JP Morgan Chase 2015 Annual Report Download - page 221

JPMorgan Chase & Co./2015 Annual Report 211
Notional amount of derivative contracts
The following table summarizes the notional amount of
derivative contracts outstanding as of December 31, 2015
and 2014.
Notional amounts(b)
December 31, (in billions) 2015 2014
Interest rate contracts
Swaps $ 24,162 $ 29,734
Futures and forwards 5,167 10,189
Written options 3,506 3,903
Purchased options 3,896 4,259
Total interest rate contracts 36,731 48,085
Credit derivatives(a) 2,900 4,249
Foreign exchange contracts
Cross-currency swaps 3,199 3,346
Spot, futures and forwards 5,028 4,669
Written options 690 790
Purchased options 706 780
Total foreign exchange contracts 9,623 9,585
Equity contracts
Swaps 232 206
Futures and forwards 43 50
Written options 395 432
Purchased options 326 375
Total equity contracts 996 1,063
Commodity contracts
Swaps 83 126
Spot, futures and forwards 99 193
Written options 115 181
Purchased options 112 180
Total commodity contracts 409 680
Total derivative notional amounts $ 50,659 $ 63,662
(a) For more information on volumes and types of credit derivative
contracts, see the Credit derivatives discussion on pages 218–220 of
this Note.
(b) 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.