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Trading Assets and Liabilities
9 Months Ended
Sep. 30, 2016
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities
Trading Assets and Liabilities
 
 
Trading assets and liabilities consisted of the following:
 
September 30, 2016
 
December 31, 2015
 
(in millions)
Trading assets:
 
 
 
U.S. Treasury
$
4,374

 
$
3,088

U.S. Government agency issued or guaranteed
11

 
13

U.S. Government sponsored enterprises(1)
169

 
154

Obligations of U.S. states and political subdivisions

 
559

Asset-backed securities
374

 
424

Corporate and foreign bonds
8,300

 
6,899

Other securities
15

 
18

Precious metals
2,669

 
780

Derivatives, net
3,674

 
5,150

Total trading assets
$
19,586

 
$
17,085

Trading liabilities:
 
 
 
Securities sold, not yet purchased
$
1,030

 
$
399

Payables for precious metals
49

 
650

Derivatives, net
6,458

 
6,406

Total trading liabilities
$
7,537

 
$
7,455

 
(1) 
Consists of mortgage backed securities of $142 million and $154 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") at September 30, 2016 and December 31, 2015, respectively, and $27 million issued or guaranteed by the Federal Home Loan Mortgage Corporation ("FHLMC") at September 30, 2016.
At September 30, 2016 and December 31, 2015, the fair value of derivatives included in trading assets is net of $4,463 million and $4,652 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At September 30, 2016 and December 31, 2015, the fair value of derivatives included in trading liabilities is net of $1,305 million and $1,530 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.
See Note 10, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.