Morgan Stanley 2009 Annual Report Download - page 179

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following tables summarize the fair value of derivative instruments designated as accounting hedges and the
fair value of derivative instruments not designated as accounting hedges by type of derivative contract on a gross
basis as of December 31, 2009 and December 31, 2008. Fair values of derivative contracts in an asset position
are included in Financial instruments owned—derivative and other contracts. Fair values of derivative contracts
in a liability position are reflected in Financial instruments sold, not yet purchased—derivative and other
contracts.
Assets at December 31, 2009 Liabilities at December 31, 2009
Fair Value Notional Fair Value Notional
(dollars in millions)
Derivatives designated as accounting hedges:
Interest rate contracts ..................... $ 4,343 $ 69,026 $ 175 $ 12,248
Foreign exchange contracts ................. 216 10,781 105 7,125
Total derivatives designated as accounting
hedges ........................... 4,559 79,807 280 19,373
Derivatives not designated as accounting hedges(1):
Interest rate contracts ..................... 622,786 16,285,375 599,291 16,123,706
Credit contracts .......................... 146,064 2,557,917 125,234 2,404,995
Foreign exchange contracts ................. 52,312 1,174,815 51,369 1,107,989
Equity contracts ......................... 41,366 476,510 49,198 492,681
Commodity contracts ..................... 64,614 453,132 63,714 414,765
Other .................................. 389 12,908 1,123 6,180
Total derivatives not designated as
accounting hedges .................. 927,531 20,960,657 889,929 20,550,316
Total derivatives ............................. $932,090 $21,040,464 $ 890,209 $20,569,689
Cash collateral netting ........................ (62,738) — (31,729) —
Counterparty netting .......................... (820,271) — (820,271) —
Total derivatives ..................... $ 49,081 $21,040,464 $ 38,209 $20,569,689
(1) Notional amounts include net notionals related to long and short futures contracts of $434 billion and $696 billion, respectively. The
variation margin on these futures contracts (excluded from the table above) of $601 million and $27 million is included in Receivables—
brokers, dealers and clearing organizations and Payables—brokers, dealers and clearing organizations, respectively, on the consolidated
statements of financial condition.
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