Citibank 2015 Annual Report Download - page 172

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154
6. PRINCIPAL TRANSACTIONS
Principal transactions revenue consists of realized and unrealized gains
and losses from trading activities. Trading activities include revenues
from fixed income, equities, credit and commodities products and foreign
exchange transactions which are managed on a portfolio basis characterized
by primary risk. Not included in the table below is the impact of net
interest revenue related to trading activities, which is an integral part of
trading activities’ profitability. See Note 4 to the Consolidated Financial
Statements for information about net interest revenue related to trading
activities. Principal transactions include CVA (credit valuation adjustments
on derivatives), FVA (funding valuation adjustments) on over-the-counter
derivatives and DVA (debt valuation adjustments on issued liabilities for
which the fair value option has been elected). These adjustments are
discussed further in Note 25 to the Consolidated Financial Statements.
The following table presents principal transactions revenue:
In millions of dollars 2015 2014 2013
Global Consumer Banking $ 636 $699 $ 762
Institutional Clients Group 5,823 5,905 6,489
Corporate/Other (444) (380) (75)
Subtotal Citicorp $6,015 $6,224 $7,176
Citi Holdings (7) 474 126
Total Citigroup $6,008 $6,698 $7,302
Interest rate risks (1) $3,798 $3,657 $4,055
Foreign exchange risks (2) 1,532 2,008 2,307
Equity risks (3) (303) (260) 319
Commodity and other risks (4) 750 590 277
Credit products and risks (5) 231 703 344
Total $6,008 $6,698 $7,302
(1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and
over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income
securities.
(2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as FX translation gains and losses.
(3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.
(4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades.
(5) Includes revenues from structured credit products.