Morgan Stanley's banking analysts have released some new reports on the state of the financial services industry in the first quarter. We alluded to them earlier in our suggestion that things aren't looking too promising for Deutsche Bank and Barclays' fixed income currencies and commodities businesses, but this allusion just scratches the surface of the matter. The reports also say that:
FX trading volumes were down 30% year-on-year in the first quarter according to Morgan Stanley.
Morgan Stanley estimates that corporate credit trading revenues were up 14% year-on-year in the first quarter.
After a difficult year in 2013, Morgan Stanley says rates trading revenues are up quarter-on-quarter, but "mostly down" year-on-year. Commodities revenues are "mostly up" in both time periods.
"Equity derivative volumes in Europe and US are mostly down YoY but up QoQ," Morgan Stanley concludes.