JP Morgan Chase 2015 Annual Report Download - page 222

Notes to consolidated financial statements
212 JPMorgan Chase & Co./2015 Annual Report
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, 2015 and 2014, 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, 2015
(in millions)
Not
designated
as hedges
Designated
as hedges
Total
derivative
receivables
Net
derivative
receivables(b)
Not
designated
as hedges
Designated
as hedges
Total
derivative
payables
Net
derivative
payables(b)
Trading assets and liabilities
Interest rate $ 665,531 $ 4,080 $ 669,611 $ 26,363 $ 632,928 $ 2,238 $ 635,166 $ 10,221
Credit 51,468 — 51,468 1,423 50,529 — 50,529 1,541
Foreign exchange 179,072 803 179,875 17,177 189,397 1,503 190,900 19,769
Equity 35,859 — 35,859 5,529 38,663 — 38,663 9,183
Commodity 23,713 1,352 25,065 9,185 27,653 1 27,654 12,076
Total fair value of trading
assets and liabilities $ 955,643 $ 6,235 $ 961,878 $ 59,677 $ 939,170 $ 3,742 $ 942,912 $ 52,790
Gross derivative receivables Gross derivative payables
December 31, 2014
(in millions)
Not
designated
as hedges
Designated
as hedges
Total
derivative
receivables
Net
derivative
receivables(b)
Not
designated
as hedges
Designated
as hedges
Total
derivative
payables
Net
derivative
payables(b)
Trading assets and liabilities
Interest rate $ 944,885 (c) $ 5,372 $ 950,257 (c) $ 33,725 $ 915,368 (c) $ 3,011 $ 918,379 (c) $ 17,745
Credit 76,842 — 76,842 1,838 75,895 — 75,895 1,593
Foreign exchange 211,537 (c) 3,650 215,187 (c) 21,253 223,988 (c) 626 224,614 (c) 22,970
Equity 42,489 (c) — 42,489 (c) 8,177 46,262 (c) — 46,262 (c) 11,740
Commodity 43,151 502 43,653 13,982 45,455 168 45,623 17,068
Total fair value of trading
assets and liabilities $1,318,904 (c) $ 9,524 $1,328,428 (c) $ 78,975 $1,306,968 (c) $ 3,805 $ 1,310,773 (c) $ 71,116
(a) Balances exclude structured notes for which the fair value option has been elected. See Note 4 for further information.
(b) 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.
(c) The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on Firm’s Consolidated
balance sheets or its results of operations.