Morgan Stanley has issued a warning about the potential risks to U.S. equities due to a 'regime shift' in the U.S. dollar, driven by de-dollarization efforts, deteriorating relations with China, recent U.S. sanctions on Russia, and signaling the end of the bull market. This shift could threaten the gains stocks have made, with the firm's Wealth Management Chief Investment Officer, Lisa Shalett, highlighting the risk to the dollar's supremacy. Meanwhile, the financial industry is preparing for regulatory changes effective in late May, with State Street and other fund managers adjusting their technology for faster settlement times to avoid failed trades. The U.S. Securities and Exchange Commission adopted a rule in February 2023 to shorten the settlement cycle for securities transactions to two business days, a move that is causing concern among international fund managers due to staffing and operational challenges.