Trading Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Trading Assets And Liabilities [Abstract]

Trading Assets and Liabilities

Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:

	March 31, 2022		December 31, 2021
	(in millions)
Trading assets:
U.S. Treasury	$	1,948	$	2,337
U.S. Government sponsored enterprises	424		432
Foreign bonds	535		167
Equity securities	10,942		15,795
Precious metals	3,076		3,907
Derivatives, net	1,836		1,405
Total trading assets	$	18,761	$	24,043
Trading liabilities:
Securities sold, not yet purchased	$	969	$	1,103
Payables for precious metals	1,316		46
Derivatives, net	2,056		1,874
Total trading liabilities	$	4,341	$	3,023

At March 31, 2022 and December 31, 2021, the fair value of derivatives included in trading assets is net of $2,033 million and $1,419 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2022 and December 31, 2021, the fair value of derivatives included in trading liabilities is net of $1,610 million and $1,296 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.

Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income, totaled $48 million and $26 million during the three months ended March 31, 2022 and 2021, respectively. Trading security positions are held as economic hedges of derivative products issued to our clients.