In its December issue, Institutional Investor ranks the leading fixed-income trading firms, based on a survey of the top 300 money management firms in the U.S. Morgan Stanley places first in Commercial Mortgage-Backed Securities (CMBS) secondary trading for the third year in a row.

Top Fixed-Income Trading Firm	5
Overall High Yield	7
Investment-Grade Corporate Securities	4
Agency Paper	5
Short-coupon Treasuries	5
Intermediate and Long-term Treasuries	5
Repurchase and Reverse Repurchase Agreements	4
Commercial Mortgage Securities	1
Asset-backed Securities	4
Yankee Bonds	4

For more information on Morgan Stanley awards please visit the Awards section on morganstanley.com.