Morgan Stanley 2014 Annual Report Download - page 214

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
to take control of such collateral in the event of a counterparty default. The Company also monitors the fair value
of the underlying securities as compared with the related receivable or payable, including accrued interest, and,
as necessary, requests additional collateral as provided under the applicable agreement to ensure such
transactions are adequately collateralized.
The following tables present information about the offsetting of these instruments and related collateral amounts.
For information related to offsetting of derivatives, see Note 12.
At December 31, 2014
Gross
Amounts(1)
Amounts Offset
in the
Consolidated
Statements of
Financial
Condition(2)
Net Amounts
Presented
in the
Consolidated
Statements of
Financial
Condition
Financial
Instruments Not
Offset in the
Consolidated
Statements of
Financial
Condition(3) Net Exposure
(dollars in millions)
Assets
Securities purchased under agreements
to resell ........................ $148,234 $(64,946) $ 83,288 $ (79,343) $ 3,945
Securities borrowed ................ 145,556 (8,848) 136,708 (128,282) 8,426
Liabilities
Securities sold under agreements to
repurchase ..................... $134,895 $(64,946) $ 69,949 $ (56,454) $13,495
Securities loaned .................. 34,067 (8,848) 25,219 (24,252) 967
(1) Amounts include $3.9 billion of Securities purchased under agreements to resell, $4.2 billion of Securities borrowed, $15.6 billion of
Securities sold under agreements to repurchase and $0.7 billion of Securities loaned, which are either not subject to master netting
agreements or collateral agreements or are subject to such agreements but the Company has not determined the agreements to be legally
enforceable.
(2) Amounts relate to master netting agreements and collateral agreements, which have been determined by the Company to be legally
enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.
(3) Amounts relate to master netting agreements and collateral agreements, which have been determined by the Company to be legally
enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting
guidance.
At December 31, 2013
Gross
Amounts(1)
Amounts Offset
in the
Consolidated
Statements of
Financial
Condition(2)
Net Amounts
Presented
in the
Consolidated
Statements of
Financial
Condition
Financial
Instruments Not
Offset in the
Consolidated
Statements of
Financial
Condition(3) Net Exposure
(dollars in millions)
Assets
Securities purchased under agreements
to resell ........................ $183,015 $(64,885) $118,130 $(106,828) $11,302
Securities borrowed ................ 137,082 (7,375) 129,707 (113,339) 16,368
Liabilities
Securities sold under agreements to
repurchase ..................... $210,561 $(64,885) $145,676 $(111,599) $34,077
Securities loaned .................. 40,174 (7,375) 32,799 (32,543) 256
(1) Amounts include $11.1 billion of Securities purchased under agreements to resell, $13.2 billion of Securities borrowed and $33.3 billion
of Securities sold under agreements to repurchase, which are either not subject to master netting agreements or collateral agreements or
are subject to such agreements but the Company has not determined the agreements to be legally enforceable.
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