Goldman Sachs 2002 Annual Report Download - page 29

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GO LDMAN SA CH S 2002 A N N UA L R EPO RT 27
2000 2001 2002
FICC
Net Revenues
(in millions)
$3,004
$4,470
$4,047
2000 2001 2002
Principal Investments
Net Revenues
(in millions)
-$621
$134
-$229
2000 2001 2002
Equities
Net Revenues
(in millions)
$2,923
$3,489
$1,008
2000 2001 2002
Trading and
Principal Investments
Net Revenues
(in millions)
$6,349
$6,627
$5,249
TRADING AND PRINCIPAL INVESTMENTS
Our Trading and Principal Investments business facilitates customer
transactions and takes proprietary positions through market making
in, and trading of, fixed income and equity products, currencies,
commodities, and swaps and other derivatives. In addition, we engage
in floor-based and electronic market making as a specialist on U.S.
equities and options exchanges.
Our Trading and Principal Investments activities are divided into
three categories: Fixed Income, Currency and Commodities, Equities
and Principal Investments.
Fixed Income, Currency and Commodities (FICC)
FICC makes markets in and trades interest rate and credit products,
currencies and commodities, structures and enters into a wide
variety of derivative transactions, and engages in proprietary
trading. FICC’s principal products are: commodities and commodity
derivatives; credit products, including investment-grade corporate
securities, high-yield securities, bank loans, municipal securities,
credit derivatives and emerging market debt; currencies and currency
derivatives; interest rate products, including interest rate derivatives
and global government securities; money market instruments; and
mortgage-backed securities and loans.
Equities
Equities makes markets in, acts as a specialist for, and trades equities
and equity-related products, structures and enters into equity
derivative transactions, and engages in proprietary trading. As an
agent and market maker, we facilitate customer transactions, often
by committing capital, to provide liquidity to clients with large
blocks of stocks or options.
Principal Investments
Principal Investments primarily represents net revenues from our
merchant banking investments. We make principal investments
directly and through funds that we raise and manage.
O ur Core Businesses