XML 112 R44.htm IDEA: XBRL DOCUMENT v3.24.3
Fair value measurement (Tables)
 12 Months Ended
Oct. 31, 2024
Statement [LineItems]  
Summary of Fair Value of Financial Instruments
Fair value of financial instruments
 
        Carrying value              
$ millions, as at October 31  
Amortized
cost
     Mandatorily
measured
at FVTPL		     Designated
at FVTPL		     Fair value
through
OCI		     Total    
Fair
value
     Fair value
over (under)
carrying value		  
2024
  
Financial assets
              
 
Cash and deposits with banks
  
$
48,064
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
48,064
 
  
$
48,064
 
  
$
–
 
 
Securities
  
 
71,610
 
  
 
106,042
 
  
 
–
 
  
 
76,693
 
  
 
254,345
 
  
 
253,437
 
  
 
(908
)
 
Cash collateral on securities borrowed
  
 
17,028
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
17,028
 
  
 
17,028
 
  
 
–
 
 
Securities purchased under resale agreements
  
 
58,744
 
  
 
24,977
 
  
 
–
 
  
 
–
 
  
 
83,721
 
  
 
83,721
 
  
 
–
 
 
Loans
              
 
Residential mortgages
  
 
280,220
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
280,223
 
  
 
279,805
 
  
 
(418
)
 
Personal
  
 
45,739
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
45,739
 
  
 
45,750
 
  
 
11
 
 
Credit card
  
 
19,649
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
19,649
 
  
 
19,682
 
  
 
33
 
 
Business and government
  
 
212,454
 
  
 
116
 
  
 
105
 
  
 
–
 
  
 
212,675
 
  
 
212,744
 
  
 
69
 
 
Derivative instruments
  
 
–
 
  
 
36,435
 
  
 
–
 
  
 
–
 
  
 
36,435
 
  
 
36,435
 
  
 
–
 
 
Customers’ liability under acceptances
  
 
6
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
6
 
  
 
6
 
  
 
–
 
    Other assets  
 
20,121
 
  
 
364
 
  
 
–
 
  
 
–
 
  
 
20,485
 
  
 
20,485
 
  
 
–
 
 
Financial liabilities
              
 
Deposits
              
 
Personal
  
$
235,593
 
  
$
–
 
  
$
17,301
 
  
$
–
 
  
$
252,894
 
  
$
253,378
 
  
$
484
 
 
Business and government
  
 
414,441
 
  
 
–
 
  
 
21,058
 
  
 
–
 
  
 
435,499
 
  
 
436,528
 
  
 
1,029
 
 
Bank
  
 
20,009
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
20,009
 
  
 
20,009
 
  
 
–
 
 
Secured borrowings
  
 
55,285
 
  
 
–
 
  
 
1,170
 
  
 
–
 
  
 
56,455
 
  
 
56,588
 
  
 
133
 
  Derivative instruments  
 
–
 
  
 
40,654
 
  
 
–
 
  
 
–
 
  
 
40,654
 
  
 
40,654
 
  
 
–
 
  Acceptances  
 
6
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
6
 
  
 
6
 
  
 
–
 
 
Obligations related to securities sold short
  
 
–
 
  
 
21,642
 
  
 
–
 
  
 
–
 
  
 
21,642
 
  
 
21,642
 
  
 
–
 
 
Cash collateral on securities lent
  
 
7,997
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
7,997
 
  
 
7,997
 
  
 
–
 
 
Obligations related to securities sold under repurchase agreements
  
 
100,407
 
  
 
–
 
  
 
9,746
 
  
 
–
 
  
 
110,153
 
  
 
110,153
 
  
 
–
 
  Other liabilities  
 
20,651
 
  
 
158
 
  
 
19
 
  
 
–
 
  
 
20,828
 
  
 
20,828
 
  
 
–
 
    Subordinated indebtedness  
 
7,465
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
7,465
 
  
 
7,698
 
  
 
233
 
2023
  
Financial assets
              
 
Cash and deposits with banks
   $ 55,718     $ –     $ –     $ –     $ 55,718     $ 55,718     $ –  
 
Securities
     67,294       82,723       –         61,331       211,348       209,326         (2,022 ) 
 
