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&lt;p&gt;James Gorman and company are planning to turn what&#39;s left of their proprietary trading operations into an electric trading unit. This follows Morgan Stanley&#39;s decision last month to &quot;break off its largest proprietary-trading group, Process Driven Trading, or PDT, as an independent advisory firm by the end of 2012.&quot;&lt;/p&gt;&lt;p&gt;&lt;img class=&quot;embeddedObject&quot; src=&quot;http://content.screencast.com/users/dloos/folders/Jing/media/35ec4f36-db18-4d0d-8251-552b416979eb/00000180.png&quot; border=&quot;0&quot; alt=&quot;&quot; width=&quot;306&quot; height=&quot;232&quot; align=&quot;left&quot;&gt;The last of the prop traders at Morgan Stanley consist of 30 employees who&#39;ve accounted for about $100 million in annual revenues in recent years. They belong to a group called Equity Trading Lab (ETL for short), which &quot;was started by Rohit D&amp;rsquo;Souza, Michael Botlo and Sudeep Gupta around 2000, when the equity-trading division was headed by current Citigroup Inc. CEO Vikram Pandit. Those three left for Merrill Lynch &amp;amp; Co. in 2004.&quot; (And Merrill Lynch left for BofA in 2009.)&lt;/p&gt;&lt;p&gt;Meanwhile, Morgan Stanley&#39;s main rival, Goldman Sachs, has also been deleting its prop-trading units due to the Dodd-Frank bill&#39;s Volcker Rule (which prohibits banks from trading in their own accounts). Goldman has recently shut down its equity prop-trading unit and lost several of its big swinging quant traders, who&#39;ve left the firm to start their own funds.&lt;/p&gt;&lt;p&gt;All of which must make Paul Volcker one very pleased lawmaker.&lt;/p&gt;&lt;p&gt;(Bloomberg)&lt;/p&gt;

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