Offsetting Arrangements (Tables)

12 Months Ended

Dec. 31, 2018

The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:



Assets:	December 31, 2018
	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	16,386	$	(10,223	)	$	6,163		$	—		$	6,163
Interest rate contracts⁽⁶⁾	13		—			13			—			13
Other derivative contracts	—		—			—			—			—
Cash collateral and securities netting	NA		(987		)	(987		)	(220		)	(1,207		)
Total derivatives	16,399		(11,210		)	5,189			(220		)	4,969
Other financial instruments:
Resale agreements and securities borrowing⁽⁷⁾	116,143		(91,889		)	24,254			(22,872		)	1,382
Total derivatives and other financial instruments	$	132,542	$	(103,099	)	$	29,443		$	(23,092	)	$	6,351



Assets:	December 31, 2017
	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	11,597	$	(5,548	)	$	6,049		$	—		$	6,049
Interest rate contracts⁽⁶⁾	8		—			8			—			8
Other derivative contracts	1		—			1			—			1
Cash collateral and securities netting	NA		(2,045		)	(2,045		)	(124		)	(2,169		)
Total derivatives	11,606		(7,593		)	4,013			(124		)	3,889
Other financial instruments:
Resale agreements and securities borrowing⁽⁷⁾	70,079		(47,434		)	22,645			(22,645		)	—
Total derivatives and other financial instruments	$	81,685	$	(55,027	)	$	26,658		$	(22,769	)	$	3,889

⁽¹⁾Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.

⁽²⁾Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.

⁽³⁾Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

⁽⁴⁾ Includes securities in connection with our securities borrowing transactions.

⁽⁵⁾Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.

⁽⁶⁾Variation margin payments presented as settlements rather than collateral.

⁽⁷⁾Included in the $24.3 billion as of December 31, 2018 were $4.7 billion of resale agreements and $19.6 billion of collateral provided related to securities borrowing. Included in the $22.6 billion as of December 31, 2017 were $3.2 billion of resale agreements and $19.4 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.

^NA Not applicable

Offsetting Liabilities

The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:



Liabilities:	December 31, 2018
	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Liabilities Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾						Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	16,522	$	(10,223	)	$	6,299		$	—		$	6,299
Interest rate contracts⁽⁶⁾	71		—			71			—			71
Other derivative contracts	214		—			214			—			214
Cash collateral and securities netting	NA		(1,341		)	(1,341		)	(215		)	(1,556		)
Total derivatives	16,807		(11,564		)	5,243			(215		)	5,028
Other financial instruments:
Repurchase agreements and securities lending⁽⁷⁾	104,494		(91,889		)	12,605			(11,543		)	1,062
Total derivatives and other financial instruments	$	121,301	$	(103,453	)	$	17,848		$	(11,758	)	$	6,090



Liabilities:	December 31, 2017
	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Liabilities Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾						Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	11,467	$	(5,548	)	$	5,919		$	—		$	5,919
Interest rate contracts⁽⁶⁾	100		—			100			—			100
Other derivative contracts	285		—			285			—			285
Cash collateral and securities netting	NA		(422		)	(422		)	(450		)	(872		)
Total derivatives	11,852		(5,970		)	5,882			(450		)	5,432
Other financial instruments:
Repurchase agreements and securities lending⁽⁷⁾	54,127		(47,434		)	6,693			(4,299		)	2,394
Total derivatives and other financial instruments	$	65,979	$	(53,404	)	$	12,575		$	(4,749	)	$	7,826

⁽¹⁾Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.

⁽²⁾Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments

⁽³⁾Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

⁽⁴⁾Includes securities provided in connection with our securities lending transactions.

⁽⁵⁾Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.

⁽⁶⁾Variation margin payments presented as settlements rather than collateral.

⁽⁷⁾Included in the $12.6 billion as of December 31, 2018 were $1.1 billion of repurchase agreements and $11.5 billion of collateral received related to securities lending transactions. Included in the $6.7 billion as of December 31, 2017 were $2.8 billion of repurchase agreements and $3.9 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.

^NANot applicable

Securities Sold and Securities Loaned Under Repurchase Agreements

The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated:



	As of December 31, 2018						As of December 31, 2017⁽¹⁾
(In millions)	Overnight and Continuous		Up to 30 Days		Total		Overnight and Continuous
Repurchase agreements:
U.S. Treasury and agency securities	$	88,904	$	—	$	88,904	$	43,072
Total	88,904		—		88,904		43,072
Securities lending transactions:
US Treasury and agency securities	249		—		249		—
Corporate debt securities	278		—		278		35
Equity securities	6,426		137		6,563		11,020
Other⁽²⁾	8,500		—		8,500		—
Total	15,453		137		15,590		11,055
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	104,357	$	137	$	104,494	$	54,127

⁽¹⁾As of December 31, 2017, there were no balances with contractual maturities up to 30 days.

⁽²⁾ Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge.