Free-standing derivative receivables and payables(a) | ||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||
December 31, 2013 (in millions) | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(c) | Not designated as hedges | Designated as hedges | Total derivative payables | Net derivative payables(c) | ||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||||||
Interest rate | $ | 851,189 | $ | 3,490 | $ | 854,679 | $ | 25,782 | $ | 820,811 | $ | 4,543 | $ | 825,354 | $ | 13,283 | ||||||||||||
Credit | 83,520 | — | 83,520 | 1,516 | 82,402 | — | 82,402 | 2,281 | ||||||||||||||||||||
Foreign exchange | 152,240 | 1,359 | 153,599 | 16,790 | 158,728 | 1,397 | 160,125 | 15,947 | ||||||||||||||||||||
Equity | 52,931 | — | 52,931 | 12,227 | 54,654 | — | 54,654 | 14,719 | ||||||||||||||||||||
Commodity | 34,344 | 1,394 | 35,738 | 9,444 | 37,605 | 9 | 37,614 | 11,084 | ||||||||||||||||||||
Total fair value of trading assets and liabilities | $ | 1,174,224 | $ | 6,243 | $ | 1,180,467 | $ | 65,759 | $ | 1,154,200 | $ | 5,949 | $ | 1,160,149 | $ | 57,314 | ||||||||||||
Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||
December 31, 2012 (in millions) | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(c) | Not designated as hedges | Designated as hedges | Total derivative payables | Net derivative payables(c) | ||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||||||
Interest rate(b) | $ | 1,296,268 | $ | 6,064 | $ | 1,302,332 | $ | 39,205 | $ | 1,257,654 | $ | 3,120 | $ | 1,260,774 | $ | 24,906 | ||||||||||||
Credit | 100,310 | — | 100,310 | 1,735 | 100,027 | — | 100,027 | 2,504 | ||||||||||||||||||||
Foreign exchange(b) | 145,676 | 1,577 | 147,253 | 14,142 | 158,419 | 2,133 | 160,552 | 18,601 | ||||||||||||||||||||
Equity(b) | 42,679 | — | 42,679 | 9,266 | 44,535 | — | 44,535 | 11,819 | ||||||||||||||||||||
Commodity(b) | 43,185 | 586 | 43,771 | 10,635 | 46,981 | 644 | 47,625 | 12,826 | ||||||||||||||||||||
Total fair value of trading assets and liabilities | $ | 1,628,118 | $ | 8,227 | $ | 1,636,345 | $ | 74,983 | $ | 1,607,616 | $ | 5,897 | $ | 1,613,513 | $ | 70,656 | ||||||||||||
(a) | Balances exclude structured notes for which the fair value option has been elected. See Note 4 on pages 215–218 of this Annual Report for further information. |
(b) | The prior period amounts have been revised. This revision had no impact on the Firm’s Consolidated Balance Sheets or its results of operations. |
(c) | As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. |