R. Sheldon Johnson

R. Sheldon JohnsonSecretary since 1996Managing Director , Global Equity Derivatives ,

Managing DirectorMorgan Stanley & Co..Incorporated.Morgan Stanley & Co. ,.

Incorporated 1585 Broadway New York , NY 10036 Age 53
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The undersigned hereby appoints R. Sheldon Johnson and John P. Falco , and each of them , attorneys and proxies of the undersigned each with the power of substitution and resubstitution , to attend , vote and act for the undersigned at the above-referenced Special Meeting of Shareholders , and at any adjournment or adjournments thereof , casting votes according to the number of shares of the iShares [ NAME ] MSCI Index Fund which the undersigned may be entitled to vote with respect to the proposals set forth on the reverse side , in accordance with the specification indicated , if any , and with all the powers which the undersigned would possess if personally present , hereby revoking any prior proxy to vote at such Special Meeting , and hereby ratifying and confirming all that said attorneys and proxies , or each of them , may lawfully do by virtue hereof.

"More and more of our customers are asking us where they can turn for help in measuring their risks" said R. Sheldon Johnson, managing director and head of world-wide equity derivatives at Morgan Stanley.

R. Sheldon Johnson, managing director, Morgan Stanley

If a dealer can take positions down and make money trading them on a risk basis , then the trade is too expensive , believes Sheldon Johnson , a managing director at Morgan Stanley responsible for global portfolio trading , futures , and options.If the dealer had done an agency trade instead , the client would have made that money.So , in a risk trade , it's the dealer's money instead of the client's money.Or the trade might be too cheap.In this case , the dealer loses money.But I would argue that in the majority of cases it is the customer that pays too much.That's why our business is growing most rapidly on the agency side..
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We , however , think that such trades are very high risk and we don't believe that we can facilitate them in the long term , says Johnson.

Both quants and active managers tend to be more time sensitive than indexers because their asset allocation is based on research or models that place a premium on opportunity costs relative to market impact.PanAgora uses futures extensively to minimize the market impact of its tactical asset allocation , and swaps these into physicals if they opt for a longer , strategic exposure.But this time-sensitivity cannot be generalized to a preference for a certain style of trading.GMO's Chu , for example , prefers plain vanilla agency trades.In the US , we use futures to equitize cash and unwind them as we acquire stock.But in international , there is no EAFE future and many other futures are not CFTC approved , so US funds cannot legally hold them.

"More and more of our customers are asking us where they can turn for help in measuring their risks" said R. Sheldon Johnson, managing director and head of worldwide equity derivatives at Morgan Stanley.

R. Sheldon Johnson, Managing Director, Morgan Stanley & Co.

"More and more of our customers are asking us where they can turn for help in measuring their risks" said R. Sheldon Johnson, managing director and head of worldwide equity derivatives at Morgan Stanley."Measurisk allows us to provide our customers with a total risk management solution."Bank of Bermuda: Bank of Bermuda, one of the largest administrators of offshore investment funds, is making a capital investment in Measurisk.com and will provide a key platform for establishing the necessary links to its clients portfolio data."We believe offshore fund investors and managers will want to monitor their risks better," said Bank of Bermuda Sr. V.P.

More and more of our customers are asking us where they can turn for help in measuring their risks said R. Sheldon Johnson, managing director and head of worldwide equity derivatives at Morgan Stanley.