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Fair value measurement
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurementFair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2021 Annual Report for
information on how we determine fair value and the fair value hierarchy.

The following tables present the financial instruments carried at fair value at June 30, 2022 and Dec. 31, 2021, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us.
Assets measured at fair value on a recurring basis at June 30, 2022
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Available-for-sale securities:
U.S. Treasury$30,467 $— $— $— $30,467 
Sovereign debt/sovereign guaranteed4,933 6,159 — — 11,092 
Agency RMBS— 8,303 — — 8,303 
Agency commercial MBS— 8,179 — — 8,179 
Supranational— 7,548 — — 7,548 
Foreign covered bonds— 5,828 — — 5,828 
CLOs— 5,097 — — 5,097 
Non-agency commercial MBS— 3,003 — — 3,003 
Foreign government agencies— 2,536 — — 2,536 
Non-agency RMBS— 2,311 — — 2,311 
State and political subdivisions— 2,023 — — 2,023 
U.S. government agencies— 1,925 — — 1,925 
Other ABS— 1,668 — — 1,668 
Corporate bonds— 1,297 — — 1,297 
Other debt securities— 1 — — 1 
Total available-for-sale securities35,400 55,878 — — 91,278 
Trading assets:
Debt instruments1,059 1,203 — — 2,262 
Equity instruments5,428 — — — 5,428 
Derivative assets not designated as hedging:
Interest rate18 1,632 — (920)730 
Foreign exchange— 10,555 — (8,387)2,168 
Equity and other contracts3 240 — (72)171 
Total derivative assets not designated as hedging21 12,427 — (9,379)3,069 
Total trading assets6,508 13,630 — (9,379)10,759 
Other assets:
Derivative assets designated as hedging:
Interest rate— 57 — — 57 
Foreign exchange— 468 — — 468 
Total derivative assets designated as hedging— 525 — — 525 
Other assets (b)
285 235 — — 520 
Total other assets285 760 — — 1,045 
Assets measured at NAV (b)
223 
Total assets$42,193 $70,268 $— $(9,379)$103,305 
Percentage of total assets prior to netting38 %62 %— %
Liabilities measured at fair value on a recurring basis at June 30, 2022
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Trading liabilities:
Debt instruments$3,067 $38 $— $— $3,105 
Equity instruments90 — — — 90 
Derivative liabilities not designated as hedging:
Interest rate7 1,766 — (1,255)518 
Foreign exchange— 10,426 — (8,563)1,863 
Equity and other contracts1 54 — (36)19 
Total derivative liabilities not designated as hedging8 12,246 — (9,854)2,400 
Total trading liabilities3,165 12,284 — (9,854)5,595 
Other liabilities:
Derivative liabilities designated as hedging:
Interest rate— 3 — — 3 
Foreign exchange— 27 — — 27 
Total derivative liabilities designated as hedging— 30 — — 30 
Other liabilities — 1 — — 1 
Total other liabilities— 31 — — 31 
Total liabilities$3,165 $12,315 $— $(9,854)$5,626 
Percentage of total liabilities prior to netting20 %80 %— %
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes seed capital, private equity investments and other assets.
Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2021
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets
Available-for-sale securities:
U.S. Treasury$29,409 $— $— $— $29,409 
Agency RMBS— 14,530 — — 14,530 
Sovereign debt/sovereign guaranteed6,017 7,362 — — 13,379 
Agency commercial MBS— 8,405 — — 8,405 
Supranational— 7,573 — — 7,573 
Foreign covered bonds— 6,238 — — 6,238 
CLOs— 4,439 — — 4,439 
Non-agency commercial MBS— 3,125 — — 3,125 
Non-agency RMBS— 2,748 — — 2,748 
Foreign government agencies— 2,686 — — 2,686 
U.S. government agencies— 2,536 — — 2,536 
State and political subdivisions— 2,514 — — 2,514 
Other ABS— 2,190 — — 2,190 
Corporate bonds— 2,066 — — 2,066 
Other debt securities— 1 — — 1 
Total available-for-sale securities35,426 66,413 — — 101,839 
Trading assets:
Debt instruments1,447 2,750 — — 4,197 
Equity instruments9,766 — — — 9,766 
Derivative assets not designated as hedging:
Interest rate6 3,253 — (1,424)1,835 
