are submitted through your FA, which may include algorithmic order types such as volume-weighted-average-price and time-weighted-average-price orders, may be filled by Morgan Stanley accessing 1 external FX market centers including but not limited to, trading platforms, inter-dealer brokers and 3rd party matching venues , 2 our internal market making desk as a liquidity provider, or 3 our internal Morgan Stanley matching engines.
When we source liquidity internally as the operator of a matching mechanism, we only do so when the price of a trade will achieve executions at prices which we believe are comparable to those visible to us on external FX market centers. These executions are subject to our pre-agreed fee. At and around the same time that we receive your FX Transaction Request, we may also be executing transactions in similar or related products as a result of our market making activities for other clients and to hedge our risk with respect to these products.
In light of this, it is at our discretion as to how we may satisfy your FX Transaction Request and our other market making activities, including as to timing, prioritization, aggregation and manner of execution, as well as the amount and price of your fill.
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