JP Morgan Chase 2015 Annual Report Download - page 250

Notes to consolidated financial statements
240 JPMorgan Chase & Co./2015 Annual Report
The following table presents as of December 31, 2015 and 2014, the gross and net securities sold under repurchase
agreements and securities loaned. Securities sold under repurchase agreements have been presented on the Consolidated
balance sheets net of securities purchased under resale agreements where the Firm has obtained an appropriate legal opinion
with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion
has not been either sought or obtained, the securities sold under repurchase agreements are not eligible for netting and are
shown separately in the table below. Securities loaned are presented on a gross basis on the Consolidated balance sheets.
2015 2014
December 31, (in millions)
Gross
liability
balance
Amounts
netted on the
Consolidated
balance
sheets
Net liability
balance
Gross
liability
balance
Amounts
netted on the
Consolidated
balance
sheets
Net liability
balance
Securities sold under repurchase agreements
Securities sold under repurchase agreements with an
appropriate legal opinion $ 277,415 $ (156,258) $ 121,157 $ 290,529 $ (142,719) $ 147,810
Securities sold under repurchase agreements where
an appropriate legal opinion has not been either
sought or obtained(a) 12,629 12,629 21,996 21,996
Total securities sold under repurchase agreements $ 290,044 $ (156,258) $ 133,786 (c) $ 312,525 $ (142,719) $ 169,806 (c)
Securities loaned(b) $ 22,556 NA $ 22,556 (d)(e) $ 25,927 NA $ 25,927 (d)(e)
(a) Includes repurchase agreements that are not subject to a master netting agreement but do provide rights to collateral.
(b) Included securities-for-securities lending transactions of $4.4 billion and $4.1 billion at December 31, 2015 and 2014, respectively, accounted for at fair
value, where the Firm is acting as lender. These amounts are presented within other liabilities in the Consolidated balance sheets.
(c) At December 31, 2015 and 2014, included securities sold under repurchase agreements of $3.5 billion and $3.0 billion, respectively, accounted for at fair
value.
(d) There were no securities loaned accounted for at fair value at December 31, 2015 and 2014, respectively.
(e) Included $45 million and $271 million at December 31, 2015 and 2014, respectively, of securities loaned where an appropriate legal opinion has not
been either sought or obtained with respect to the master netting agreement.
The following table presents information as of December 31, 2015 and 2014, regarding the securities sold under repurchase
agreements and securities loaned for which an appropriate legal opinion has been obtained with respect to the master netting
agreement. The below table excludes information related to repurchase agreements and securities loaned where such a legal
opinion has not been either sought or obtained.
2015 2014
Amounts not nettable on
the Consolidated balance
sheets(a)
Amounts not nettable on
the Consolidated balance
sheets(a)
December 31, (in millions)
Net liability
balance
Financial
instruments(b)
Cash
collateral Net amount(c)
Net liability
balance
Financial
instruments(b)
Cash
collateral Net amount(c)
Securities sold under
repurchase agreements
with an appropriate legal
opinion $ 121,157 $ (117,825) $ (1,007) $ 2,325 $ 147,810 $ (145,732) $ (497) $ 1,581
Securities loaned $ 22,511 $ (22,245) $ — $ 266 $ 25,656 $ (25,287) $ — $ 369
(a) For some counterparties the sum of the financial instruments and cash collateral not nettable on the Consolidated balance sheets may exceed the net
liability balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net repurchase agreement or
securities loaned liability with that counterparty.
(b) Includes financial instrument collateral transferred, reverse repurchase assets and securities borrowed assets with an appropriate legal opinion with
respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting
criteria are not met.
(c) Net amount represents exposure of counterparties to the Firm.