Derivative instruments (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of derivative instruments [text block]

	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}
Interest rate contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	2.8	0.3	5.1	3,136.8	0.0	1.4	0.1	3.1	2,873.9
Swaps	34.3	454.7	26.2	402.9	8,086.0	29.5	459.8	23.5	441.8	7,189.1
Options	8.1	464.8	10.0	486.1		7.6	562.2	9.0	550.0
Exchange-traded contracts
Futures					546.9					516.1
Options	0.0	84.4	0.0	66.6	229.5	0.0	27.7	0.0	26.3	199.7
Agency transactions⁵	0.1		0.1			0.0		0.1
Total	42.6	1,006.6	36.6	960.7	11,999.2	37.1	1,051.1	32.7	1,021.3	10,778.8
Credit derivative contracts
Over-the-counter (OTC) contracts
Credit default swaps	1.7	65.0	2.2	66.0		1.7	68.8	2.1	73.2
Total return swaps	0.3	2.0	0.8	3.3		0.2	3.0	0.6	3.7
Options and warrants	0.0	3.3	0.0	0.6		0.0	2.7	0.0	1.4
Total	2.0	70.2	3.0	69.9		1.9	74.5	2.7	78.3
Foreign exchange contracts
Over-the-counter (OTC) contracts
Forward contracts	22.4	935.3	23.4	966.6		20.3	708.7	20.9	731.2
Interest and currency swaps	22.8	1,573.2	23.8	1,418.5		24.8	1,299.7	24.6	1,203.5
Options	7.3	660.9	6.8	604.9		8.3	613.8	7.8	577.4
Exchange-traded contracts
Futures					1.2					0.4
Options	0.0	4.0	0.0	3.8		0.0	3.6	0.0	5.3
Agency transactions⁵	0.0		0.0			0.0		0.1
Total	52.5	3,173.4	54.0	2,993.8	1.2	53.5	2,625.7	53.4	2,517.3	0.4
Equity / index contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0
Swaps	4.0	81.3	5.5	96.3		4.7	78.5	5.6	86.3
Options	5.0	88.6	6.8	144.1		5.5	97.6	7.2	139.6
Exchange-traded contracts
Futures					84.9					71.7
Options	7.2	250.4	7.8	294.1	37.2	10.1	232.8	9.0	262.8	34.1
Agency transactions⁵	6.6		5.4			11.2		13.3
Total	22.8	420.3	25.5	534.5	122.1	31.4	408.9	35.0	488.8	105.9

	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}
Commodity contracts
Over-the-counter (OTC) contracts
Forward contracts	0.1	4.2	0.2	5.7		0.1	3.2	0.1	3.4
Swaps	0.4	13.8	0.6	15.1		0.7	15.2	0.4	9.9
Options	1.0	27.4	0.4	23.6		0.4	18.6	0.3	16.1
Exchange-traded contracts
Futures					12.0					8.5
Forward contracts	0.0	5.9	0.0	4.9		0.0	6.6	0.0	5.4
Options	0.1	4.8	0.1	10.7	0.6	0.1	2.9	0.0	3.7	0.1
Agency transactions⁵	0.3		0.5			0.4		0.7
Total	1.8	56.1	1.7	60.0	12.6	1.8	46.4	1.5	38.5	8.6
Unsettled purchases of non-derivative financial instruments⁶	0.1	16.6	0.1	6.9		0.2	17.0	0.1	6.0
Unsettled sales of non-derivative financial instruments⁶	0.1	15.4	0.1	9.7		0.4	15.1	0.2	13.2
Total derivative instruments, based on IFRS netting⁷	121.8	4,758.6	120.9	4,635.4	12,135.1	126.2	4,238.6	125.7	4,163.4	10,893.6
1 Derivative financial liabilities as of 31 December 2019 include USD 17 million related to derivative loan commitments (31 December 2018: USD 17 million). No notional amounts related to these commitments are included in this table, but they are disclosed in Note 34 under Loan commitments. 2 Includes certain forward starting repurchase and reverse repurchase agreements that are classified as measured at fair value through profit or loss and are recognized within derivative instruments. The fair value of these derivative instruments was not material as of 31 December 2019 or 31 December 2018. No notional amounts related to these instruments are included in this table, but they are disclosed in Note 34 under Forward starting transactions. 3 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. 4 Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented. 5 Notional values of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed as they have a significantly different risk profile. 6 Changes in the fair value of purchased and sold non-derivative financial instruments between trade date and settlement date are recognized as derivative financial instruments. 7 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of the entity and all of the counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Refer to Note 25 for more information on netting arrangements.

