Like its top competitors, Goldman Sachs (NYSE: GS) fell short of the perfect record it posted in the first quarter. The gilded investment bank reported in an SEC (SEC news) filing that it lost money on trading 10 days in the quarter, including losses of more than $100 million on three days.

Morgan Stanley (NYSE: MS) on the other hand reported 11 days of trading losses. What's more, Morgan Stanley didn't lose more than $75 million on any day in the quarter.

Goldman Sachs was better on the upside, however. It posted gains of at least $100 million on 17 days. Meanwhile, Morgan Stanley Morgan Stanley reported six days in which it made $100 million or more from trading, racking up a gain of $175 million on one day. This metric started gaining a lot more attention as trading profits soared as a percentage of overall profits.

Now people are waiting to see how trading will fare in the Dodd-Frank era. Will the Volcker Rule (Volcker Rule news) lead to lower trading gains? That was the intent of the law. The issues are how fast this will be reflected in the results and whether firms will find ways to preserve some prop trading gains.

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