Cash collateral on securities borrowed
     14,651       –       –       –       14,651       14,651       –  
 
Securities purchased under resale agreements
     66,797       13,387       –       –       80,184       80,184       –  
 
Loans
              
 
Residential mortgages
     273,785       3       –       –       273,788       268,403       (5,385 ) 
 
Personal
     44,570       –       –       –       44,570       44,454       (116 ) 
 
Credit card
     17,853       –       –       –       17,853       17,909       56  
 
Business and government
     192,856       126       144       –       193,126       192,727       (399 ) 
 
Derivative instruments
     –       33,243       –       –       33,243       33,243       –  
 
Customers’ liability under acceptances
     10,816       –       –       –       10,816       10,816       –  
    Other assets     18,651       –       –       –       18,651       18,651       –  
 
Financial liabilities
              
 
Deposits
              
 
Personal
   $   225,183     $ –     $   13,852     $ –     $   239,035     $   238,725     $ (310 ) 
 
Business and government
     392,021       –       20,540       –       412,561       412,983       422  
 
Bank
     22,296       –       –       –       22,296       22,296       –  
 
Secured borrowings
     48,098       –       1,386       –       49,484       49,353       (131 ) 
 
Derivative instruments
     –         41,290       –       –       41,290       41,290       –  
 
Acceptances
     10,820       –       –       –       10,820       10,820       –  
 
Obligations related to securities sold short
     –       18,666       –       –       18,666       18,666       –  
 
Cash collateral on securities lent
     8,081       –       –       –       8,081       8,081       –  
 
Obligations related to securities sold under repurchase agreements
     82,403       –       4,715       –       87,118       87,118       –  
 
Other liabilities
     18,459       119       16       –       18,594       18,594       –  
    Subordinated indebtedness     6,483       –       –       –       6,483       6,561       78  
Summary of derivative financial instruments
Fair value of derivative instruments
 
$ millions, as at October 31                
2024
                   2023  
         
Positive
    
Negative
    
Net
     Positive     Negative     Net  
Held for trading
            
Interest rate derivatives
            
Over-the-counter
  
– Forward rate agreements
  
$
135
 
  
$
239
    
$
(104
)
  
$
550
 
  
$
47
 
  
$
503
 
 
– Swap contracts
  
 
6,149
 
    
9,124
    
 
(2,975
)
  
 
8,259
 
  
 
16,934
 
  
 
(8,675
) 
 
– Purchased options
  
 
358
 
  
 
–
 
  
 
358
 
  
 
411
 
  
 
–
 
  
 
411
 
   
– Written options
  
 
–
 
    
309
    
 
(309
)
  
 
–
 
  
 
365
 
  
 
(365
) 
       
 
6,642
 
    
9,672
    
 
(3,030
)
  
 
9,220
 
  
 
17,346
 
  
 
(8,126
) 
Exchange-traded
  
– Futures contracts
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –  
 
– Purchased options
  
 
2
 
  
 
–
 
  
 
2
 
     1       –       1  
   
– Written options
  
 
–
 
    
2
    
 
(2
)
  
 
–
 
  
 
1
 
  
 
(1
) 
       
 
2
 
    
2
    
 
–
 
  
 
1
 
  
 
1
 
  
 
–
 
Total interest rate derivatives
  
 
6,644
 
    
9,674
    
 
(3,030
)
  
 
9,221
 
  
 
17,347
 
  
 
(8,126
) 
Foreign exchange derivatives
            
Over-the-counter
  
– Forward contracts
  
 
7,378
 
    
6,379
    
 
999
 
  
 
7,395
 
  
 
6,978
 
  
 
417
 
 
– Swap contracts
  
 
5,056
 
    
7,944
    
 
(2,888
)
  
 
5,423
 
  
 
8,013
 
  
 
(2,590
) 
 
– Purchased options
  
 
443
 
  
 
–
 
  
 
443
 
     446       –       446  
   
– Written options
  
 
–
 
    
535
    
 
(535
)
  
 
–
 
  
 
364
 
  
 
(364
) 
Total foreign exchange derivatives
  
 
12,877
 
    
14,858
    
 
(1,981
)
  
 
13,264
 
  
 