Disclosure of credit derivatives [text block]

	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}
Interest rate contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	2.8	0.3	5.1	3,136.8	0.0	1.4	0.1	3.1	2,873.9
Swaps	34.3	454.7	26.2	402.9	8,086.0	29.5	459.8	23.5	441.8	7,189.1
Options	8.1	464.8	10.0	486.1		7.6	562.2	9.0	550.0
Exchange-traded contracts
Futures					546.9					516.1
Options	0.0	84.4	0.0	66.6	229.5	0.0	27.7	0.0	26.3	199.7
Agency transactions⁵	0.1		0.1			0.0		0.1
Total	42.6	1,006.6	36.6	960.7	11,999.2	37.1	1,051.1	32.7	1,021.3	10,778.8
Credit derivative contracts
Over-the-counter (OTC) contracts
Credit default swaps	1.7	65.0	2.2	66.0		1.7	68.8	2.1	73.2
Total return swaps	0.3	2.0	0.8	3.3		0.2	3.0	0.6	3.7
Options and warrants	0.0	3.3	0.0	0.6		0.0	2.7	0.0	1.4
Total	2.0	70.2	3.0	69.9		1.9	74.5	2.7	78.3
Foreign exchange contracts
Over-the-counter (OTC) contracts
Forward contracts	22.4	935.3	23.4	966.6		20.3	708.7	20.9	731.2
Interest and currency swaps	22.8	1,573.2	23.8	1,418.5		24.8	1,299.7	24.6	1,203.5
Options	7.3	660.9	6.8	604.9		8.3	613.8	7.8	577.4
Exchange-traded contracts
Futures					1.2					0.4
Options	0.0	4.0	0.0	3.8		0.0	3.6	0.0	5.3
Agency transactions⁵	0.0		0.0			0.0		0.1
Total	52.5	3,173.4	54.0	2,993.8	1.2	53.5	2,625.7	53.4	2,517.3	0.4
Equity / index contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0
Swaps	4.0	81.3	5.5	96.3		4.7	78.5	5.6	86.3
Options	5.0	88.6	6.8	144.1		5.5	97.6	7.2	139.6
Exchange-traded contracts
Futures					84.9					71.7
Options	7.2	250.4	7.8	294.1	37.2	10.1	232.8	9.0	262.8	34.1
Agency transactions⁵	6.6		5.4			11.2		13.3
Total	22.8	420.3	25.5	534.5	122.1	31.4	408.9	35.0	488.8	105.9

