Goldman Sachs 2013 Annual Report Download - page 124
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Notes to Consolidated Financial Statements
Gains and Losses from Market Making and Other
Principal Transactions
The table below presents “Market making” revenues by
major product type, as well as “Other principal
transactions” revenues. These gains/(losses) are primarily
related to the firm’s financial instruments owned, at fair
value and financial instruments sold, but not yet purchased,
at fair value, including both derivative and non-derivative
financial instruments. These gains/(losses) exclude related
interest income and interest expense. See Note 23 for
further information about interest income and
interest expense.
The gains/(losses) in the table are not representative of the
manner in which the firm manages its business activities
because many of the firm’s market-making and client
facilitation strategies utilize financial instruments across
various product types. Accordingly, gains or losses in one
product type frequently offset gains or losses in other
product types. For example, most of the firm’s longer-term
derivatives are sensitive to changes in interest rates and may
be economically hedged with interest rate swaps. Similarly,
a significant portion of the firm’s cash instruments and
derivatives has exposure to foreign currencies and may be
economically hedged with foreign currency contracts.
Product Type
in millions
Year Ended December
2013 2012 2011
Interest rates $ 930 $ 4,445 $ 1,580
Credit 1,845 4,263 3,454
Currencies 2,446 (1,001) 958
Equities 2,655 2,482 2,014
Commodities 902 492 1,573
Other 590 2667 3(292)
Market making 9,368 11,348 9,287
Other principal transactions 16,993 5,865 1,507
Total $16,361 $17,213 $10,794
1. Other principal transactions are included in the firm’s Investing & Lending segment. See Note 25 for net revenues, including net interest income, by product type for
Investing & Lending, as well as the amount of net interest income included in Investing & Lending. The “Other” category in Note 25 relates to the firm’s
consolidated investment entities, and primarily includes commodities-related net revenues.
2. Includes a gain of $211 million on the sale of a majority stake in the firm’s European insurance business.
3. Includes a gain of $494 million on the sale of the firm’s hedge fund administration business.
122 Goldman Sachs 2013 Annual Report