15,355
 
  
 
(2,091
) 
Credit derivatives
              
Over-the-counter
  
– Credit default swap contracts – protection purchased
  
 
46
 
    
3
    
 
43
 
  
 
47
 
  
 
11
 
  
 
36
 
   
– Credit default swap contracts – protection sold
  
 
–
 
    
52
    
 
(52
)
  
 
17
 
  
 
52
 
  
 
(35
) 
Total credit derivatives
  
 
46
 
    
55
    
 
(9
)
  
 
64
 
  
 
63
 
  
 
1
 
Equity derivatives
            
Over-the-counter
  
 
4,989
 
    
6,401
    
 
(1,412
)
  
 
2,899
 
  
 
3,396
 
  
 
(497
) 
Exchange-traded
  
 
5,821
 
    
4,712
    
 
1,109
 
  
 
2,331
 
  
 
2,406
 
  
 
(75
) 
Total equity derivatives
  
 
10,810
 
    
11,113
    
 
(303
)
  
 
5,230
 
  
 
5,802
 
  
 
(572
) 
Precious metal and other commodity derivatives
            
Over-the-counter
  
 
2,692
 
    
3,906
    
 
(1,214
)
  
 
2,874
 
  
 
1,791
 
  
 
1,083
 
Exchange-traded
  
 
416
 
    
241
    
 
175
 
  
 
154
 
  
 
251
 
  
 
(97
) 
Total precious metal and other commodity derivatives
  
 
3,108
 
    
4,147
    
 
(1,039
)
  
 
3,028
 
  
 
2,042
 
  
 
986
 
Total held for trading
  
 
33,485
 
    
39,847
    
 
(6,362
)
  
 
30,807
 
  
 
40,609
 
  
 
(9,802
) 
Held for ALM
            
Interest rate derivatives
            
Over-the-counter
  
– Forward rate agreements
  
 
–
 
  
 
–
 
  
 
–
 
     1       –       1  
 
– Swap contracts
  
 
124
 
  
 
(410
) 
  
 
534
 
     179       (1,752 )      1,931  
 
– Purchased options
  
 
3
 
  
 
–
 
  
 
3
 
     6       1       5  
   
– Written options
  
 
–
 
  
 
2
 
  
 
(2
) 
     –       3       (3 ) 
Total interest rate derivatives
  
 
127
 
  
 
(408
) 
  
 
535
 
     186       (1,748 )      1,934  
Foreign exchange derivatives
            
Over-the-counter
  
– Forward contracts
  
 
28
 
  
 
82
 
  
 
(54
) 
     23       63       (40 ) 
   
– Swap contracts
  
 
2,620
 
  
 
1,129
 
  
 
1,491
 
     2,222       2,259       (37 ) 
Total foreign exchange derivatives
  
 
2,648
 
  
 
1,211
 
  
 
1,437
 
     2,245       2,322       (77 ) 
Equity derivatives
            
Over-the-counter
  
 
174
 
  
 
4
 
  
 
170
 
     5       107       (102 ) 
Total equity derivatives
  
 
174
 
  
 
4
 
  
 
170
 
     5       107       (102 ) 
Precious metal and other commodity derivatives
            
Over-the-counter
  
 
1
 
  
 
–
 
  
 
1
 
     –       –       –  
Total precious metal and other commodity derivatives
  
 
1
 
  
 
–
 
  
 
1
 
     –       –       –  
Total held for ALM
  
 
2,950
 
  
 
807
 
  
 
2,143
 
     2,436       681       1,755  
Total fair value
  
 
36,435
 
  
 
40,654
 
  
 
  (4,219
) 
     33,243       41,290         (8,047 ) 
Less: effect of netting
  
 
  (21,777
) 
  
 
  (21,777
) 
  
 
–
 
       (21,787 )        (21,787 )      –  
   
$
14,658
 
  
$
18,877
 
  
$
(4,219
) 
   $ 11,456     $ 19,503     $ (8,047 ) 
Changes in Fair Value of Financial Assets and Liabilities in Level 3
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses on the related hedging instruments that are classified in Level 1 and Level 2. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net gains (losses)
included in income
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, for the year ended October 31
 