	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^{3, 4}
Commodity contracts
Over-the-counter (OTC) contracts
Forward contracts	0.1	4.2	0.2	5.7		0.1	3.2	0.1	3.4
Swaps	0.4	13.8	0.6	15.1		0.7	15.2	0.4	9.9
Options	1.0	27.4	0.4	23.6		0.4	18.6	0.3	16.1
Exchange-traded contracts
Futures					12.0					8.5
Forward contracts	0.0	5.9	0.0	4.9		0.0	6.6	0.0	5.4
Options	0.1	4.8	0.1	10.7	0.6	0.1	2.9	0.0	3.7	0.1
Agency transactions⁵	0.3		0.5			0.4		0.7
Total	1.8	56.1	1.7	60.0	12.6	1.8	46.4	1.5	38.5	8.6
Unsettled purchases of non-derivative financial instruments⁶	0.1	16.6	0.1	6.9		0.2	17.0	0.1	6.0
Unsettled sales of non-derivative financial instruments⁶	0.1	15.4	0.1	9.7		0.4	15.1	0.2	13.2
Total derivative instruments, based on IFRS netting⁷	121.8	4,758.6	120.9	4,635.4	12,135.1	126.2	4,238.6	125.7	4,163.4	10,893.6
1 Derivative financial liabilities as of 31 December 2019 include USD 17 million related to derivative loan commitments (31 December 2018: USD 17 million). No notional amounts related to these commitments are included in this table, but they are disclosed in Note 34 under Loan commitments. 2 Includes certain forward starting repurchase and reverse repurchase agreements that are classified as measured at fair value through profit or loss and are recognized within derivative instruments. The fair value of these derivative instruments was not material as of 31 December 2019 or 31 December 2018. No notional amounts related to these instruments are included in this table, but they are disclosed in Note 34 under Forward starting transactions. 3 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. 4 Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented. 5 Notional values of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed as they have a significantly different risk profile. 6 Changes in the fair value of purchased and sold non-derivative financial instruments between trade date and settlement date are recognized as derivative financial instruments. 7 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of the entity and all of the counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Refer to Note 25 for more information on netting arrangements.

Disclosure of credit derivatives by type of instrument [text block]

Credit derivatives by type of instrument
	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Single-name credit default swaps	0.3	0.7	37.5	0.8	0.7	38.6
Multi-name index-linked credit default swaps	0.1	0.8	29.3	0.5	0.1	24.9
Multi-name other credit default swaps	0.0	0.0	0.4	0.0	0.0	0.3
Total rate of return swaps	0.2	0.6	3.7	0.1	0.2	1.6
Options and warrants	0.0	0.0	3.8	0.0	0.0	0.1
Total 31 December 2019	0.7	2.1	74.6	1.3	0.9	65.4
of which: credit derivatives related to economic hedges	0.6	1.7	56.1	0.9	0.8	45.7
of which: credit derivatives related to market-making	0.1	0.4	18.6	0.5	0.1	19.7

	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Single-name credit default swaps	0.6	0.6	43.3	0.5	1.0	44.9
Multi-name index-linked credit default swaps	0.3	0.3	29.1	0.3	0.2	24.4
Multi-name other credit default swaps	0.0	0.0	0.1	0.0	0.0	0.1
Total rate of return swaps	0.2	0.7	4.7	0.0	0.0	2.0
Options and warrants	0.0	0.0	4.1	0.0	0.0	0.1
Total 31 December 2018	1.1	1.6	81.3	0.8	1.2	71.4
of which: credit derivatives related to economic hedges	0.9	1.3	59.2	0.5	1.1	48.9
of which: credit derivatives related to market-making	0.2	0.4	22.1	0.3	0.2	22.6

Disclosure of credit derivatives by counterparty [text block]

Credit derivatives by counterparty
	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Broker-dealers	0.1	0.2	10.5	0.2	0.1	9.4
Banks	0.2	0.4	23.6	0.4	0.3	21.5
Central clearing counterparties	0.1	0.9	34.7	0.7	0.2	31.6
Other	0.3	0.7	5.8	0.1	0.3	2.9
Total 31 December 2019	0.7	2.1	74.6	1.3	0.9	65.4

	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Broker-dealers	0.2	0.1	13.0	0.1	0.2	11.5
Banks	0.4	0.4	29.2	0.3	0.5	25.6
Central clearing counterparties	0.2	0.4	31.9	0.4	0.3	30.8
Other	0.3	0.7	7.2	0.0	0.3	3.5
Total 31 December 2018	1.1	1.6	81.3	0.8	1.2	71.4

UBS AG

Derivative [Line Items]

Schedule of derivative instruments [text block]

