Derivative instruments (Tables)

12 Months Ended

Oct. 31, 2025

Text Block [Abstract]

Summary of Derivative Instruments

As described in Note 1, in the normal course of business, we use various derivative instruments for both trading and ALM purposes. These derivatives limit, modify or give rise to varying degrees and types of risk.

$ millions, as at October 31			2025				2024
	Assets		Liabilities		Assets		Liabilities
Trading (Note 2)	$	34,032	$	39,237	$	33,485	$	39,847
ALM (Note 2) (1)		4,320		2,174		2,950		807
Total	$	38,352	$	41,411	$	36,435	$	40,654

(1) Comprised of derivatives that qualify for hedge accounting under IAS 39 and derivatives used for economic hedges.

Summary of Notional Amounts

The following table presents the notional amounts of derivative instruments:

$ millions, as at October 31											2025				2024
	Residual term to contractual maturity
	Less than 1 year		1 to 5 years		Over 5 years		Total notional amounts		Trading		ALM		Trading		ALM
Interest rate derivatives
Over-the-counter
Forward rate agreements	$	11,943	$	370	$	1	$	12,314	$	12,132	$	182	$	9,420	$	55
Centrally cleared forward rate agreements		85,716		36,273		–		121,989		121,989		–		88,699		–
Swap contracts		60,103		173,279		115,227		348,609		322,574		26,035		273,138		18,882
Centrally cleared swap contracts		4,527,608		2,499,849		1,532,881		8,560,338		7,626,410		933,928		4,805,504		921,539
Purchased options		102,507		28,507		2,121		133,135		130,705		2,430		47,772		644
Written options		103,715		31,717		2,605		138,037		137,750		287		54,189		43
		4,891,592		2,769,995		1,652,835		9,314,422		8,351,560		962,862		5,278,722		941,163
Exchange-traded
Futures contracts		29,936		5,372		–		35,308		35,258		50		16,112		6
Purchased options		1,121		–		–		1,121		1,121		–		1,069		–
Written options		121		–		–		121		121		–		4,069		–
		31,178		5,372		–		36,550		36,500		50		21,250		6
Total interest rate derivatives		4,922,770		2,775,367		1,652,835		9,350,972		8,388,060		962,912		5,299,972		941,169
Foreign exchange derivatives
Over-the-counter
Forward contracts		1,107,993		31,812		1,582		1,141,387		1,126,831		14,556		851,206		14,723
Swap contracts		280,000		311,127		175,966		767,093		666,914		100,179		567,930		71,540
Purchased options		82,699		2,103		–		84,802		84,802		–		72,180		–
Written options		82,965		2,760		–		85,725		85,125		600		82,384		678
		1,553,657		347,802		177,548		2,079,007		1,963,672		115,335		1,573,700		86,941
Exchange-traded
Futures contracts		60		–		–		60		60		–		352		–
Purchased options		541		–		–		541		541		–		67		–
Written options		423		–		–		423		423		–		292		–
		1,024		–		–		1,024		1,024		–		711		–
Total foreign exchange derivatives		1,554,681		347,802		177,548		2,080,031		1,964,696		115,335		1,574,411		86,941
Credit derivatives
Over-the-counter
Credit default swap contracts – protection purchased		1,565		1,414		185		3,164		3,164		–		2,782		19
Centrally cleared credit default swap contracts – protection purchased		36		2,836		2,092		4,964		4,964		–		3,071		–
Credit default swap contracts – protection sold		103		520		103		726		726		–		936		–
Centrally cleared credit default swap contracts – protection sold		–		1,556		1,394		2,950		2,950		–		1,743		–
Total credit derivatives		1,704		6,326		3,774		11,804		11,804		–		8,532		19
Equity derivatives
Over-the-counter		117,883		62,742		1,282		181,907		178,673		3,234		163,965		2,357
Exchange-traded		78,747		54,757		984		134,488		134,488		–		159,341		–
Total equity derivatives		196,630		117,499		2,266		316,395		313,161		3,234		323,306		2,357
Precious metal and other commodity derivatives
Over-the-counter		57,167		26,283		949		84,399		84,396		3		83,474		13
Centrally cleared commodity derivatives		183		169		–		352		352		–		336		–
Exchange-traded		32,261		11,708		455		44,424		44,424		–		32,094		–
Total precious metal and other commodity derivatives		89,611		38,160		1,404		129,175		129,172		3		115,904		13
Total notional amount	$	6,765,396	$	3,285,154	$	1,837,827	$	11,888,377	$	10,806,893	$	1,081,484	$	7,322,125	$	1,030,499
Of which:
Over-the-counter	$	6,622,186	$	3,213,317	$	1,836,388	$	11,671,891	$	10,590,457	$	1,081,434	$	7,108,729	$	1,030,493
Exchange-traded		143,210		71,837		1,439		216,486		216,436		50		213,396		6