Opening
balance
 
 
 Realized
 
 
 Unrealized 
(2)
 
 
 Net
gains (losses)
included in OCI 
(3)
     Transfer
in to
Level 3		     Transfer
out of
Level 3		     Purchases/
Issuances		     Sales/
Settlements		     Closing
balance
 
2024
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Debt securities measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Corporate debt
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
Mortgage- and asset-backed
 
 
151
 
 
 
–
 
 
 
(3
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
84
 
 
 
(162
) 
 
 
70
 
Loans measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Business and government
 
 
144
 
 
 
–
 
 
 
5
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(44
) 
 
 
105
 
Corporate equity mandatorily measured at
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
FVTPL and designated at FVOCI
 
 
587
 
 
 
7
 
 
 
26
 
 
 
(17
) 
 
 
–
 
 
 
–
 
 
 
113
 
 
 
(76
) 
 
 
640
 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate
 
 
21
 
 
 
–
 
 
 
97
 
 
 
–
 
 
 
–
 
 
 
(67
) 
 
 
–
 
 
 
–
 
 
 
51
 
Foreign exchange
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Credit
 
 
46
 
 
 
(6
) 
 
 
2
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
2
 
 
 
–
 
 
 
44
 
Equity
 
 
4
 
 
 
–
 
 
 
2
 
 
 
–
 
 
 
2
 
 
 
(6
) 
 
 
5
 
 
 
(1
) 
 
 
6
 
Total assets
 
$
953
 
 
$
1
 
 
$
129
 
 
$
  (17
) 
 
$
2
 
 
$
(73
) 
 
$
204
 
 
$
(283
) 
 
$
916
 
Deposits and other liabilities
(4)
 
$
(242
) 
 
$
(14
) 
 
$
(156
) 
 
$
–
 
 
$
(3
) 
 
$
17
 
 
$
(120
) 
 
$
102
 
 
$
(416
) 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate
 
 
(1,817
) 
 
 
–
 
 
 
297
 
 
 
–
 
 
 
–
 
 
 
425
 
 
 
(8
) 
 
 
75
 
 
 
(1,028
) 
Foreign exchange
 
 
–
 
 
 
–
 
 
 
(31
) 
 
 
–
 
 
 
–
 
 
 
27
 
 
 
–
 
 
 
–
 
 
 
(4
) 
Credit
 
 
(52
) 
 
 
1
 
 
 
1
 
 
 
–
 
 
 
(2
) 
 
 
–
 
 
 
–
 
 
 
2
 
 
 
(50
) 
Equity
 
 
(5
) 
 
 
–
 
 
 
(1
) 
 
 
–
 
 
 
(3
) 
 
 
4
 
 
 
–
 
 
 
4
 
 
 
(1
) 
Total liabilities
 
$
(2,116
) 
 
$
(13
) 
 
$
110
 
 
$
–
 
 
$
(8
) 
 
$
473
 
 
$
(128
) 
 
$
183
 
 
$
(1,499
) 
2023
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Debt securities measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Corporate debt
 
$
2
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 
 
$
(2
) 
 
$
–
 
Mortgage- and asset-backed
 
 
207
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
159
 
 
 
(215
) 
 
 
151
 
Loans measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Business and government
 
 
687
 
 
 
–
 
 
 
6
 
 
 
(2
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(547
) 
 
 
144
 
Corporate equity mandatorily measured at
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
FVTPL and designated at FVOCI
 
 
459
 
 
 
6
 
 
 
53
 
 
 
16
 
 
 
–
 
 
 
–
 
 
 
213
 
 
 
(160
) 
 
 
587
 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate
 
 
18
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(10
) 
 
 
12
 
 
 
1
 
 
 
21
 
Foreign exchange
 
 
–
 
 
 
–
 
 
 
24
 
 
 
–
 
 
 
–
 
 
 
(24
) 
 
 
–
 
 
 
–
 
 
 
–
 
Credit
 
 
45
 
 
 
(3
) 
 
 
5
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(1
) 
 
 
46
 
Equity
 
 
4
 
 
 
1
 
 
 
–
 
 
 
–
 
 
 
4
 
 
 
(2
) 
 
 
5
 
 
 
