Morgan Stanley article updated with management and analyst commentary.NEW YORK ( TheStreet) - Shares of Morgan Stanley ( MS) were rising Wednesday after the investment bank offered more details on its exposure to Europe, arguing that its actual risk from the European crisis is much less than previously reported. The investment bank said its total exposure to the peripherals- Greece, Italy, Ireland, Portugal and Spain- as of September 30 stood at $5.68 billion. Net funded exposure after hedges on net counterparty exposure and lending was approximately $2.1 billion. That was in line with numbers disclosed last quarter. The latest disclosure, however, breaks out its exposure to each of the countries, offering further details on its inventory, counterparty exposure, funded lending and purchase of credit protection. The investment bank has the most exposure to Italy at $4.5 billion. Net of hedges on counterparty exposure and lending amounting to $2.78 billion, its exposure to Italy stood at $1.79 billion or 85% of its peripheral exposure.