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Trading Assets and Liabilities
6 Months Ended
Jun. 30, 2015
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities
Trading Assets and Liabilities
 
 
Trading assets and liabilities consisted of the following:
 
June 30, 2015
 
December 31, 2014
 
(in millions)
Trading assets:
 
 
 
U.S. Treasury
$
2,988

 
$
2,675

U.S. Government agency issued or guaranteed
6

 
3

U.S. Government sponsored enterprises(1)
152

 
45

Obligations of U.S. states and political subdivisions
581

 
591

Asset backed securities
457

 
481

Corporate and foreign bonds
7,510

 
9,681

Other securities
18

 
22

Precious metals
2,128

 
1,992

Derivatives, net
3,931

 
5,602

Total trading assets
$
17,771

 
$
21,092

Trading liabilities:
 
 
 
Securities sold, not yet purchased
$
669

 
$
683

Payables for precious metals

 
22

Derivatives, net
5,779

 
7,459

Total trading liabilities
$
6,448

 
$
8,164

 
(1) 
Consists of mortgage backed securities of $152 million and $45 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") at June 30, 2015 and December 31, 2014, respectively.
At June 30, 2015 and December 31, 2014, the fair value of derivatives included in trading assets is net of $4,678 million and $4,811 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At June 30, 2015 and December 31, 2014, the fair value of derivatives included in trading liabilities is net of $1,021 million and $1,724 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.
See Note 9, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.