Morgan Stanley says it will invest in Eris, an exchange that specializes in swap futures for interest-rate hedging, although it wasn't disclosed how much was being invested. "It's evidence of banks and dealers and trading desks leaning into the new regulatory and market reality that's coming,” says Eris CEO Neal Brady. “Some have chosen not to adapt to these realities but I think Morgan Stanley is seeing the way the world is evolving." The deal is expected to close early next year.

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