NONINTEREST REVENUE

For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, see Note 7 on pages 199–200 of JPMorgan Chase’s 2010 Annual Report.

The following table presents the components of investment banking fees.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2011		2010		2011		2010
Underwriting:
Equity	$	178	$	333	$	1,012	$	1,100
Debt	508		777		2,366		2,239
Total underwriting	686		1,110		3,378		3,339
Advisory	366		366		1,400		1,019
Total investment banking fees	$	1,052	$	1,476	$	4,778	$	4,358

Principal transactions revenue consists of trading revenue as well as realized and unrealized gains and losses on private equity investments. Trading revenue is driven by the Firm’s client market-making and client driven activities as well as certain risk management activities.

The spread between the price at which the Firm buys from, and the price at which the Firm sells financial instruments to, clients and other market-makers is recognized as trading revenue. Trading revenue also includes unrealized gains and losses on financial instruments that the Firm holds in inventory as a market-maker to meet client needs, or for risk management purposes.

The following table presents principal transactions revenue by major underlying type of risk exposures. This table does not include other types of revenue, such as net interest income on trading assets, which are an integral part of the overall performance of the Firm’s client-driven trading activities.



	Three months ended September 30,						Nine months ended September 30,
(in millions)	2011			2010			2011			2010
Trading revenue by risk exposure:
Interest rate	$	(477	)	$	(278	)	$	(255	)	$	41
Credit	901			646			2,968			4,104
Foreign exchange	172			346			957			1,520
Equity	288			618			2,158			1,814
Commodity^(a)	911			212			2,209			461
Total trading revenue	$	1,795		$	1,544		$	8,037		$	7,940
Private equity gains/(losses)^(b)	(425		)	797			1,218			1,039
Principal transactions	$	1,370		$	2,341		$	9,255		$	8,979


(a)	Includes realized gains and losses and unrealized losses on physical commodities inventory that is carried at the lower of cost or market, and gains and losses on commodity derivatives and other financial instruments that are carried at fair value through income. Commodity derivatives are frequently used to manage the Firm's risk exposure to its physical commodity inventory.


(b)	Includes revenue on private equity investments held in the Private Equity business within Corporate/Private Equity, as well as those held in other business segments.

The following table presents components of asset management, administration and commissions.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2011		2010		2011		2010
Asset management:
Investment management fees	$	1,463	$	1,334	$	4,612	$	3,978
All other asset management fees	159		123		451		348
Total asset management fees	1,622		1,457		5,063		4,326
Total administration fees^(a)	523		497		1,653		1,519
Commission and other fees:
Brokerage commissions	705		630		2,167		2,086
All other commissions and fees	598		604		1,874		1,871
Total commissions and fees	1,303		1,234		4,041		3,957
Total asset management, administration and commissions	$	3,448	$	3,188	$	10,757	$	9,802


(a)	Includes fees for custody, securities lending, funds services and securities clearance.