JP Morgan Chase 2012 Annual Report Download - page 211

JPMorgan Chase & Co./2012 Annual Report 221
Impact of derivatives on the Consolidated Balance Sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that
are reflected on the Firm’s Consolidated Balance Sheets as of December 31, 2012 and 2011, by accounting designation (e.g.,
whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivables Gross derivative payables
December 31, 2012
(in millions)
Not
designated
as hedges
Designated
as hedges
Total
derivative
receivables
Net
derivative
receivables(c)
Not
designated
as hedges
Designated
as hedges
Total
derivative
payables
Net
derivative
payables(c)
Trading assets and liabilities
Interest rate $ 1,323,184 $ 6,064 $ 1,329,248 $ 39,205 $ 1,284,494 $ 3,120 $ 1,287,614 $ 24,906
Credit 100,310 — 100,310 1,735 100,027 — 100,027 2,504
Foreign exchange(b) 146,682 1,577 148,259 14,142 159,509 2,133 161,642 18,601
Equity 40,938 — 40,938 9,266 42,810 — 42,810 11,819
Commodity 43,039 586 43,625 10,635 46,821 644 47,465 12,826
Total fair value of trading
assets and liabilities $ 1,654,153 $ 8,227 $ 1,662,380 $ 74,983 $ 1,633,661 $ 5,897 $ 1,639,558 $ 70,656
Gross derivative receivables Gross derivative payables
December 31, 2011
(in millions)
Not
designated
as hedges
Designated
as hedges
Total
derivative
receivables
Net
derivative
receivables(c)
Not
designated
as hedges
Designated
as hedges
Total
derivative
payables
Net
derivative
payables(c)
Trading assets and liabilities
Interest rate $ 1,433,900 $ 7,621 $ 1,441,521 $ 46,369 $ 1,397,625 $ 2,192 $ 1,399,817 $ 28,010
Credit 169,650 — 169,650 6,684 165,121 — 165,121 5,610
Foreign exchange(b) 163,497 4,666 168,163 17,890 165,353 655 166,008 17,435
Equity 47,736 — 47,736 6,793 46,366 — 46,366 9,655
Commodity 53,894 3,535 57,429 14,741 58,836 1,108 59,944 14,267
Total fair value of trading
assets and liabilities $ 1,868,677 $ 15,822 $ 1,884,499 $ 92,477 $ 1,833,301 $ 3,955 $ 1,837,256 $ 74,977
(a) Balances exclude structured notes for which the fair value option has been elected. See Note 4 on pages 214–216 of this Annual Report for further
information.
(b) Excludes $11 million of foreign currency-denominated debt designated as a net investment hedge at December 31, 2011. Foreign currency-denominated
debt was not designated as a hedging instrument at December 31, 2012.
(c) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and
payables when a legally enforceable master netting agreement exists.