Morgan Stanley announced that it will invest in Eris Exchange, which specializes in swaps futures for interest-rate hedging. The amount of investment wasn't disclosed. "It's evidence of banks and dealers and trading desks leaning into the new regulatory and market reality that's coming," Eris CEO Neal Brady said. "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.