Barclays 2004 Annual Report Download - page 176

Notes to the accounts
For the year ended 31st December 2004
37 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.
2004
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 379,375 6,797 7,793 5,694 4,792
Currency swaps 263,727 11,287 11,750 7,476 7,677
OTC options bought and sold 169,150 1,982 1,933 2,346 1,807
OTC derivatives 812,252 20,066 21,476 15,516 14,276
Exchange traded futures – bought and sold 321–––14
Total 812,573 20,066 21,476 15,516 14,290
Interest rate derivatives
Swaps 5,236,145 53,782 51,511 46,611 44,669
Forward rate agreements 871,939 265 208 218 189
OTC options bought and sold 1,720,881 9,132 8,912 7,857 7,626
OTC derivatives 7,828,965 63,179 60,631 54,686 52,484
Exchange traded futures – bought and sold 1,029,595––––
Exchange traded options – bought and sold 476,446––––
Exchange traded – swaps 1,761,192––––
Total 11,096,198 63,179 60,631 54,686 52,484
Credit derivatives
Swaps 186,275 1,444 1,186 513 509
Equity and stock index derivatives
OTC options bought and sold 107,328 4,161 5,068 3,051 3,873
Equity swaps and forwards 12,367 269 182 164 182
OTC derivatives 119,695 4,430 5,250 3,215 4,055
Exchange traded futures – bought and sold 33,366––––
Exchange traded options – bought and sold 26,029––––
Total 179,090 4,430 5,250 3,215 4,055
Commodity derivatives
OTC options bought and sold 43,057 1,398 1,184 887 769
Commodity swaps and forwards 82,725 3,557 3,596 3,216 3,315
OTC derivatives 125,782 4,955 4,780 4,103 4,084
Exchange traded futures – bought and sold 11,764––––
Exchange traded options – bought and sold 2,863 ––––
Total 140,409 4,955 4,780 4,103 4,084
Total trading derivatives 94,074 93,323
Effect of netting (69,919) (69,919)
Allowable offset – cash collateral (5,981) (5,395)
Balances arising from off-balance sheet financial instruments
(see Other assets/Other liabilities, Notes 21 and 26) 18,174 18,009
Non-cash collateral held that reduced credit risk in respect of derivative instruments at 31st December 2004, but did not meet the offset criteria
amounted to £1,568m (2003: £672m).
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