(8
) 
 
 
4
 
Total assets
 
$
1,422
 
 
$
4
 
 
$
88
 
 
$
14
 
 
$
4
 
 
$
  (36
) 
 
$
389
 
 
$
  (932
) 
 
$
953
 
Deposits and other liabilities
(4)
 
$
(409
) 
 
$
(40
) 
 
$
85
 
 
$
–
 
 
$
  (2
) 
 
$
1
 
 
$
(129
) 
 
$
252
 
 
$
(242
) 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate
 
 
(1,533
) 
 
 
–
 
 
 
(728
) 
 
 
–
 
 
 
–
 
 
 
407
 
 
 
(11
) 
 
 
48
 
 
 
(1,817
) 
Foreign exchange
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Credit
 
 
(50
) 
 
 
3
 
 
 
(5
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(52
) 
Equity
 
 
(3
) 
 
 
–
 
 
 
(1
) 
 
 
–
 
 
 
(5
) 
 
 
6
 
 
 
(3
) 
 
 
1
 
 
 
(5
) 
Total liabilities
 
$
  (1,995
) 
 
$
  (37
) 
 
$
  (649
) 
 
$
–
 
 
$
(7
) 
 
$
414
 
 
$
  (143
) 
 
$
301
 
 
$
  (2,116
) 
 
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to these assets and liabilities held at the end of the reporting year.
(3)
Foreign exchange translation on loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
(4)
Includes deposits designated at FVTPL of $211 million (2023: $115 million), net bifurcated embedded derivative liabilities of $186 million (2023: net bifurcated embedded derivative liabilities of $111 million) and other liabilities designated at FVTPL of $19 million (2023: $14 million).
Valuation techniques and quantitative information about significant non-observable inputs used in level 3 financial instruments
Quantitative information about significant non-observable inputs
Valuation techniques using one or more non-observable inputs are used for a number of financial instruments. The following table discloses the valuation techniques and quantitative information about the significant non-observable inputs used in Level 3 financial instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of inputs
 
$ millions, as at October 31
 
2024
 
 
Valuation techniques
 
 
Key non-observable inputs
 
 
  
 
 
Low
 
 
High
 
Debt securities measured at FVTPL
 
 
 
 
 
 
Mortgage- and asset-backed
  
$
70
 
     Discounted cash flow       Credit spread         4.5  %      6.4  % 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
            
Limited partnerships and private companies
  
 
640
 
     Adjusted net asset value
 (1)
 		     Net asset value
 
(2)
 		       n/a       n/a  
      Valuation multiple       Earnings multiple         12.4  x      24.2  x 
              Proxy share price       Proxy share price
 
(2)
 		             n/a       n/a  
Loans measured at FVTPL Business and government
  
 
105
 
     Discounted cash flow       Credit spread               2.1  %      2.1  % 
Derivative instruments
            
Interest rate
  
 
51
 
     Proprietary model
 (3)
 		     n/a         n/a       n/a  
      Option model       Market volatility         62.7  %      142.4  % 
                      Probability of contingent settlement               100.0  %      100.0  % 
Credit
  
 
44
 
     Market proxy or direct broker quote       Market proxy or direct broker quote               29.6  %      29.6  % 
Equity
  
 
6
 
     Option model       Market correlation               31.0  %      96.4  % 
Total assets
  
$
916
 
                                        
Deposits and other liabilities
            
Deposits designated at FVTPL and
net bifurcated embedded derivative liabilities
  
$
(397
)
     Option model       Market volatility         8.7  %      142.4  % 
        Market correlation         (100.0 )%     100.0  % 
Other liabilities designated at FVTPL
  
 
(19
)
     Option model       Funding ratio               53.0  %      53.0  % 
Derivative instruments
            
Interest rate
  
 
(1,028
)
     Proprietary model
 (3)
 		     n/a         n/a       n/a  
      Option model       Market volatility         62.7  %      142.4  % 
                      Probability of contingent settlement               100.0  %      100.0  % 
Foreign exchange
  
 
(4
)
     Option model       Probability of contingent settlement               100.0  %      100.0  % 
Credit
  
 
(50
)
     Market proxy or direct broker quote       Market proxy or direct broker quote               29.6  %      29.6  % 
Equity
  
