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Trading Assets and Liabilities
12 Months Ended
Dec. 31, 2023
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities Trading Assets and Liabilities
Trading assets and liabilities consisted of the following:
At December 31,20232022
 (in millions)
Trading assets:
U.S. Treasury$3,564 $1,670 
U.S. Government agency issued or guaranteed1 — 
U.S. Government sponsored enterprises1,207 369 
Foreign bonds4,019 6,391 
Equity securities11,702 7,855 
Precious metals(1)
346 3,831 
Derivatives, net1,276 1,614 
Total trading assets$22,115 $21,730 
Trading liabilities:
Securities sold, not yet purchased$1,688 $837 
Payables for precious metals301 — 
Derivatives, net1,496 1,966 
Total trading liabilities$3,485 $2,803 
(1)The decrease in precious metals at December 31, 2023 includes the impact of the transfer of a portion of our precious metals inventory with a fair value of approximately $0.9 billion to HSBC Bank plc during the third quarter of 2023. See Note 24, "Related Party Transactions," for additional information.
At December 31, 2023 and 2022, the fair value of derivatives included in trading assets is net of $1,416 million and $2,653 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At December 31, 2023 and 2022, the fair value of derivatives included in trading liabilities is net of $1,321 million and $1,180 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.
See Note 16, "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 $159 million, $165 million and $157 million in 2023, 2022 and 2021, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.