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Offsetting financial assets and financial liabilities
 12 Months Ended
Dec. 31, 2023
Offsetting Financial Assets And Financial Liabilities [Line Items]  
Disclosure Of Offsetting Of Financial Assets And Financial Liabilities Explanatory
 
Note 22
 
Offsetting financial assets and financial liabilities
UBS enters into netting agreements
 
with counterparties to manage
 
the credit risks associated
 
primarily with repurchase
and
 
reverse
 
repurchase
 
transactions,
 
securities
 
borrowing
 
and
 
lending,
 
over-the-counter
 
derivatives,
 
and
 
exchange-
traded
 
derivatives.
 
These
 
netting agreements
 
and
 
similar
 
arrangements
 
generally
 
enable
 
the
 
counterparties
 
to
 
set
 
off
liabilities against available assets received in the
 
ordinary course of business and / or in the
 
event that the counterparties
to the transaction are unable to fulfill their contractual
 
obligations.
The tables below
 
provide a summary
 
of financial assets
 
and financial liabilities
 
subject to offsetting,
 
enforceable master
netting
 
arrangements
 
and
 
similar
 
agreements,
 
as
 
well
 
as
 
financial
 
collateral
 
received
 
or
 
pledged
 
to
 
mitigate
 
credit
exposures for these financial instruments.
 
The
 
Group
 
engages
 
in
 
a
 
variety
 
of
 
counterparty
 
credit
 
risk
 
mitigation
 
strategies
 
in
 
addition
 
to
 
netting
 
and
 
collateral
arrangements. Therefore, the net
 
amounts presented in the
 
tables below do not purport
 
to represent their actual
 
credit
risk exposure.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets subject to offsetting, enforceable
 
master netting arrangements and similar
 
agreements
Assets subject to netting arrangements
 
Netting recognized on the balance sheet
Netting potential not recognized on
the balance sheet
3
Assets not
subject to netting
arrangements
4
Total assets
As of 31.12.23, USD bn
Gross assets
before netting
Netting with
 
gross liabilities
2
Net assets
recognized
on the
balance
 
sheet
Financial
liabilities
Collateral
received
Assets after
consideration
of
netting
potential
Assets
recognized
on the
balance
 
sheet
Total assets
after
consideration
of netting
 
potential
Total assets
recognized
 
on the
 
balance
sheet
Receivables from securities financing
transactions measured at amortized cost
93.7
(12.7)
80.9
(1.5)
(79.2)
0.3
18.1
18.4
99.0
Derivative financial instruments
 
172.4
(3.3)
169.1
(133.0)
(29.8)
6.3
7.0
13.3
176.1
Cash collateral receivables on
 
derivative instruments
1
47.3
0.0
47.3
(29.7)
(3.2)
14.5
2.7
17.2
50.1
Financial assets at fair value
 
not held for trading
129.8
(92.6)
37.2
(2.0)
(35.3)
0.0
66.7
66.7
104.0
of which: reverse
 
repurchase agreements
128.7
(92.6)
36.1
(2.0)
(34.1)
0.0
0.8
0.8
36.9
Total assets
443.2
(108.6)
334.6
(166.2)
(147.4)
21.0
94.6
115.6
429.2
As of 31.12.22, USD bn
Receivables from securities financing
transactions measured at amortized cost
60.8
(11.1)
49.6
(3.0)
(46.4)
0.3
18.2
18.5
67.8
Derivative financial instruments
 
147.4
(2.5)
144.9
(110.9)
(28.5)
5.5
5.2
10.7
150.1
Cash collateral receivables on
 
derivative instruments
1
33.5
0.0
33.5
(20.9)
(1.9)
10.6
1.5
12.1
35.0
Financial assets at fair value
 
not held for trading
85.6
(76.8)
8.7
(1.5)
(7.3)
0.0
51.0
51.0
59.8
of which: reverse
 
repurchase agreements
84.4
(76.8)
7.6
(1.5)
(6.1)
0.0
0.1
0.1
7.7
Total assets
327.2
(90.4)
236.8
(136.3)
(84.1)
16.4
76.0
92.3
312.8
1 The net
 
amount of Cash collateral
 
receivables on derivative
 
instruments recognized on
 
the balance sheet includes
 
certain OTC
 
derivatives that are
 
net settled on
 
a daily basis either
 
legally or in substance
 
under
IAS 32 principles and exchange-traded
 
derivatives that are economically
 
settled on a daily basis.
 
2 The logic of
 
the table results in amounts
 
presented in the “Netting
 
with gross liabilities” column corresponding
directly to the amounts presented in the “Netting with gross
 
assets” column in the liabilities table presented below.
 
Netting in this column for reverse repurchase agreements presented within
 
the lines “Receivables
from securities financing transactions
 
measured at amortized cost”
 
and “Financial assets at
 
fair value not
 
held for trading”
 
taken together corresponds
 
to the amounts presented
 
for repurchase agreements
 
in the
“Payables from securities financing transactions measured at amortized cost” and “Other financial liabilities designated at fair value” lines
 
in the liabilities table presented below.
 
3 For the purpose of this disclosure,
the amounts of financial instruments and cash collateral presented have been capped so as not to exceed the net amount of financial assets presented on the balance sheet; i.e., over-collateralization, where
 
it exists,
is not reflected in the table.
 
4 Includes assets not subject to enforceable netting arrangements and other out-of-scope items.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities subject to offsetting, enforceable
 
master netting arrangements and similar
 
agreements
Liabilities subject to netting arrangements
 
Netting recognized on the balance sheet
Netting potential not recognized
 
on the balance sheet
3
Liabilities not
subject
 
to netting
 
arrangements
4
Total liabilities
As of 31.12.23, USD bn
Gross
liabilities
before
netting
Netting with
 
gross assets
2
Net
 
liabilities
recognized
on the
balance
sheet
Financial
assets
Collateral
pledged
Liabilities
after
consideration
 
of netting
potential
Liabilities
recognized
on the
balance
 
sheet
Total
 
liabilities
 
after
consideration
of netting
potential
Total
 
liabilities
recognized
on the
balance
 
sheet
Payables from securities financing
transactions measured at amortized cost
25.2
(12.5)
12.6
(0.8)
(11.8)
0.0
1.8
1.8
14.4
Derivative financial instruments
 
185.1
(3.3)
181.8
(133.0)
(35.0)
13.9
10.4
24.3
192.2
Cash collateral payables on
 
derivative instruments
1
39.8
0.0
39.7
(23.2)
(3.2)
13.3
1.8
15.2
41.6
Other financial liabilities
 
designated at fair value
102.1
(92.8)
9.3
(2.7)
(4.8)
1.8
20.2
22.0
29.5
of which: repurchase agreements
100.0
(92.8)
7.2
(2.7)
(4.5)
0.0
0.2
0.2
7.4
Total liabilities
352.1
(108.6)
243.5
(159.7)
(54.8)
29.1
34.2
63.2
277.7
As of 31.12.22, USD bn
Payables from securities financing
transactions measured at amortized cost
14.1
(11.1)
3.0
(1.3)
(1.8)
0.0
1.2
1.2
4.2
Derivative financial instruments
 
150.3
(2.5)
147.8
(110.9)
(26.2)
10.7
7.1
17.8
154.9
Cash collateral payables on
 
derivative instruments
1
34.9
0.0
34.9
(20.0)
(1.9)
13.0
1.6
14.5
36.4
Other financial liabilities
 
designated at fair value
92.5
(76.9)
15.6
(3.2)
(12.4)
0.0
14.6
14.6
30.2
of which: repurchase agreements
92.1
(76.9)
15.3
(3.2)
(12.1)
0.0
0.1
0.1
15.3
Total liabilities
291.7
(90.4)
201.3
(135.3)
(42.3)
23.7
24.5
48.1
225.8
1 The net amount of Cash collateral payables on derivative instruments recognized on the balance sheet includes certain OTC derivatives that are net settled on a daily basis either legally or in substance under IAS 32
principles and exchange-traded derivatives that are economically settled on
 
a daily basis.
 
2 The logic of the table results
 
in amounts presented in the “Netting with
 
gross assets” column corresponding to the amounts
presented in the “Netting with gross
 
liabilities” column in the assets table presented
 
above. Netting in this column for repurchase agreements
 
presented within the lines “Payables from securities financing transactions
measured at amortized
 
cost” and “Other
 
financial liabilities designated
 
at fair value”
 
taken together
 
corresponds to the
 
amounts presented for
 
reverse repurchase agreements
 
in the “Receivables
 
from securities
financing transactions measured at amortized cost”
 
and “Financial assets at fair value not held
 
for trading” lines in the assets
 
table presented above.
 
3 For the purpose of this
 
disclosure, the amounts of financial
instruments and cash collateral presented have been capped so as not to exceed the net amount of financial liabilities presented on the balance sheet;
 
i.e., over-collateralization, where it exists,
 
is not reflected in the
table.
 
4 Includes liabilities not subject to enforceable netting arrangements and other out-of-scope items.