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Trading Assets and Liabilities
3 Months Ended
Mar. 31, 2018
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities
Trading Assets and Liabilities
 
 
Trading assets and liabilities consisted of the following:

March 31, 2018
 
December 31, 2017
 
(in millions)
Trading assets:
 
 
 
U.S. Treasury
$
4,643

 
$
3,391

U.S. Government agency issued or guaranteed
117

 
122

U.S. Government sponsored enterprises
7

 
210

Asset-backed securities
240

 
236

Corporate and foreign bonds
8,213

 
6,180

Other securities

 
12

Precious metals
16,057

 
2,274

Derivatives, net
3,373

 
3,725

Total trading assets
$
32,650

 
$
16,150

Trading liabilities:
 
 
 
Securities sold, not yet purchased
$
1,627

 
$
1,722

Payables for precious metals

 
524

Derivatives, net
1,703

 
2,633

Total trading liabilities
$
3,330

 
$
4,879


At March 31, 2018 and December 31, 2017, the fair value of derivatives included in trading assets is net of $2,195 million and $3,423 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At March 31, 2018 and December 31, 2017, the fair value of derivatives included in trading liabilities is net of $3,611 million and $3,680 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.