JPMORGAN CHASE & CO | 2013 | FY | 3


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, 2013 and 2012, 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, 2013
(in millions)
Not designated as hedges
Designated as hedges
Total derivative receivables
 
Net derivative receivables(c)
 
Not designated as hedges
Designated as hedges
Total derivative payables
 
Net derivative payables(c)
Trading assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
$
851,189

$
3,490

 
$
854,679

 
$
25,782

 
$
820,811

$
4,543

$
825,354

 
$
13,283

Credit
83,520


 
83,520

 
1,516

 
82,402


82,402

 
2,281

Foreign exchange
152,240

1,359

 
153,599

 
16,790

 
158,728

1,397

160,125

 
15,947

Equity
52,931


 
52,931

 
12,227

 
54,654


54,654

 
14,719

Commodity
34,344

1,394

 
35,738

 
9,444

 
37,605

9

37,614

 
11,084

Total fair value of trading assets and liabilities
$
1,174,224

$
6,243

 
$
1,180,467

 
$
65,759

 
$
1,154,200

$
5,949

$
1,160,149

 
$
57,314

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross derivative receivables
 
 
 
Gross derivative payables
 
 
December 31, 2012
(in millions)
Not designated as hedges
Designated as hedges
Total derivative receivables
 
Net derivative receivables(c)
 
Not designated as hedges
Designated as hedges
Total derivative payables
 
Net derivative payables(c)
Trading assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate(b)
$
1,296,268

$
6,064

 
$
1,302,332

 
$
39,205

 
$
1,257,654

$
3,120

$
1,260,774

 
$
24,906

Credit
100,310


 
100,310

 
1,735

 
100,027


100,027

 
2,504

Foreign exchange(b)
145,676

1,577

 
147,253

 
14,142

 
158,419

2,133

160,552

 
18,601

Equity(b)
42,679


 
42,679

 
9,266

 
44,535


44,535

 
11,819

Commodity(b)
43,185

586

 
43,771

 
10,635

 
46,981

644

47,625

 
12,826

Total fair value of trading assets and liabilities
$
1,628,118

$
8,227

 
$
1,636,345

 
$
74,983

 
$
1,607,616

$
5,897

$
1,613,513

 
$
70,656

(a)
Balances exclude structured notes for which the fair value option has been elected. See Note 4 on pages 215–218 of this Annual Report for further information.
(b)
The prior period amounts have been revised. This revision had no impact on the Firm’s Consolidated Balance Sheets or its results of operations.
(c)
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.

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