	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4
Interest rate contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	2.8	0.3	5.1	3,136.8	0.0	1.4	0.1	3.1	2,873.9
Swaps	34.3	454.7	26.2	402.9	8,086.0	29.5	459.8	23.5	441.8	7,189.1
Options	8.1	464.8	10.0	486.1		7.6	562.2	9.0	550.0
Exchange-traded contracts
Futures					546.9					516.1
Options	0.0	84.4	0.0	66.6	229.5	0.0	27.7	0.0	26.3	199.7
Agency transactions⁵	0.1		0.1			0.0		0.1
Total	42.6	1,006.6	36.6	960.7	11,999.2	37.1	1,051.1	32.7	1,021.3	10,778.8
Credit derivative contracts
Over-the-counter (OTC) contracts
Credit default swaps	1.7	65.0	2.2	66.0		1.7	68.8	2.1	73.2
Total return swaps	0.3	2.0	0.8	3.3		0.2	3.0	0.6	3.7
Options and warrants	0.0	3.3	0.0	0.6		0.0	2.7	0.0	1.4
Total	2.0	70.2	3.0	69.9		1.9	74.5	2.7	78.3
Foreign exchange contracts
Over-the-counter (OTC) contracts
Forward contracts	22.4	935.5	23.4	966.6		20.3	708.8	20.9	731.2
Interest and currency swaps	22.8	1,573.2	23.8	1,418.5		24.8	1,299.7	24.6	1,203.5
Options	7.3	660.9	6.8	604.9		8.3	613.8	7.8	577.4
Exchange-traded contracts
Futures					1.2					0.4
Options	0.0	4.0	0.0	3.8		0.0	3.6	0.0	5.3
Agency transactions⁵	0.0		0.0			0.0		0.1
Total	52.5	3,173.6	54.0	2,993.8	1.2	53.5	2,625.8	53.4	2,517.3	0.4
Equity / index contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0
Swaps	4.0	81.3	5.5	96.3		4.7	78.5	5.6	86.3
Options	5.0	88.6	6.8	144.1		5.5	97.6	7.2	139.6
Exchange-traded contracts
Futures					84.9					71.7
Options	7.2	250.4	7.8	294.1	37.2	10.1	232.8	9.0	262.8	34.1
Agency transactions⁵	6.6		5.4			11.2		13.3
Total	22.8	420.3	25.5	534.5	122.1	31.4	408.9	35.0	488.8	105.9

Derivative instruments (continued)^1,2
	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4
Commodity contracts
Over-the-counter (OTC) contracts
Forward contracts	0.1	4.2	0.2	5.7		0.1	3.2	0.1	3.4
Swaps	0.4	13.8	0.6	15.1		0.7	15.2	0.4	9.9
Options	1.0	27.4	0.4	23.6		0.4	18.6	0.3	16.1
Exchange-traded contracts
Futures					12.0					8.5
Forward contracts	0.0	5.9	0.0	4.9		0.0	6.6	0.0	5.4
Options	0.1	4.8	0.1	10.7	0.6	0.1	2.9	0.0	3.7	0.1
Agency transactions⁵	0.3		0.5			0.4		0.7
Total	1.8	56.1	1.7	60.0	12.6	1.8	46.4	1.5	38.5	8.6
Unsettled purchases of non-derivative financial instruments⁶	0.1	16.6	0.1	6.9		0.2	17.0	0.1	6.0
Unsettled sales of non-derivative financial instruments⁶	0.1	15.4	0.1	9.7		0.4	15.1	0.2	13.2
Total derivative instruments, based on IFRS netting⁷	121.8	4,758.9	120.9	4,635.4	12,135.1	126.2	4,238.7	125.7	4,163.4	10,893.6
1 Derivative financial liabilities as of 31 December 2019 include USD 17 million related to derivative loan commitments (31 December 2018: USD 17 million). No notional amounts related to these commitments are included in this table, but they are disclosed in Note 34 under Loan commitments. 2 Includes certain forward starting repurchase and reverse repurchase agreements that are classified as measured at fair value through profit or loss and are recognized within derivative instruments. The fair value of these derivative instruments was not material as of 31 December 2019 or 31 December 2018. No notional amounts related to these instruments are included in this table, but they are disclosed in Note 34 under Forward starting transactions. 3 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. 4 Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented. 5 Notional values of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed as they have a significantly different risk profile. 6 Changes in the fair value of purchased and sold non-derivative financial instruments between trade date and settlement date are recognized as derivative financial instruments. 7 Financial assets and liabilities are presented net on the balance sheet if UBS AG has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of the entity and all of the counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Refer to Note 25 for more information on netting arrangements.

