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Trading Assets and Liabilities
 3 Months Ended
Mar. 31, 2012
Trading Assets and Liabilities [Abstract]  
Trading Assets and Liabilities

4.    Trading Assets and Liabilities

 

Trading assets and liabilities are summarized in the following table.

 

                 
    

March 31,

2012

    

December 31,

2011

  
    (in millions)  

Trading assets:

                

U.S. Treasury

   $ 705     $ 259  

U.S. Government agency issued or guaranteed

     215       14  

U.S. Government sponsored enterprises(1)

     -       24  

Asset-backed securities

     1,028       1,032  

Corporate and foreign bonds(2)

     9,557       11,577  

Other securities

     37       40  

Precious metals

     16,249       17,082  

Fair value of derivatives

     8,262       8,772  
   

 

 

    

 

 

  
    $ 36,053     $ 38,800  
   

 

 

    

 

 

  

Trading liabilities:

                

Securities sold, not yet purchased

   $ 463     $ 343  

Payables for precious metals

     7,973       6,999  

Fair value of derivatives

     9,674       6,844  
   

 

 

    

 

 

  
    $ 18,110     $ 14,186  
   

 

 

    

 

 

  

 

 

(1) 

Includes mortgage-backed securities of $10 million issued or guaranteed by the Federal National Mortgage Association (“FNMA”) and $14 million issued or guaranteed by the Federal Home Loan Mortgage Corporation (“FHLMC”) at December 31, 2011. There were no mortgage-back securities issued or guaranteed by FNMA and FHLMC at March 31, 2012.

 

(2) 

There were no foreign bonds issued by the governments of Greece, Ireland, Italy, Portugal or Spain at either March 31, 2012 or December 31, 2011.

At March 31, 2012 and December 31, 2011, the fair value of derivatives included in trading assets has been reduced by $4.4 billion and $4.8 billion, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2012 and December 31, 2011, the fair value of derivatives included in trading liabilities has been reduced by $3.3 billion and $6.3 billion, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.