Trading Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Trading Assets And Liabilities [Abstract]

Trading assets and liabilities consisted of the following:


	March 31, 2021		December 31, 2020
	(in millions)
Trading assets:
U.S. Treasury	$	2,616	$	5,145
U.S. Government agency issued or guaranteed	18		—
U.S. Government sponsored enterprises	61		192

Asset-backed securities	153		143
Foreign bonds	8,167		7,971
Equity securities	7,750		6,043
Precious metals	4,497		4,989
Derivatives, net	2,560		2,801
Total trading assets	$	25,822	$	27,284
Trading liabilities:
Securities sold, not yet purchased	$	655	$	727
Payables for precious metals	—		2,312
Derivatives, net	1,664		2,358
Total trading liabilities	$	2,319	$	5,397

At March 31, 2021 and December 31, 2020, the fair value of derivatives included in trading assets is net of $2,862 million and $2,763 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2021 and December 31, 2020, the fair value of derivatives included in trading liabilities is net of $1,953 million and $3,377 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.

Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income (loss), totaled $26 million during both the three months ended March 31, 2021 and 2020. Trading security positions are held as economic hedges of derivative products issued to our clients.