Foreign exchange— 6,279 — (5,501)778 
Equity and other contracts— 49 — (48)1 
Total derivative assets not designated as hedging6 9,581 — (6,973)2,614 
Total trading assets11,219 12,331 — (6,973)16,577 
Other assets:
Derivative assets designated as hedging:
Foreign exchange— 206 — — 206 
Total derivative assets designated as hedging— 206 — — 206 
Other assets (b)
438 325 — — 763 
Total other assets438 531 — — 969 
Assets measured at NAV (b)
218 
Total assets$47,083 $79,275 $— $(6,973)$119,603 
Percentage of total assets prior to netting37 %63 %— %
Liabilities
Trading liabilities:
Debt instruments$2,452 $46 $— $— $2,498 
Equity instruments40 — — — 40 
Derivative liabilities not designated as hedging:
Interest rate1 2,834 — (2,028)807 
Foreign exchange— 6,215 — (4,111)2,104 
Equity and other contracts5 211 — (196)20 
Total derivative liabilities not designated as hedging6 9,260 — (6,335)2,931 
Total trading liabilities2,498 9,306 — (6,335)5,469 
Other liabilities:
Derivative liabilities designated as hedging:
Interest rate— 453 — — 453 
Foreign exchange— 40 — — 40 
Total derivative liabilities designated as hedging— 493 — — 493 
Other liabilities1 2 — — 3 
Total other liabilities1 495 — — 496 
Total liabilities$2,499 $9,801 $— $(6,335)$5,965 
Percentage of total liabilities prior to netting20 %80 %— %
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes seed capital, private equity investments and other assets.
Details of certain available-for-sale securities measured at fair value on a recurring basisJune 30, 2022Dec. 31, 2021
Total
carrying
value (b)
Ratings (a)
Total
carrying value (b)
Ratings (a)
AAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not ratedAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not rated
(dollars in millions)
Non-agency RMBS, originated in:
2008-2022$1,970 100 %— %— %— %— %$2,190 100 %— %— %— %— %
200759 — 6 — 50 44 114 — 4 — 39 57 
2006100 — 34 — 50 16 181 — 24 — 33 43 
2005102 5 4 1 41 49 167 3 5 1 37 54 
2004 and earlier80 15 9 5 57 14 96 16 10 5 57 12 
Total non-agency RMBS$2,311 86 %2 %— %7 %5 %$2,748 81 %2 %— %8 %9 %
Non-agency commercial MBS originated in:
2009-2022$3,003 100 %— %— %— %— %$3,125 100 %— %— %— %— %
Foreign covered bonds:
Canada$2,307 100 %— %— %— %— %$2,332 100 %— %— %— %— %
UK1,168 100 — — — — 1,141 100 — — — — 
Australia648 100 — — — — 762 100 — — — — 
Germany593 100 — — — — 638 100 — — — — 
Norway385 100 — — — — 457 100 — — — — 
Other727 100 — — — — 908 100 — — — — 
Total foreign covered bonds$5,828 100 %— %— %— %— %$6,238 100 %— %— %— %— %
Sovereign debt/sovereign guaranteed:
Germany$3,077 100 %— %— %— %— %$3,585 100 %— %— %— %— %
UK1,879 100 — — — — 1,969 100 — — — — 
France1,532 100 — — — — 1,921 100 — — — — 
Singapore1,184 100 — — — — 1,018 100 — — — — 
Italy773 — — 100 — — 1,382 — — 100 — — 
Canada613 100 — — — — 630 100 — — — — 
Spain470 — 18 82 — — 782 — 8 92 — — 
Hong Kong448 100 — — — — 531 100 — — — — 
Japan 412 — 100 — — — 363 — 100 — — — 
Other (c)
704 78 5 — 17 — 1,198 71 19 — 10 — 
Total sovereign debt/sovereign guaranteed$11,092 84 %5 %10 %1 %— %$13,379 78 %5 %16 %1 %— %
Foreign government agencies:
Canada$640 83 %17 %— %— %— %$566 78 %22 %— %— %— %
Norway478 100 — — — — 269 100 — — — — 
Netherlands406 100 — — — — 765 100 — — — — 
Sweden280 100 — — — — 252 100 — — — — 
France249 100 — — — — 301 100 — — — — 
Finland248 100 — — — — 267 100 — — — — 
Other235 64 36 — — — 266 64 36 — — — 
Total foreign government agencies$2,536 92 %8 %— %— %— %$2,686 92 %8 %— %— %— %
(a)    Represents ratings by S&P or the equivalent.
(b)    At June 30, 2022 and Dec. 31, 2021, sovereign debt/sovereign guaranteed securities were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy.
(c)    Includes non-investment grade sovereign debt/sovereign guaranteed securities related to Brazil of $120 million at June 30, 2022 and $119 million at Dec. 31, 2021.
Assets and liabilities measured at fair value on a nonrecurring basis