 
(1
)
     Option model       Market correlation               23.8  %      97.8  % 
Total liabilities
  
$
  (1,499
)
                                        
 
(1)
Adjusted net asset value is determined using reported net asset values obtained from the fund manager or general partner of the limited partnership or the limited liability company and may be adjusted for current market levels where appropriate.
(2)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be non-observable.
n/a
Not applicable.
Not measured at fair value in statement of financial position but for which fair value is disclosed [member]  
Statement [LineItems]  
Summary of Fair Value of Financial Instruments
Financial assets and liabilities not carried on the consolidated balance sheet at fair value
The table below presents the fair values by level within the fair value hierarchy for those financial instruments in which fair value is not assumed to equal the carrying value:
 
 
 
Level 1
 
 
 
 
 
Level 2
 
 
 
 
 
Level 3
 
 
 
 
  
 
 
 
 
 
 
 
Quoted market price
 
 
 
 
 
Valuation technique –
observable market inputs
 
 
 
 
 
Valuation technique –
non-observable market inputs
 
 
 
 
  
Total
2024
 
 
Total
2023
 
$ millions, as at October 31
 
2024
 
 
2023
 
 
  
 
 
2024
 
  
2023
 
 
  
 
 
2024
 
 
2023
 
 
  
 
Financial assets
 
 
 
 
  
 
 
 
 
  
 
Amortized cost securities
 
$
  –
 
 
$
  –
 
 
      
 
$
  69,961
 
  
$
64,530
 
 
      
 
$
  741
 
 
$
742
 
 
      
  
$
  70,702
 
 
$
65,272
 
Loans
 
      
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
  
      
 
      
Residential mortgages
 
 
–
 
 
 
–
 
 
      
 
 
–
 
  
 
–
 
 
      
 
 
  279,802
 
 
 
268,400
 
 
      
  
 
279,802
 
 
 
268,400
 
Personal
 
 
–
 
 
 
–
 
 
      
 
 
–
 
  
 
–
 
 
      
 
 
45,750
 
 
 
44,454
 
 
      
  
 
45,750
 
 
 
44,454
 
Credit card
 
 
–
 
 
 
–
 
 
      
 
 
–
 
  
 
–
 
 
      
 
 
19,682
 
 
 
17,909
 
 
      
  
 
19,682
 
 
 
17,909
 
Business and government
 
 
–
 
 
 
–
 
 
 
 
 
 
 
–
 
  
 
–
 
 
 
 
 
 
 
212,523
 
 
 
  192,457
 
 
 
 
 
  
 
212,523
 
 
 
  192,457
 
Financial liabilities
 
      
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
  
      
 
      
Deposits
 
      
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
  
      
 
      
Personal
 
$
–
 
 
$
–
 
 
      
 
$
82,620
 
  
$
82,701
 
 
      
 
$
5,232
 
 
$
2,242
 
 
      
  
$
87,852
 
 
$
84,943
 
Business and government
 
 
–
 
 
 
–
 
 
      
 
 
  191,616
 
  
 
  187,216
 
 
      
 
 
4,681
 
 
 
5,796
 
 
      
  
 
  196,297
 
 
 
193,012
 
Bank
 
 
–
 
 
 
–
 
 
      
 
 
9,420
 
  
 
9,079
 
 
      
 
 
–
 
 
 
–
 
 
      
  
 
9,420
 
 
 
9,079
 
Secured borrowings
 
 
–
 
 
 
–
 
 
      
 
 
50,546
 
  
 
43,996
 
 
      
 
 
4,872
 
 
 
3,971
 
 
      
  
 
55,418
 
 
 
47,967
 
Subordinated indebtedness
 
 
–
 
 
 
–
 
 
 
 
 
 
 
7,698
 
  
 
6,561
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
7,698
 
 
 
6,561
 
At fair value [member]  
Statement [LineItems]  
Summary of Fair Value of Financial Instruments
Financial instruments carried on the consolidated balance sheet at fair value
The table below presents the fair values of financial instruments by level within the fair value hierarchy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
Level 2
 
 
 
 
 
Level 3
 
 
 
 
  
 
 
 
 
