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Thursday, August 21, 2014

Deutsche Bank sells N.American natgas book to Morgan Stanley -source, (NYSE: MS)

Deutsche Bank has sold its North American natural gas trading book to Morgan Stanley , a source familiar with the deal said on Thursday.Deutsche Bank and Morgan Stanley declined to comment.The sale was first reported by energy news portal Sparkspread earlier on Thursday. The portal did not give a value for the deal, saying details were not immediately available.Last month, Morgan Stanley bought Deutsche Bank's bulk commodities trading book in coal, iron ore and freight forward contracts.

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 1.06% or $0.345/share to $32.88. In the past year, the shares have traded as low as $25.25 and as high as $33.60. On average, 8295890 shares of MS exchange hands on a given day and today's volume is recorded at 2128160.