Securities Financing Activities

3 Months Ended

Mar. 31, 2012

Securities Financing Transactions Disclosures [Abstract]

SECURITIES FINANCING ACTIVITIES

Securities financing activities

For a discussion of accounting policies relating to securities financing activities, see Note 13 on page 231 of JPMorgan Chase’s 2011 Annual Report. For further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected, see Note 4 on pages 101–102 of this Form 10-Q.

The following table details the Firm’s securities financing agreements, all of which are accounted for as collateralized financings during the periods presented.

(in millions)	March 31, 2012			December 31, 2011
Securities purchased under resale agreements(a)		$	240,281		$	235,000
Securities borrowed(b)		135,650			142,462
Securities sold under repurchase agreements(c)		$	231,944		$	197,789
Securities loaned		17,253			14,214

(a) At March 31, 2012, and December 31, 2011, included resale agreements of $26.3 billion and $24.9 billion, respectively, accounted for at fair value.

(b) At March 31, 2012, and December 31, 2011, included securities borrowed of $12.5 billion and $15.3 billion, respectively, accounted for at fair value.

(c) At March 31, 2012, and December 31, 2011, included repurchase agreements of $13.2 billion and $9.5 billion, respectively, accounted for at fair value.

The amounts reported in the table above were reduced by $116.3 billion and $115.7 billion at March 31, 2012, and December 31, 2011, respectively, as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance.

For further information regarding assets pledged and collateral received in securities financing agreements, see Note 22 on page 154 of this Form 10-Q.