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Offsetting financial assets and liabilities
 12 Months Ended
Oct. 31, 2019
Text block [abstract]  
Offsetting financial assets and liabilities
Note  28
 
Offsetting financial assets and liabilities
The following table identifies the amounts that have been offset on the consolidated balance sheet in accordance with the requirements of IAS 32 “Financial Instruments: Presentation”, and also those amounts that are subject to enforceable netting agreements but do not qualify for offsetting on the consolidated balance sheet either because we do not have a currently enforceable legal right to set-off the recognized amounts, or because we do not intend to settle on a net basis or to realize the asset and settle the liability simultaneously.
Financial assets
 
 
Amounts subject to enforceable netting agreements
 
 
 
 
 
 
 
 
 
 
Gross
amounts of
recognized
financial
assets
 
 
 
Gross
amounts
offset on the
consolidated
balance sheet

(1)
 
 
 
 
 
 
 
Related amounts not set-off on
the consolidated balance sheet
 
 
 
Amounts not
subject to
enforceable
netting
agreements

(4)
 
 
 
Net amounts
presented on
the consolidated
balance sheet
 
$ millions, as at October 31
 
 
Net
amounts
 
 
 
Financial
instruments

(2)
 
 
 
Collateral
received

(3)
 
 
 
Net
amounts
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
$
42,156
 
 
$
(21,206
) 
 
$
20,950
 
 
$
(14,572
) 
 
$
(3,888
) 
 
$
2,490
 
 
$
2,945
 
 
$
23,895
 
Cash collateral on securities borrowed
 
 
3,664
 
 
 
–
 
 
 
3,664
 
 
 
–
 
 
 
(3,588
) 
 
 
76
 
 
 
–
 
 
 
3,664
 
Securities purchased under resale agreements
 
 
59,131
 
 
 
(3,020
) 
 
 
56,111
 
 
 
–
 
 
 
(55,721
) 
 
 
390
 
 
 
–
 
 
 
56,111
 
 
 
$
104,951
 
 
$
(24,226
) 
 
$
80,725
 
 
$
(14,572
) 
 
$
(63,197
) 
 
$
2,956
 
 
$
2,945
 
 
$
83,670
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
$
33,862
 
 
$
(14,750
) 
 
$
19,112
 
 
$
(11,789
) 
 
$
(4,794
) 
 
$
2,529
 
 
$
2,319
 
 
$
21,431
 
Cash collateral on securities borrowed
 
 
5,488
 
 
 
–
 
 
 
5,488
 
 
 
–
 
 
 
(5,406
) 
 
 
82
 
 
 
–
 
 
 
5,488
 
Securities purchased under resale agreements
 
 
45,028
 
 
 
(1,578
) 
 
 
43,450
 
 
 
–
 
 
 
(43,358
) 
 
 
92
 
 
 
–
 
 
 
43,450
 
 
 
$
    84,378
 
 
$
    (16,328
) 
 
$
    68,050
 
 
$
    (11,789
) 
 
$
    (53,558
) 
 
$
    2,703
 
 
$
    2,319
 
 
$
    70,369
 
Financial liabilities
 
 
 
Amounts subject to enforceable netting agreements
 
 
 
 
 
 
 
 
 
 
Gross
amounts of
recognized
financial
liabilities
 
 
 
Gross
amounts
offset on the
consolidated
balance sheet

(1)
 
 
 
 
 
 
 
Related amounts not set-off on
the consolidated balance sheet
 
 
 
Amounts not
subject to
enforceable
netting
agreements

(4)
 
 
 
Net amounts
presented on
the consolidated
balance sheet
 
$ millions, as at October 31
 
 
Net
amounts
 
 
 
Financial
instruments

(2)
 
 
 
Collateral
pledged

(3)
 
 
 
Net
amounts
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
$
43,941
 
 
$
(21,206
) 
 
$
22,735
 
 
$
(14,572
) 
 
$
(6,840
) 
 
$
1,323
 
 
$
2,378
 
 
$
25,113
 
Cash collateral on securities lent
 
 
1,822
 
 
 
–
 
 
 
1,822
 
 
 
–
 
 
 
(1,779
) 
 
 
43
 
 
 
–
 
 
 
1,822
 
Obligations related to securities sold under repurchase agreements
 
 
54,821
 
 
 
(3,020
) 
 
 
51,801
 
 
 
–
 
 
 
(51,343
) 
 
 
458
 
 
 
–
 
 
 
51,801
 
 
 
$
100,584
 
 
$
(24,226
) 
 
$
76,358
 
 
$
(14,572
) 
 
$
(59,962
) 
 
$
1,824
 
 
$
2,378
 
 
$
78,736
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
$
33,358
 
 
$
(14,750
) 
 
$
18,608
 
 
$
(11,789
) 
 
$
(5,539
) 
 
$
1,280
 
 
$
2,365
 
 
$
20,973
 
Cash collateral on securities lent
 
 
2,731
 
 
 
–
 
 
 
2,731
 
 
 
–
 
 
 
(2,697
) 
 
 
34
 
 
 
–
 
 
 
2,731
 
Obligations related to securities sold under repurchase agreements
 
 
32,418
 
 
 
(1,578
) 
 
 
30,840
 
 
 
–
 
 
 
(30,780
) 
 
 
60
 
 
 
–
 
 
 
30,840
 
 
 
$
    68,507
 
 
$
    (16,328
) 
 
$
    52,179
 
 
$
    (11,789
) 
 
$
    (39,016
) 
 
$
    1,374
 
 
$
    2,365
 
 
$
    54,544
 
(1)
Comprises amounts related to financial instruments which qualify for offsetting. Effective beginning in 2017, derivatives cleared through the Chicago Mercantile Exchange (CME) are considered to be settled-to-market and not collateralized-to-market. Derivatives which are settled-to-market are settled on a daily basis, resulting in derecognition, rather than offsetting, of the related amounts. As a result, settled-to-market amounts are no longer considered to be subject to enforceable netting arrangements. In the absence of this change, an amount of $
355
 million as at October 31, 2019 (2018: $531 million) relating to derivatives cleared through CME would otherwise have been considered to be offset on the consolidated balance sheet.
(2)
Comprises amounts subject to set-off under enforceable netting agreements, such as ISDA agreements, derivative exchange or clearing counterparty agreements, global master repurchase agreements, and global master securities lending agreements. Under such arrangements, all outstanding transactions governed by the relevant agreement can be offset if an event of default or other predetermined event occurs.
(3)
Collateral received and pledged amounts are reflected at fair value, but have been limited to the net balance sheet exposure so as not to include any over-collateralization.
(4)
Includes contractual rights of set-off that are subject to uncertainty under the laws of the relevant jurisdiction, exchange-traded derivatives and derivatives which are settled-to-market.
The offsetting and collateral arrangements discussed above and other credit risk mitigation strategies used by CIBC are further explained in the “Credit risk” section of the MD&A. Certain amounts of securities received as collateral are restricted from being sold or re-pledged.