JP Morgan Chase 2013 Annual Report Download - page 217

JPMorgan Chase & Co./2013 Annual Report 223
Notional amount of derivative contracts
The following table summarizes the notional amount of
derivative contracts outstanding as of December 31, 2013
and 2012.
Notional amounts(c)
December 31, (in billions) 2013 2012
Interest rate contracts(a)
Swaps $ 35,221 $ 33,037
Futures and forwards 11,251 11,756
Written options 3,991 3,860
Purchased options 4,187 3,909
Total interest rate contracts 54,650 52,562
Credit derivatives(b) 5,386 5,981
Foreign exchange contracts(a)
Cross-currency swaps 3,488 3,413
Spot, futures and forwards 3,773 4,005
Written options 659 651
Purchased options 652 662
Total foreign exchange contracts 8,572 8,731
Equity contracts
Swaps 205 163
Futures and forwards(a) 49 38
Written options(a) 425 441
Purchased options 380 403
Total equity contracts 1,059 1,045
Commodity contracts
Swaps(a) 124 120
Spot, futures and forwards(a) 234 367
Written options 202 262
Purchased options 203 260
Total commodity contracts 763 1,009
Total derivative notional amounts $ 70,430 $ 69,328
(a) The prior period amounts have been revised. This revision had no
impact on the Firm’s Consolidated Balance Sheets or its results of
operations.
(b) Primarily consists of credit default swaps. For more information on
volumes and types of credit derivative contracts, see the Credit
derivatives discussion on pages 231–233 of this Note.
(c) Represents the sum of gross long and gross short third-party notional
derivative contracts.
While the notional amounts disclosed above give an
indication of the volume of the Firm’s derivatives activity,
the notional amounts significantly exceed, in the Firm’s
view, the possible losses that could arise from such
transactions. For most derivative transactions, the notional
amount is not exchanged; it is used simply as a reference to
calculate payments.