Barclays 2003 Annual Report Download - page 159

45 Derivatives and other financial instruments (continued)
Derivatives held or issued for trading purposes
The tables set out below analyse the notional principal amounts and fair values (which, after netting, are the book values) of trading instruments
entered into with third parties.
2003
Contract or Year-end Year-end Average Average
underlying positive negative positive negative
principal fair fair fair fair
amount value value value value
£m £m £m £m £m
Foreign exchange derivatives
Forward foreign exchange 308,671 5,501 7,109 4,288 4,956
Currency swaps 196,450 9,049 9,086 6,572 6,583
OTC options bought and sold 167,513 2,579 2,198 1,315 1,120
OTC derivatives 672,634 17,129 18,393 12,175 12,659
Exchange traded futures – bought and sold 87––––
Exchange traded options – bought and sold 3––––
Exchange traded swaps
Total 672,724 17,129 18,393 12,175 12,659
Interest rate derivatives
Swaps 2,650,289 43,891 41,874 54,517 52,241
Forward rate agreements 352,769 114 104 128 112
OTC options bought and sold 827,569 7,771 7,757 8,459 8,338
OTC derivatives 3,830,627 51,776 49,735 63,104 60,691
Exchange traded futures – bought and sold 761,048 – – – –
Exchange traded options – bought and sold 317,857––––
Exchange traded – swaps 972,173––––
Total 5,881,705 51,776 49,735 63,104 60,691
Credit derivatives
Swaps 43,256 798 584 810 591
Equity and stock index derivatives
OTC options bought and sold 54,488 2,482 3,433 2,173 2,572
Equity swaps and forwards 3,855 257 212 101 72
OTC derivatives 58,343 2,739 3,645 2,274 2,644
Exchange traded futures – bought and sold 20,686––––
Exchange traded options – bought and sold 11,870––––
Total 90,899 2,739 3,645 2,274 2,644
Commodity derivatives
OTC options bought and sold 11,782 266 230 227 225
Commodity swaps and forwards 45,308 1,716 1,812 1,415 1,400
OTC derivatives 57,090 1,982 2,042 1,642 1,625
Exchange traded futures – bought and sold 21,327 – 46 – 1
Exchange traded options – bought and sold 961––––
Total 79,378 1,982 2,088 1,642 1,626
Total trading derivatives 74,424 74,445
Effect of netting (55,030) (55,030)
Allowable offset – cash collateral (3,582) (4,618)
Balances arising from off-balance sheet financial instruments
(see Other assets/Other liabilities, Notes 23 and 29) 15,812 14,797
Collateral held that reduced credit risk in respect of derivative instruments at 31st December 2003, but did not meet the offset criteria amounted to
£672m (2002: £591m).
Barclays PLC Annual Report 2003 157