Morgan Stanley (NYSE:MS) and Mitsubishi UFJ Financial Group (MTU) changed their plans about merging their brokerage operations in Japan, originally announced in March. Current plans, which will delay the merger for two months, will create a two-company JV, one of which will be called Mitsubishi UFJ Morgan Stanley Securities, 60%-owned by MUFG, and will include Morgan Stanley's investment-banking business; the other will be controlled by Morgan and will include its equity and bond trading businesses.