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Trading Assets and Liabilities
 12 Months Ended
Dec. 31, 2011
Trading Assets and Liabilities [Abstract]  
Trading Assets and Liabilities

6.    Trading Assets and Liabilities

 

Trading assets and liabilities are summarized in the following table.

 

                 
At December 31,   2011     2010  
    (in millions)  

Trading assets:

                

U.S. Treasury

   $ 259     $ 1,874  

U.S. Government agency

     14       62  

U.S. Government sponsored enterprises (1)

     24       632  

Asset backed securities

     1,032       1,148  

Corporate and foreign bonds

     11,577       5,897  

Other securities

     40       52  

Precious metals

     17,082       16,725  

Derivatives

     8,772       6,012  
   

 

 

    

 

 

  
    $ 38,800     $ 32,402  
   

 

 

    

 

 

  

Trading liabilities:

                

Securities sold, not yet purchased

   $ 343     $ 212  

Payables for precious metals

     6,999       5,326  

Derivatives

     6,844       4,990  
   

 

 

    

 

 

  
    $ 14,186     $ 10,528  
   

 

 

    

 

 

  

 

 

(1) 

Includes mortgage backed securities of $10 million and $598 million issued or guaranteed by the Federal National Mortgage Association (“FNMA”) and $14 million and $34 million issued or guaranteed by the Federal Home Loan Mortgage Corporation (“FHLMC”) at December 31, 2011 and 2010, respectively.

 

(2) 

There were no foreign bonds issued by the governments of Portugal, Ireland, Italy, Greece or Spain at either December 31, 2011 or 2010.

At December 31, 2011 and 2010, the fair value of derivatives included in trading assets has been reduced by $4.8 billion and $3.1 billion, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At December 31, 2011 and 2010, the fair value of derivatives included in trading liabilities has been reduced by $6.3 billion and $5.8 billion, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.