Morgan Stanley 2014 Annual Report Download - page 245

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Derivative Liabilities at
December 31, 2014
Fair Value Notional
Bilateral
OTC
Cleared
OTC(1)
Exchange
Traded Total
Bilateral
OTC
Cleared
OTC(1)
Exchange
Traded Total
(dollars in millions)
Derivatives designated as accounting hedges:
Interest rate contracts ............... $ 125 $ 99 $ — $ 224 $ 2,024 $ 7,588 $ — $ 9,612
Foreign exchange contracts .......... 5 1 — 6 1,491 121 — 1,612
Total derivatives designated as
accounting hedges ........... 130 100 — 230 3,515 7,709 — 11,224
Derivatives not designated as accounting
hedges(2):
Interest rate contracts ............... 264,579 207,482 293 472,354 4,615,886 9,138,417 1,714,021 15,468,324
Credit contracts ................... 28,165 3,944 — 32,109 714,181 154,054 — 868,235
Foreign exchange contracts .......... 72,156 169 21 72,346 1,947,178 11,477 1,761 1,960,416
Equity contracts ................... 30,061 — 25,511 55,572 339,884 — 302,205 642,089
Commodity contracts ............... 14,740 — 6,783 21,523 93,019 — 132,136 225,155
Other ............................ 172 — — 172 5,478 — — 5,478
Total derivatives not designated as
accounting hedges ........... 409,873 211,595 32,608 654,076 7,715,626 9,303,948 2,150,123 19,169,697
Total derivatives ....................... $410,003 $ 211,695 $ 32,608 $ 654,306 $7,719,141 $9,311,657 $2,150,123 $19,180,921
Cash collateral netting .................. (37,054) (258) — (37,312) — — — —
Counterparty netting .................... (338,041) (210,922) (27,819) (576,782) — — — —
Total derivative liabilities ............ $ 34,908 $ 515 $ 4,789 $ 40,212 $7,719,141 $9,311,657 $2,150,123 $19,180,921
(1) Amounts include OTC derivatives that are centrally cleared in accordance with certain regulatory requirements.
(2) Notional amounts include gross notionals related to open long and short futures contracts of $685 billion and $1,122 billion, respectively.
The unsettled fair value on these futures contracts (excluded from the table above) of $472 million and $21 million is included in Customer
and other receivables and Customer and other payables, respectively, in the Company’s consolidated statements of financial condition.
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