Trading Assets and Liabilities

Trading assets and liabilities are summarized in the following table.



	March 31, 2013		December 31, 2012
	(in millions)
Trading assets:
U.S. Treasury	$	1,234	$	2,484
U.S. Government agency	330		337
U.S. Government sponsored enterprises⁽¹⁾	87		32
Asset backed securities	704		687
Corporate and foreign bonds⁽²⁾	8,043		9,583
Other securities	33		36
Precious metals	15,875		12,332
Derivatives	8,352		10,504
	$	34,658	$	35,995
Trading liabilities:
Securities sold, not yet purchased	$	841	$	207
Payables for precious metals	6,186		5,767
Derivatives	12,461		13,846
	$	19,488	$	19,820


⁽¹⁾	Includes mortgage backed securities of $19 million and $16 million issued or guaranteed by the Federal National Mortgage Association (“FNMA”) and $69 million and $16 million issued or guaranteed by the Federal Home Loan Mortgage Corporation (“FHLMC”) at March 31, 2013 and December 31, 2012, respectively.


⁽²⁾	We did not hold any foreign bonds issued by the governments of Greece, Ireland, Italy, Portugal or Spain at either March 31, 2013 or December 31, 2012.

At March 31, 2013 and December 31, 2012, the fair value of derivatives included in trading assets has been reduced by $5.3 billion and $5.1 billion, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2013 and December 31, 2012, the fair value of derivatives included in trading liabilities has been reduced by $1.4 billion and $1.3 billion, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.