Trading Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Trading Assets And Liabilities [Abstract]

Trading assets and liabilities consisted of the following:


At December 31,	2020		2019
	(in millions)
Trading assets:
U.S. Treasury	$	5,145	$	6,763
U.S. Government agency issued or guaranteed	—		18
U.S. Government sponsored enterprises	192		20

Asset-backed securities	143		168
Corporate and foreign bonds	7,971		10,826
Equity securities	6,043		5,693
Precious metals	4,989		1,909
Derivatives, net	2,801		3,055
Total trading assets	$	27,284	$	28,452
Trading liabilities:
Securities sold, not yet purchased	$	727	$	1,182
Payables for precious metals	2,312		124
Derivatives, net	2,358		1,929
Total trading liabilities	$	5,397	$	3,235

At December 31, 2020 and 2019, the fair value of derivatives included in trading assets is net of $2,763 million and $2,538 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At December 31, 2020 and 2019, the fair value of derivatives included in trading liabilities is net of $3,377 million and $4,351 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 15, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.

Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income (loss), totaled $78 million, $37 million and $1 million in 2020, 2019 and 2018, respectively. Trading security positions are held as economic hedges of derivative products issued to our clients.