Disclosure of credit derivatives [text block]

	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4
Interest rate contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	2.8	0.3	5.1	3,136.8	0.0	1.4	0.1	3.1	2,873.9
Swaps	34.3	454.7	26.2	402.9	8,086.0	29.5	459.8	23.5	441.8	7,189.1
Options	8.1	464.8	10.0	486.1		7.6	562.2	9.0	550.0
Exchange-traded contracts
Futures					546.9					516.1
Options	0.0	84.4	0.0	66.6	229.5	0.0	27.7	0.0	26.3	199.7
Agency transactions⁵	0.1		0.1			0.0		0.1
Total	42.6	1,006.6	36.6	960.7	11,999.2	37.1	1,051.1	32.7	1,021.3	10,778.8
Credit derivative contracts
Over-the-counter (OTC) contracts
Credit default swaps	1.7	65.0	2.2	66.0		1.7	68.8	2.1	73.2
Total return swaps	0.3	2.0	0.8	3.3		0.2	3.0	0.6	3.7
Options and warrants	0.0	3.3	0.0	0.6		0.0	2.7	0.0	1.4
Total	2.0	70.2	3.0	69.9		1.9	74.5	2.7	78.3
Foreign exchange contracts
Over-the-counter (OTC) contracts
Forward contracts	22.4	935.5	23.4	966.6		20.3	708.8	20.9	731.2
Interest and currency swaps	22.8	1,573.2	23.8	1,418.5		24.8	1,299.7	24.6	1,203.5
Options	7.3	660.9	6.8	604.9		8.3	613.8	7.8	577.4
Exchange-traded contracts
Futures					1.2					0.4
Options	0.0	4.0	0.0	3.8		0.0	3.6	0.0	5.3
Agency transactions⁵	0.0		0.0			0.0		0.1
Total	52.5	3,173.6	54.0	2,993.8	1.2	53.5	2,625.8	53.4	2,517.3	0.4
Equity / index contracts
Over-the-counter (OTC) contracts
Forward contracts	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0
Swaps	4.0	81.3	5.5	96.3		4.7	78.5	5.6	86.3
Options	5.0	88.6	6.8	144.1		5.5	97.6	7.2	139.6
Exchange-traded contracts
Futures					84.9					71.7
Options	7.2	250.4	7.8	294.1	37.2	10.1	232.8	9.0	262.8	34.1
Agency transactions⁵	6.6		5.4			11.2		13.3
Total	22.8	420.3	25.5	534.5	122.1	31.4	408.9	35.0	488.8	105.9

