FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Federal funds sold and securities borrowed or purchased under agreements to resell

Federal funds sold and securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:



In millions of dollars	September 30, 2018		December 31, 2017
Federal funds sold	$	20	$	—
Securities purchased under agreements to resell	152,889		130,984
Deposits paid for securities borrowed	128,032		101,494
Total⁽¹⁾	$	280,941	$	232,478

Federal funds purchased and securities loaned or sold under agreements to repurchase

Federal funds purchased and securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:



In millions of dollars	September 30, 2018		December 31, 2017
Federal funds purchased	$	117	$	326
Securities sold under agreements to repurchase	161,987		142,646
Deposits received for securities loaned	13,811		13,305
Total⁽¹⁾	$	175,915	$	156,277

(1)

The above tables do not include securities-for-securities lending transactions of $19.9 billion and $14.0 billion at September 30, 2018 and December 31, 2017, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.

Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending

agreements and the related offsetting amount permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.



	As of September 30, 2018
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	248,802	$	95,913	$	152,889	$	121,141	$	31,748
Deposits paid for securities borrowed	128,032		—		128,032		29,461		98,571
Total	$	376,834	$	95,913	$	280,921	$	150,602	$	130,319



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	257,900	$	95,913	$	161,987	$	87,917	$	74,070
Deposits received for securities loaned	13,811		—		13,811		4,730		9,081
Total	$	271,711	$	95,913	$	175,798	$	92,647	$	83,151



	As of December 31, 2017
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	204,460	$	73,476	$	130,984	$	103,022	$	27,962
Deposits paid for securities borrowed	101,494		—		101,494		22,271		79,223
Total	$	305,954	$	73,476	$	232,478	$	125,293	$	107,185



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	216,122	$	73,476	$	142,646	$	73,716	$	68,930
Deposits received for securities loaned	13,305		—		13,305		4,079		9,226
Total	$	229,427	$	73,476	$	155,951	$	77,795	$	78,156


(1)	Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.


(2)	The total of this column for each period excludes federal funds sold/purchased. See tables above.


(3)	Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.


(4)	Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending



	As of September 30, 2018
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	248,802	$	95,913	$	152,889	$	121,141	$	31,748
Deposits paid for securities borrowed	128,032		—		128,032		29,461		98,571
Total	$	376,834	$	95,913	$	280,921	$	150,602	$	130,319



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	257,900	$	95,913	$	161,987	$	87,917	$	74,070
Deposits received for securities loaned	13,811		—		13,811		4,730		9,081
Total	$	271,711	$	95,913	$	175,798	$	92,647	$	83,151



	As of December 31, 2017
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	204,460	$	73,476	$	130,984	$	103,022	$	27,962
Deposits paid for securities borrowed	101,494		—		101,494		22,271		79,223
Total	$	305,954	$	73,476	$	232,478	$	125,293	$	107,185



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	216,122	$	73,476	$	142,646	$	73,716	$	68,930
Deposits received for securities loaned	13,305		—		13,305		4,079		9,226
Total	$	229,427	$	73,476	$	155,951	$	77,795	$	78,156


(1)	Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.


(2)	The total of this column for each period excludes federal funds sold/purchased. See tables above.


(3)	Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.


(4)	Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

Gross amount of liabilities associated with repurchase agreements and securities lending agreements

The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity:



	As of September 30, 2018
In millions of dollars	Open and overnight		Up to 30 days		31–90 days		Greater than 90 days		Total
Securities sold under agreements to repurchase	$	121,109	$	59,246	$	30,558	$	46,987	$	257,900
Deposits received for securities loaned	7,091		307		3,200		3,213		13,811
Total	$	128,200	$	59,553	$	33,758	$	50,200	$	271,711



	As of December 31, 2017
In millions of dollars	Open and overnight		Up to 30 days		31–90 days		Greater than 90 days		Total
Securities sold under agreements to repurchase	$	82,073	$	68,372	$	33,846	$	31,831	$	216,122
Deposits received for securities loaned	9,946		266		1,912		1,181		13,305
Total	$	92,019	$	68,638	$	35,758	$	33,012	$	229,427

The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral:



	As of September 30, 2018
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	95,116	$	110	$	95,226
State and municipal securities	2,803		—		2,803
Foreign government securities	94,306		301		94,607
Corporate bonds	22,247		545		22,792
Equity securities	18,759		11,982		30,741
Mortgage-backed securities	15,088		—		15,088
Asset-backed securities	6,513		—		6,513
Other	3,068		873		3,941
Total	$	257,900	$	13,811	$	271,711



	As of December 31, 2017
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	58,774	$	—	$	58,774
State and municipal securities	1,605		—		1,605
Foreign government securities	89,576		105		89,681
Corporate bonds	20,194		657		20,851
Equity securities	20,724		11,907		32,631
Mortgage-backed securities	17,791		—		17,791
Asset-backed securities	5,479		—		5,479
Other	1,979		636		2,615
Total	$	216,122	$	13,305	$	229,427