Morgan Stanley 2010 Annual Report Download - page 117

OTC Derivative Products—Financial Instruments Sold, Not Yet Purchased, at December 31, 2010(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 ................. $ 8,195 $11,451 $13,965 $35,460 $(44,955) $24,116
Foreign exchange forward contracts and
options ................................ 6,688 680 332 79 (3,154) 4,625
Equity securities contracts (including equity
swaps, warrants and options) ............... 4,768 2,886 1,362 1,161 (5,675) 4,502
Commodity forwards, options and swaps ....... 4,495 4,556 1,559 838 (5,442) 6,006
Total ................................ $24,146 $19,573 $17,218 $37,538 $(59,226) $39,249
(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.
OTC Derivative Products—Financial Instruments Owned at December 31, 2009
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 ................ $11,958 $19,556 $20,564 $57,240 $(76,255) $33,063 $29,444
Foreign exchange forward
contracts and options ...... 3,859 916 201 40 (1,994) 3,022 2,699
Equity securities contracts
(including equity swaps,
warrants and options) ..... 1,987 1,023 441 697 (2,065) 2,083 1,109
Commodity forwards, options
and swaps ............... 3,340 6,622 2,320 1,119 (4,354) 9,047 6,123
Total ................. $21,144 $28,117 $23,526 $59,096 $(84,668) $47,215 $39,375
(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.
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