Rosneft has hired Morgan Stanley veterans led by former co-president Walid Chammah to advise its president on an overhaul of its financial assets and create a platform for hedging its oil trade.Two top executives from Morgan Stanley's Moscow office, Rair Simonyan and Elena Titova, have also been hired to advise Igor Sechin, who has launched a series of international exploration deals and a $55 billion takeover of BP's Russian joint venture, TNK-BP, Russia's largest ever takeover.Rosneft's move underlines a shift in power in commodities trade away from Morgan Stanley and rival financial institutions such as Goldman Sachs and J.P. Morgan, which have been forced into retreat by increasingly strict market regulation."Clearly tighter regulation is an opportunity for a new entrant into the trading business," Chammah told Reuters.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI traded higher by 0.34% or $0.06/share to $17.97. In the past year, the shares have traded as low as $14.23 and as high as $19.52. On average, 27163 shares of FISI exchange hands on a given day and today's volume is recorded at 1388.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.14% or $0.19/share to $16.80. In the past year, the shares have traded as low as $12.26 and as high as $21.19. On average, 22513300 shares of MS exchange hands on a given day and today's volume is recorded at 4809592.
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