Full text of MORGAN STANLEY & CO INTERNATIONAL PLC's X-17A-5 filed 2025-04-07 (period 2024-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ # **Registered number: 02068222** Morgan Stanley Registered office: 25 Cabot Square Canary Wharf London E14 4QA # **Morgan Stanley & Co. International plc** **Report and financial statements** **31 December 2024** {1}------------------------------------------------ | STRATEGIC REPORT | 3 | |----------------------------------------------------------|----| | Group and Company Overview | 3 | | Principal Activity | 3 | | Supervision and Regulation | 3 | | Risk Factors and Business Environment | 3 | | ESG Overview | 4 | | Financial Performance and Condition | 5 | | Performance Indicators | 5 | | Overview of 2024 Financial Results | 6 | | Key Accounting Estimates and Judgements | 7 | | Capital and Liquidity Resource Management and Regulation | 9 | | Capital Management | 9 | | Funding and Liquidity Management | 10 | | Recovery and Resolution Planning | 11 | | Regulatory Developments | 12 | | Risk Management | 13 | | Risk Management Framework | 13 | | Market Risk | 16 | | Credit Risk | 17 | | Valuation Risk | 20 | | Leverage Risk | 20 | | Liquidity Risk | 21 | | Operational Risk | 22 | | Climate and Environmental Risk | 23 | | ESG Report | 24 | | General Information | 24 | | Environmental Information | 27 | | Social Information | 34 | | Governance Information | 37 | | Stakeholder Engagement and Section 172(1) Statement | 39 | | Corporate Governance | 41 | | DIRECTORS' REPORT | 46 | | Directors' Responsibilities Statement | 49 | | INDEPENDENT AUDITOR'S REPORT | 51 | | PRIMARY FINANCIAL STATEMENTS | 60 | | NOTES TO THE FINANCIAL STATEMENTS | 67 | {2}------------------------------------------------ The Directors present their Strategic Report for Morgan Stanley & Co. International plc (the "Company") and all of its subsidiary undertakings (together the "Group") for the year ended 31 December 2024. ## **Group and Company Overview** The ultimate parent undertaking and controlling entity of the Company is Morgan Stanley, which together with the Group and Morgan Stanley's other subsidiary undertakings, forms the "Morgan Stanley Group". Morgan Stanley is a global financial services firm authorised as a Financial Holding Company and regulated by the Board of Governors of the Federal Reserve System in the United States of America ("US"). Morgan Stanley International Limited ("MSI") is the ultimate United Kingdom ("UK") parent undertaking of the Company. MSI, together with all of its subsidiary undertakings, forms the "MSI…Read the full text as markdown