Summary of Credit Exposure Arising from Derivatives

$ millions, as at October 31									2025										2024
	Current replacement cost (1)						Credit equivalent amount (2)		Risk- weighted amount		Current replacement cost (1)						Credit equivalent amount (2)		Risk- weighted amount
	Trading		ALM		Total						Trading		ALM		Total
Interest rate derivatives
Over-the-counter
Forward rate agreements	$	3	$	6	$	9	$	32	$	15	$	2	$	1	$	3	$	31	$	15
Swap contracts		1,311		95		1,406		3,921		1,047		1,070		131		1,201		3,016		710
Purchased options		30		4		34		118		45		22		1		23		68		24
Written options		4		2		6		50		14		2		1		3		20		6
		1,348		107		1,455		4,121		1,121		1,096		134		1,230		3,135		755
Exchange-traded		1		–		1		80		3		2		–		2		35		1
Total interest rate derivatives		1,349		107		1,456		4,201		1,124		1,098		134		1,232		3,170		756
Foreign exchange derivatives
Over-the-counter
Forward contracts		1,658		72		1,730		5,954		2,019		1,923		308		2,231		5,985		2,010
Swap contracts		305		527		832		3,092		560		326		512		838		2,818		482
Purchased options		164		–		164		487		147		183		–		183		498		171
Written options		24		–		24		226		77		19		–		19		165		52
		2,151		599		2,750		9,759		2,803		2,451		820		3,271		9,466		2,715
Exchange-traded		–		–		–		1,697		68		–		–		–		499		20
Total foreign exchange derivatives		2,151		599		2,750		11,456		2,871		2,451		820		3,271		9,965		2,735
Credit derivatives
Over-the-counter
Credit default swap contracts
– protection purchased		2		–		2		164		16		2		–		2		121		14
– protection sold		–		–		–		17		4		–		–		–		18		4
Total credit derivatives		2		–		2		181		20		2		–		2		139		18
Equity derivatives
Over-the-counter		320		32		352		5,841		1,338		365		59		424		4,179		1,048
Exchange-traded		922		–		922		5,073		155		1,364		–		1,364		5,502		161
Total equity derivatives		1,242		32		1,274		10,914		1,493		1,729		59		1,788		9,681		1,209
Precious metal and other commodity derivatives
Over-the-counter		1,766		7		1,773		3,465		1,540		1,165		30		1,195		2,406		956
Exchange-traded		6		–		6		2,595		104		83		–		83		1,930		77
Total precious metal and other commodity derivatives		1,772		7		1,779		6,060		1,644		1,248		30		1,278		4,336		1,033
RWA related to non-trade exposures to central counterparties										534										414
RWA related to CVA capital charge										3,057										3,381
Total derivatives	$	6,516	$	745	$	7,261	$	32,812	$	10,743	$	6,528	$	1,043	$	7,571	$	27,291	$	9,546

(1) Current replacement cost reflects the current mark-to-market value of derivatives offset by eligible financial collateral, where present.

(2) Under IMM, expected effective positive exposure (EEPE) is used, which computes, through simulation, the expected exposures with consideration to the expected movements in underlying risk factor and netting/collateral agreements. The EAD is calculated as EEPE multiplied by the prescribed alpha factor of 1.4. The EAD under SA-CCR is calculated as the sum of replacement cost and potential future exposure, multiplied by the prescribed alpha factor of 1.4.

Summary of Detailed Information About Credit Risk

The following table presents the current replacement cost of derivatives by geographic region based on the location of the derivative counterparty:

$ millions, as at October 31							2025								2024
	Canada		U.S.		Other countries		Total		Canada		U.S.		Other countries		Total
Derivative instruments
By counterparty type
Financial institutions	$	1,072	$	1,407	$	931	$	3,410	$	1,389	$	1,826	$	1,102	$	4,317
Governments		590		16		62		668		796		–		54		850
Corporate		1,870		861		452		3,183		1,524		409		471		2,404
Total derivative instruments	$	3,532	$	2,284	$	1,445	$	7,261	$	3,709	$	2,235	$	1,627	$	7,571