 
 
 
Quoted market price
 
 
 
 
 
Valuation technique –
observable market inputs
 
 
 
 
 
Valuation technique –
non-observable
market inputs
 
 
 
 
  
Total
2024
 
 
Total
2023
 
$ millions, as at October 31
 
2024
 
 
2023
 
 
  
 
 
2024
 
 
2023
 
 
  
 
 
2024
 
 
2023
 
 
  
 
Financial assets
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Debt securities measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Government issued or guaranteed
 
$
4,258
 
 
$
4,194
 
 
      
 
$
32,328
 
 
$
25,128
 
 
      
 
$
–
 
 
$
–
 
 
      
  
$
36,586
 
 
$
29,322
 
Corporate debt
 
 
–
 
 
 
–
 
 
      
 
 
4,385
 
 
 
4,455
 
 
      
 
 
–
 
 
 
–
 
 
      
  
 
4,385
 
 
 
4,455
 
Mortgage- and asset-backed
 
 
–
 
 
 
–
 
 
 
 
 
 
 
4,213
 
 
 
3,056
 
 
 
 
 
 
 
70
 
 
 
151
 
 
 
 
 
  
 
4,283
 
 
 
3,207
 
 
 
 
4,258
 
 
 
4,194
 
 
 
 
 
 
 
40,926
 
 
 
32,639
 
 
 
 
 
 
 
70
 
 
 
151
 
 
 
 
 
  
 
45,254
 
 
 
36,984
 
Loans measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Business and government
 
 
–
 
 
 
–
 
 
      
 
 
116
 
 
 
126
 
 
      
 
 
105
 
(1)
 
 
 
144
 (1)
 
 
      
  
 
221
 
 
 
270
 
Residential mortgages
 
 
–
 
 
 
–
 
 
 
 
 
 
 
3
 
 
 
3
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
3
 
 
 
3
 
 
 
 
–
 
 
 
–
 
 
 
 
 
 
 
119
 
 
 
129
 
 
 
 
 
 
 
105
 
 
 
144
 
 
 
 
 
  
 
224
 
 
 
273
 
Debt securities measured at FVOCI
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Government issued or guaranteed
 
 
2,760
 
 
 
3,468
 
 
      
 
 
60,051
 
 
 
48,717
 
 
      
 
 
–
 
 
 
–
 
 
      
  
 
62,811
 
 
 
52,185
 
Corporate debt
 
 
–
 
 
 
–
 
 
      
 
 
9,083
 
 
 
6,658
 
 
      
 
 
–
 
 
 
–
 
 
      
  
 
9,083
 
 
 
6,658
 
Mortgage- and asset-backed
 
 
–
 
 
 
–
 
 
 
 
 
 
 
4,127
 
 
 
1,916
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
4,127
 
 
 
1,916
 
 
 
 
2,760
 
 
 
3,468
 
 
 
 
 
 
 
73,261
 
 
 
57,291
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
76,021
 
 
 
60,759
 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
 
 
59,904
 
 
 
  44,852
 
 
 
 
 
 
 
916
 
 
 
872
 
 
 
 
 
 
 
640
 
 
 
587
 
 
 
 
 
  
 
61,460
 
 
 
46,311
 
Securities purchased under resale agreements measured at FVTPL
 
 
–
 
 
 
–
 
 
 
 
 
 
 
24,977
 
 
 
13,387
 
(2)
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
24,977
 
 
 
13,387
 
Other assets
 
 
–
 
 
 
–
 
 
 
 
 
 
 
364
 
 
 
–
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
364
 
 
 
–
 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Interest rate
 
 
2
 
 
 
1
 
 
      
 
 
6,718
 
 
 
9,385
 
 
      
 
 
51
 
 
 
21
 
 
      
  
 
6,771
 
 
 
9,407
 
Foreign exchange
 
 
–
 
 
 
–
 
 
      
 
 
15,525
 
 
 
15,509
 
 
      
 
 
–
 
 
 
–
 
 
      
  
 
15,525
 
 
 
15,509
 
Credit
 
 
–
 
 
 
–
 
 
      
 
 
2
 
 
 
18
 
 
      
 
 
44
 
 
 
46
 
 
      