Derivative instruments (continued)^1,2
	31.12.19					31.12.18
USD billion	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4	Derivativefinancialassets	Notional valuesrelated to derivativefinancial assets³	Derivativefinancialliabilities	Notional valuesrelated to derivativefinancial liabilities³	Other notional values^3,4
Commodity contracts
Over-the-counter (OTC) contracts
Forward contracts	0.1	4.2	0.2	5.7		0.1	3.2	0.1	3.4
Swaps	0.4	13.8	0.6	15.1		0.7	15.2	0.4	9.9
Options	1.0	27.4	0.4	23.6		0.4	18.6	0.3	16.1
Exchange-traded contracts
Futures					12.0					8.5
Forward contracts	0.0	5.9	0.0	4.9		0.0	6.6	0.0	5.4
Options	0.1	4.8	0.1	10.7	0.6	0.1	2.9	0.0	3.7	0.1
Agency transactions⁵	0.3		0.5			0.4		0.7
Total	1.8	56.1	1.7	60.0	12.6	1.8	46.4	1.5	38.5	8.6
Unsettled purchases of non-derivative financial instruments⁶	0.1	16.6	0.1	6.9		0.2	17.0	0.1	6.0
Unsettled sales of non-derivative financial instruments⁶	0.1	15.4	0.1	9.7		0.4	15.1	0.2	13.2
Total derivative instruments, based on IFRS netting⁷	121.8	4,758.9	120.9	4,635.4	12,135.1	126.2	4,238.7	125.7	4,163.4	10,893.6
1 Derivative financial liabilities as of 31 December 2019 include USD 17 million related to derivative loan commitments (31 December 2018: USD 17 million). No notional amounts related to these commitments are included in this table, but they are disclosed in Note 34 under Loan commitments. 2 Includes certain forward starting repurchase and reverse repurchase agreements that are classified as measured at fair value through profit or loss and are recognized within derivative instruments. The fair value of these derivative instruments was not material as of 31 December 2019 or 31 December 2018. No notional amounts related to these instruments are included in this table, but they are disclosed in Note 34 under Forward starting transactions. 3 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. 4 Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented. 5 Notional values of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed as they have a significantly different risk profile. 6 Changes in the fair value of purchased and sold non-derivative financial instruments between trade date and settlement date are recognized as derivative financial instruments. 7 Financial assets and liabilities are presented net on the balance sheet if UBS AG has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of the entity and all of the counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Refer to Note 25 for more information on netting arrangements.

Disclosure of credit derivatives by type of instrument [text block]

Credit derivatives by type of instrument
	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Single-name credit default swaps	0.3	0.7	37.5	0.8	0.7	38.6
Multi-name index-linked credit default swaps	0.1	0.8	29.3	0.5	0.1	24.9
Multi-name other credit default swaps	0.0	0.0	0.4	0.0	0.0	0.3
Total rate of return swaps	0.2	0.6	3.7	0.1	0.2	1.6
Options and warrants	0.0	0.0	3.8	0.0	0.0	0.1
Total 31 December 2019	0.7	2.1	74.6	1.3	0.9	65.4
of which: credit derivatives related to economic hedges	0.6	1.7	56.1	0.9	0.8	45.7
of which: credit derivatives related to market-making	0.1	0.4	18.6	0.5	0.1	19.7

	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Single-name credit default swaps	0.6	0.6	43.3	0.5	1.0	44.9
Multi-name index-linked credit default swaps	0.3	0.3	29.1	0.3	0.2	24.4
Multi-name other credit default swaps	0.0	0.0	0.1	0.0	0.0	0.1
Total rate of return swaps	0.2	0.7	4.7	0.0	0.0	2.0
Options and warrants	0.0	0.0	4.1	0.0	0.0	0.1
Total 31 December 2018	1.1	1.6	81.3	0.8	1.2	71.4
of which: credit derivatives related to economic hedges	0.9	1.3	59.2	0.5	1.1	48.9
of which: credit derivatives related to market-making	0.2	0.4	22.1	0.3	0.2	22.6

Disclosure of credit derivatives by counterparty [text block]

Credit derivatives by counterparty
	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Broker-dealers	0.1	0.2	10.5	0.2	0.1	9.4
Banks	0.2	0.4	23.6	0.4	0.3	21.5
Central clearing counterparties	0.1	0.9	34.7	0.7	0.2	31.6
Other	0.3	0.7	5.8	0.1	0.3	2.9
Total 31 December 2019	0.7	2.1	74.6	1.3	0.9	65.4

	Protection bought			Protection sold
USD billion	Derivativefinancialassets	Derivativefinancialliabilities	Notional values	Derivativefinancialassets	Derivativefinancialliabilities	Notional values
Broker-dealers	0.2	0.1	13.0	0.1	0.2	11.5
Banks	0.4	0.4	29.2	0.3	0.5	25.6
Central clearing counterparties	0.2	0.4	31.9	0.4	0.3	30.8
Other	0.3	0.7	7.2	0.0	0.3	3.5
Total 31 December 2018	1.1	1.6	81.3	0.8	1.2	71.4