Morgan Stanley has followed Wall Street rival Goldman Sachs in posting a strong rebound in third-quarter fixed income and commodities trading revenues compared with a steep drop at that business a year ago.

Underlying third-quarter revenues from fixed income and commodities sales and trading at Morgan Stanley's institutional securities division, excluding the effects of so-called debt valuation adjustments, surged 19% year-on-year to $997 million, the bank said in its quarterly results statement on Friday.