  
 
46
 
 
 
64
 
Equity
 
 
5,821
 
 
 
2,331
 
 
      
 
 
5,157
 
 
 
2,900
 
 
      
 
 
6
 
 
 
4
 
 
      
  
 
10,984
 
 
 
5,235
 
Precious metal and other commodity
 
 
32
 
 
 
15
 
 
 
 
 
 
 
3,077
 
 
 
3,013
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
3,109
 
 
 
3,028
 
 
 
 
5,855
 
 
 
2,347
 
 
 
 
 
 
 
30,479
 
 
 
30,825
 
 
 
 
 
 
 
101
 
 
 
71
 
 
 
 
 
  
 
36,435
 
 
 
33,243
 
Total financial assets
 
$
72,777
 
 
$
54,861
 
 
 
 
 
 
$
  171,042
 
 
$
  135,143
 
 
 
 
 
 
$
916
 
 
$
953
 
 
 
 
 
  
$
244,735
 
 
$
190,957
 
Financial liabilities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Deposits and other liabilities
(3)
 
$
–
 
 
$
–
 
 
      
 
$
(39,290
) 
 
$
(35,671
) 
 
      
 
$
(416
) 
 
$
(242
) 
 
      
  
$
(39,706
) 
 
$
(35,913
) 
Obligations related to securities sold short
 
 
(9,199
) 
 
 
(6,265
) 
 
      
 
 
(12,443
) 
 
 
(12,401
) 
 
      
 
 
–
 
 
 
–
 
 
      
  
 
(21,642
) 
 
 
(18,666
) 
Obligations related to securities sold under repurchase agreements
 
 
–
 
 
 
–
 
 
 
 
 
 
 
(9,746
) 
 
 
(4,715
) 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
(9,746
) 
 
 
(4,715
) 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
 
      
Interest rate
 
 
(2
) 
 
 
(1
) 
 
      
 
 
(8,236
)
 
 
(13,781
) 
 
      
 
 
(1,028
) 
 
 
(1,817
) 
 
      
  
 
(9,266
)
 
 
(15,599
) 
Foreign exchange
 
 
–
 
 
 
–
 
 
      
 
 
(16,065
)
 
 
(17,677
) 
 
      
 
 
(4
) 
 
 
–
 
 
      
  
 
(16,069
)
 
 
(17,677
) 
Credit
 
 
–
 
 
 
–
 
 
      
 
 
(5
)
 
 
(11
) 
 
      
 
 
(50
) 
 
 
(52
) 
 
      
  
 
(55
)
 
 
(63
) 
Equity
 
 
(4,712
)
 
 
(2,406
) 
 
      
 
 
(6,404
) 
 
 
(3,498
) 
 
      
 
 
(1
) 
 
 
(5
) 
 
      
  
 
(11,117
)
 
 
(5,909
) 
Precious metal and other commodity
 
 
(39
) 
 
 
(68
) 
 
 
 
 
 
 
(4,108
) 
 
 
(1,974
) 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
(4,147
) 
 
 
(2,042
) 
 
 
 
(4,753
)
 
 
(2,475
) 
 
 
 
 
 
 
(34,818
)
 
 
(36,941
) 
 
 
 
 
 
 
(1,083
) 
 
 
(1,874
) 
 
 
 
 
  
 
(40,654
) 
 
 
(41,290
) 
Total financial liabilities
 
$
  (13,952
)
 
$
(8,740
) 
 
 
 
 
 
$
(96,297
)
 
$
(89,728
) 
 
 
 
 
 
$
  (1,499
) 
 
$
  (2,116
) 
 
 
 
 
  
$
  (111,748
) 
 
$
  (100,584
) 
 
(1)
Relates to loans designated at FVTPL.
(2)
The disclosed amount has been restated with no impact on the measurement of the related financial instruments in the consolidated financial statements.
(3)
Comprises deposits designated at FVTPL of $39,008 million (2023: $35,639 million), net bifurcated embedded derivative liabilities of $521 million (2023: net bifurcated embedded derivative liabilities of $139 million), other liabilities designated at FVTPL of $19 million (2023: $16 million), and other financial liabilities measured at fair value of $158 million (2023: $119 million).