HSBC 2002 Annual Report Download - page 270

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
268
Trading VAR for HSBC for 2001 was:
At Minimum Maximum Average
31 December During the during the for the
2001 year year year
US$m US$m US$m US$m
Total trading activities ................................... 122.0 60.8 173.4 102.2
Foreign exchange trading positions ............... 13.3 1.8 50.6 22.1
Interest rate trading positions......................... 111.7 48.1 160.2 86.7
Equities trading positions............................... 45.5 27.4 79.6 41.9
(b) Interest rate sensitivity gap table
In accordance with FRS 13, the table below discloses the mismatching of the dates on which interest receivable
on assets and interest payable on liabilities are next reset to market rate on a contractual basis or, if earlier, the
dates on which the instruments mature. Actual reset dates may differ from contractual dates owing to
prepayments and the exercise of options. In addition, contractual terms may not be representative of the
behaviour of assets and liabilities. For these reasons, HSBC manages its interest rate risk on a different basis
from that presented below, taking into account the behavioural characteristics of the relevant assets and
liabilities.