Morgan Stanley 2014 Annual Report Download - page 151

column based on the country of the CDS issuer. Further, the notional amount of the CDS adjusted for the fair
value of the receivable/payable is reflected in the Net Inventory column based on the country of the underlying
reference entity.
Country
Net
Inventory(1)
Net
Counterparty
Exposure(2)(3)
Funded
Lending
Unfunded
Commitments
Exposure
Before
Hedges Hedges(4)
Net
Exposure(5)
Increase/
(Decrease) in Net
Exposure from
December 31,
2013
(dollars in millions)
United Kingdom:
Sovereigns ................. $ (547) $ 110 $ — $ — $ (437) $ (36) $ (473) $ (805)
Non-sovereigns ............. 1,977 13,005 1,703 6,888 23,573 (2,106) 21,467 3,816
Subtotal ............... $1,430 $13,115 $1,703 $6,888 $23,136 $(2,142) $20,994 $ 3,011
Germany:
Sovereigns ................. $1,488 $ 286 $ — $ — $ 1,774 $(1,765) $ 9 $ 1,365
Non-sovereigns ............. 682 2,655 533 3,786 7,656 (1,813) 5,843 (932)
Subtotal ............... $2,170 $ 2,941 $ 533 $3,786 $ 9,430 $(3,578) $ 5,852 $ 433
Brazil:
Sovereigns ................. $3,222 $ — $ — $ — $ 3,222 $ — $ 3,222 $ (238)
Non-sovereigns ............. 10 219 949 150 1,328 (684) 644 (552)
Subtotal ............... $3,232 $ 219 $ 949 $ 150 $ 4,550 $ (684) $ 3,866 $ (790)
France:
Sovereigns ................. $(1,293) $ — $ — $ — $ (1,293) $ — $ (1,293) $ (591)
Non-sovereigns ............. 482 2,221 195 2,890 5,788 (707) 5,081 395
Subtotal ............... $ (811) $ 2,221 $ 195 $2,890 $ 4,495 $ (707) $ 3,788 $ (196)
China:
Sovereigns ................. $ 484 $ 130 $ — $ — $ 614 $ — $ 614 $ 147
Non-sovereigns ............. 1,657 364 548 396 2,965 (44) 2,921 989
Subtotal ............... $2,141 $ 494 $ 548 $ 396 $ 3,579 $ (44) $ 3,535 $ 1,136
Singapore:
Sovereigns ................. $2,394 $ 207 $ — $ — $ 2,601 $ — $ 2,601 $ 244
Non-sovereigns ............. 172 513 59 122 866 — 866 (33)
Subtotal ............... $2,566 $ 720 $ 59 $ 122 $ 3,467 $ — $ 3,467 $ 211
Canada:
Sovereigns ................. $ (169) $ 78 $ — $ — $ (91) $ — $ (91) $(1,102)
Non-sovereigns ............. (230) 1,837 188 1,354 3,149 (86) 3,063 (288)
Subtotal ............... $ (399) $ 1,915 $ 188 $1,354 $ 3,058 $ (86) $ 2,972 $(1,390)
Australia:
Sovereigns ................. $ (25) $ 14 $ — $ — $ (11) $ — $ (11) $ 44
Non-sovereigns ............. 892 799 320 1,139 3,150 (392) 2,758 65
Subtotal ............... $ 867 $ 813 $ 320 $1,139 $ 3,139 $ (392) $ 2,747 $ 109
Italy:
Sovereigns ................. $1,119 $ 12 $ — $ — $ 1,131 $ (101) $ 1,030 $ 281
Non-sovereigns ............. 613 519 — 683 1,815 (153) 1,662 168
Subtotal ............... $1,732 $ 531 $ — $ 683 $ 2,946 $ (254) $ 2,692 $ 449
Netherlands:
Sovereigns ................. $ (180) $ 2 $ — $ — $ (178) $ (23) $ (201) $ 67
Non-sovereigns ............. 477 859 114 1,299 2,749 (307) 2,442 (452)
Subtotal ............... $ 297 $ 861 $ 114 $1,299 $ 2,571 $ (330) $ 2,241 $ (385)
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