Under certain circumstances, we make adjustments to the fair value of our assets, liabilities and unfunded lending-related commitments, although they are not measured at fair value on an ongoing basis. Examples would be the recording of an impairment of
an asset and non-readily marketable equity securities carried at cost with upward or downward adjustments.

The following table presents the financial instruments carried on the consolidated balance sheet by caption and level in the fair value hierarchy as of June 30, 2022 and Dec. 31, 2021.

Assets measured at fair value on a nonrecurring basis
June 30, 2022Dec. 31, 2021
Total carrying
value		Total carrying
value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Loans (a)
$— $37 $— $37 $— $42 $— $42 
Other assets (b)
— 426 — 426 — 265 — 265 
Total assets at fair value on a nonrecurring basis$— $463 $— $463 $— $307 $— $307 
(a)    The fair value of these loans was unchanged in the second quarter of 2022 and the fourth quarter of 2021, based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses.
(b)    Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt.
Estimated fair value of financial instruments

The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at June 30, 2022 and Dec. 31, 2021, by caption on the consolidated balance sheet and by the valuation hierarchy.

Summary of financial instrumentsJune 30, 2022
(in millions)Level 1Level 2Level 3Total
estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $125,372 $— $125,372 $125,372 
Interest-bearing deposits with banks— 16,645 — 16,645 16,639 
Federal funds sold and securities purchased under resale agreements— 22,940 — 22,940 22,940 
Securities held-to-maturity11,823 43,304 — 55,127 59,566 
Loans (a)
— 68,107 — 68,107 68,464 
Other financial assets5,185 1,484 — 6,669 6,669 
Total$17,008 $277,852 $— $294,860 $299,650 
Liabilities:
Noninterest-bearing deposits$— $106,060 $— $106,060 $106,060 
Interest-bearing deposits— 216,221 — 216,221 219,753 
Federal funds purchased and securities sold under repurchase agreements— 11,434 — 11,434 11,434 
Payables to customers and broker-dealers— 25,769 — 25,769 25,769 
Borrowings— 768 — 768 768 
Long-term debt— 26,531 — 26,531 27,610 
Total$— $386,783 $— $386,783 $391,394 
(a)    Does not include the leasing portfolio.
Summary of financial instrumentsDec. 31, 2021
(in millions)Level 1Level 2Level 3Total estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $102,467 $— $102,467 $102,467 
Interest-bearing deposits with banks— 16,636 — 16,636 16,630 
Federal funds sold and securities purchased under resale agreements— 29,607 — 29,607 29,607 
Securities held-to-maturity12,488 44,287 — 56,775 56,866 
Loans (a)
— 67,026 — 67,026 66,860 
Other financial assets6,061 1,239 — 7,300 7,300 
Total$18,549 $261,262 $— $279,811 $279,730 
Liabilities:
Noninterest-bearing deposits$— $93,695 $— $93,695 $93,695 
Interest-bearing deposits— 224,665 — 224,665 225,999 
Federal funds purchased and securities sold under repurchase agreements— 11,566 — 11,566 11,566 
Payables to customers and broker-dealers— 25,150 — 25,150 25,150 
Borrowings— 956 — 956 956 
Long-term debt— 26,701 — 26,701 25,931 
Total$— $382,733 $— $382,733 $383,297 
(a)    Does not include the leasing portfolio.