Morgan Stanley 2Q Fixed-Income Revenue Beats Estimates

Morgan Stanley has reported a strong quarter, with significant achievements in equity and investment banking. The company has consistently exceeded expectations, maintaining a solid market position and showing growth in market share. Allison Williams from Bloomberg Intelligence highlights the company's financial metrics, including a robust pre-tax wealth margin and return on tangible equity. The discussion also covers the impact of market volatility and changes in the equities sector, with Morgan Stanley leading in global revenue. The performance in equity derivatives is particularly noteworthy this quarter.

In what ways has Morgan Stanley been able to beat earnings expectations consistently?

What impact did MiFID 2 have on the equities market according to the discussion?