Morgan Stanley 2009 Annual Report Download - page 109

OTC Derivative Products—Financial Instruments Sold, Not Yet Purchased at December 31, 2009(1)
Years to Maturity
Cross-Maturity
and
Cash Collateral
Netting(2) TotalProduct Type Less than 1 1-3 3-5 Over 5
(dollars in millions)
Interest rate and currency swaps, interest rate
options, credit derivatives and other fixed
income securities contracts ................. $ 6,054 $11,442 $11,795 $32,133 $(40,743) $20,681
Foreign exchange forward contracts and
options ................................. 3,665 647 201 72 (1,705) 2,880
Equity securities contracts (including equity
swaps, warrants and options) ............... 4,528 2,547 1,253 1,150 (5,860) 3,618
Commodity forwards, options and swaps ........ 3,727 4,668 1,347 975 (5,336) 5,381
Total ................................ $17,974 $19,304 $14,596 $34,330 $(53,644) $32,560
(1) Since these amounts are liabilities of the Company, they do not result in credit exposures.
(2) Amounts represent the netting of receivable balances with payable balances for the same counterparty across maturity and product
categories. Receivable and payable balances with the same counterparty in the same maturity category are netted within the maturity
category, where appropriate. Cash collateral paid is netted on a counterparty basis, provided legal right of offset exists.
The following tables summarize the fair values of the Company’s OTC derivative products recorded in Financial
instruments owned and Financial instruments sold, not yet purchased by product category and maturity as of
December 31, 2008, including on a net basis, where applicable, reflecting the fair value of related non-cash
collateral for financial instruments owned:
OTC Derivative Products—Financial Instruments Owned at December 31, 2008
Years to Maturity
Cross-Maturity
and
Cash Collateral
Netting(1)
Net Exposure
Post-Cash
Collateral
Net Exposure
Post-
CollateralProduct Type Less than 1 1-3 3-5 Over 5
(dollars in millions)
Interest rate and currency
swaps, interest rate options,
credit derivatives and other
fixed income securities
contracts ................ $ 8,914 $22,965 $36,497 $91,468 $(107,667) $52,177 $45,841
Foreign exchange forward
contracts and options ...... 8,465 2,363 320 68 (3,882) 7,334 6,409
Equity securities contracts
(including equity swaps,
warrants and options) ...... 4,333 2,059 606 1,088 (4,991) 3,095 1,365
Commodity forwards, options
and swaps ............... 10,698 12,425 3,602 2,129 (8,211) 20,643 15,518
Total ................. $32,410 $39,812 $41,025 $94,753 $(124,751) $83,249 $69,133
(1) Amounts represent the netting of receivable balances with payable balances for the same counterparty across maturity and product
categories. Receivable and payable balances with the same counterparty in the same maturity category are netted within the maturity
category, where appropriate. Cash collateral received is netted on a counterparty basis, provided legal right of offset exists.
105