| As of December 2013 | As of December 2012 | |||||||||||||||||||||||||
| in millions | |
Derivative Assets |
|
|
Derivative Liabilities |
|
|
Notional Amount |
|
|
Derivative Assets |
|
|
Derivative Liabilities |
|
|
Notional Amount |
|
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|
Derivatives not accounted for as hedges |
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|
Interest rates |
$ 641,186 | $ 587,110 | $44,110,483 | $ 584,584 | $ 545,605 | $34,891,763 | ||||||||||||||||||||
|
Exchange-traded |
157 | 271 | 2,366,448 | 47 | 26 | 2,502,867 | ||||||||||||||||||||
|
OTC-cleared 1 |
266,230 | 252,596 | 24,888,301 | 8,847 | 11,011 | 14,678,349 | ||||||||||||||||||||
|
Bilateral OTC |
374,799 | 334,243 | 16,855,734 | 575,690 | 534,568 | 17,710,547 | ||||||||||||||||||||
|
Credit |
60,751 | 56,340 | 2,946,376 | 85,816 | 74,927 | 3,615,757 | ||||||||||||||||||||
|
OTC-cleared |
3,943 | 4,482 | 348,848 | 3,359 | 2,638 | 304,100 | ||||||||||||||||||||
|
Bilateral OTC |
56,808 | 51,858 | 2,597,528 | 82,457 | 72,289 | 3,311,657 | ||||||||||||||||||||
|
Currencies |
70,757 | 63,659 | 4,311,971 | 72,128 | 60,808 | 3,833,114 | ||||||||||||||||||||
|
Exchange-traded |
98 | 122 | 23,908 | 31 | 82 | 12,341 | ||||||||||||||||||||
|
OTC-cleared |
88 | 97 | 11,319 | 14 | 14 | 5,487 | ||||||||||||||||||||
|
Bilateral OTC |
70,571 | 63,440 | 4,276,744 | 72,083 | 60,712 | 3,815,286 | ||||||||||||||||||||
|
Commodities |
18,007 | 18,228 | 701,101 | 23,320 | 24,350 | 774,115 | ||||||||||||||||||||
|
Exchange-traded |
4,323 | 3,661 | 346,057 | 5,360 | 5,040 | 344,823 | ||||||||||||||||||||
|
OTC-cleared |
11 | 12 | 135 | 26 | 23 | 327 | ||||||||||||||||||||
|
Bilateral OTC |
13,673 | 14,555 | 354,909 | 17,934 | 19,287 | 428,965 | ||||||||||||||||||||
|
Equities |
56,719 | 55,472 | 1,406,499 | 49,483 | 43,681 | 1,202,181 | ||||||||||||||||||||
|
Exchange-traded |
10,544 | 13,157 | 534,840 | 9,409 | 8,864 | 441,494 | ||||||||||||||||||||
|
Bilateral OTC |
46,175 | 42,315 | 871,659 | 40,074 | 34,817 | 760,687 | ||||||||||||||||||||
|
Subtotal |
847,420 | 780,809 | 53,476,430 | 815,331 | 749,371 | 44,316,930 | ||||||||||||||||||||
|
Derivatives accounted for as hedges |
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|
Interest rates |
11,403 | 429 | 132,879 | 23,772 | 66 | 128,302 | ||||||||||||||||||||
|
OTC-cleared 1 |
1,327 | 27 | 10,637 | — | — | — | ||||||||||||||||||||
|
Bilateral OTC |
10,076 | 402 | 122,242 | 23,772 | 66 | 128,302 | ||||||||||||||||||||
|
Currencies |
74 | 56 | 9,296 | 21 | 86 | 8,452 | ||||||||||||||||||||
|
OTC-cleared |
1 | 10 | 869 | — | — | 3 | ||||||||||||||||||||
|
Bilateral OTC |
73 | 46 | 8,427 | 21 | 86 | 8,449 | ||||||||||||||||||||
|
Commodities |
36 | — | 335 | — | — | — | ||||||||||||||||||||
|
Exchange-traded |
— | — | 23 | — | — | — | ||||||||||||||||||||
|
Bilateral OTC |
36 | — | 312 | — | — | — | ||||||||||||||||||||
|
Subtotal |
11,513 | 485 | 142,510 | 23,793 | 152 | 136,754 | ||||||||||||||||||||
|
Gross fair value/notional amount of derivatives |
$ 858,933 | 2 | $ 781,294 | 2 | $53,618,940 | $ 839,124 | 2 | $ 749,523 | 2 | $44,453,684 | ||||||||||||||||
|
Amounts that have been offset in the consolidated statements of financial condition |
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|
Counterparty netting |
(707,411 | ) | (707,411 | ) | (668,460 | ) | (668,460 | ) | ||||||||||||||||||
|
Exchange-traded |
(10,845 | ) | (10,845 | ) | (11,075 | ) | (11,075 | ) | ||||||||||||||||||
|
OTC-cleared 1 |
(254,756 | ) | (254,756 | ) | (11,507 | ) | (11,507 | ) | ||||||||||||||||||
|
Bilateral OTC |
(441,810 | ) | (441,810 | ) | (645,878 | ) | (645,878 | ) | ||||||||||||||||||
|
Cash collateral |
(93,643 | ) | (24,161 | ) | (99,488 | ) | (30,636 | ) | ||||||||||||||||||
|
OTC-cleared 1 |
(16,353 | ) | (2,515 | ) | (468 | ) | (2,160 | ) | ||||||||||||||||||
|
Bilateral OTC |
(77,290 | ) | (21,646 | ) | (99,020 | ) | (28,476 | ) | ||||||||||||||||||
|
Fair value included in financial instruments owned/financial instruments sold, but not yet purchased |
$ 57,879 | $ 49,722 | $ 71,176 | $ 50,427 | ||||||||||||||||||||||
|
Amounts that have not been offset in the consolidated statements of financial condition |
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|
Cash collateral received/posted |
(636 | ) | (2,806 | ) | (812 | ) | (2,994 | ) | ||||||||||||||||||
|
Securities collateral received/posted |
(13,225 | ) | (10,521 | ) | (17,225 | ) | (14,262 | ) | ||||||||||||||||||
|
Total |
$ 44,018 | $ 36,395 | $ 53,139 | $ 33,171 | ||||||||||||||||||||||
| 1. |
Pursuant to the rule changes at a clearing organization, effective December 31, 2013, transactions with this clearing organization are no longer considered settled each day. This change resulted in an increase of gross interest rate derivative assets and liabilities of $251.76 billion and $235.07 billion, respectively, as of December 2013, and a corresponding increase in counterparty netting and cash collateral with no impact to the consolidated statements of financial condition. The impact of reflecting transactions with this clearing organization as settled as of December 2012 resulted in a reduction of gross interest rate derivative assets and liabilities of $315.40 billion and $298.69 billion, respectively. |
| 2. |
Includes derivative assets and derivative liabilities of $23.18 billion and $23.46 billion, respectively, as of December 2013, and derivative assets and derivative liabilities of $24.62 billion and $25.73 billion, respectively, as of December 2012, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. |