Noninterest revenue

For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, see Note 7 on pages 228–229 of JPMorgan Chase’s 2012 Annual Report.

The following table presents the components of investment banking fees.



	Three months ended March 31,
(in millions)	2013		2012
Underwriting
Equity	$	273	$	276
Debt	917		823
Total underwriting	1,190		1,099
Advisory	255		282
Total investment banking fees	$	1,445	$	1,381

Principal transactions revenue includes realized and unrealized gains and losses recorded on derivatives, other financial instruments and private equity investments.

Principal transactions revenue also includes revenue associated with market-making and client-driven activities that involve physical commodities. The Firm, through its Global Commodities Group within CIB (“Commodities Group”) generally provides risk management, investment and financing solutions to clients globally both through financial derivatives transactions, as well as through physical commodities transactions. On the financial side, the Commodities Group engages in OTC derivatives transactions (e.g., swaps, forwards, options) and exchange-traded derivatives referencing various types of commodities (see below and Note 5 - Derivative instruments for further information). On the physical side, the Commodities Group engages in the purchase, sale, transport, and storage of power, gas, liquefied natural gas, coal, crude oil, refined products, precious and base metals among others. Realized gains and losses and unrealized losses arising from market-making and client-driven activities involving physical commodities inventories that are generally carried at the lower of cost or market (market approximates fair value), subject to any applicable fair value hedge accounting adjustments, are recorded in principal transactions revenue. Fees relating to storage and transportation are recorded in Other Income. These fees are generally recognized over the arrangement period. Expenses relating to such activities are recorded in other expense (see Note 10- Noninterest expense for further information).

In addition, principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk management activities disclosed separately in Note 5, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk, foreign exchange risk and commodity risk, and (c) other derivatives, including the synthetic credit portfolio. See Note 5 on pages 109–119 of this Form 10-Q for information on the income statement classification of gains and losses on derivatives.

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue by major underlying type of risk exposures.



	Three months ended March 31,
(in millions)	2013			2012
Trading revenue by risk exposure
Interest rate	$	589		$	1,345
Credit^(a)	1,145			(984		)
Foreign exchange	489			548
Equity	1,122			823
Commodity^(b)	688			627
Total trading revenue	4,033			2,359
Private equity gains/(losses)^(c)	(272		)	363
Principal transactions^(d)	$	3,761		$	2,722


(a)	Included $1.4 billion of losses incurred by CIO from the synthetic credit portfolio for the three months ended March 31, 2012.

(b)

Includes realized gains and losses and unrealized losses on physical commodities inventories that are generally carried at the lower of cost or market (market approximates fair value), subject to any applicable fair value hedge accounting adjustments, 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 commodities inventories related to market-making and client-driven activities. Gains/(losses) related to commodity fair value hedges were $26 million and $(482) million for the three months ended March 31, 2013 and 2012, respectively.


(c)	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.


(d)	Principal transactions revenue includes DVA related to structured notes and derivative liabilities measured at fair value in CIB. DVA gains/(losses) were $126 million and $(907) million for the three months ended March 31, 2013 and 2012, respectively.

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



	Three months ended March 31,
(in millions)	2013		2012
Asset management
Investment management fees	$	1,703	$	1,446
All other asset management fees	246		162
Total asset management fees	1,949		1,608

Total administration fees^(a)	527		535

Commission and other fees
Brokerage commissions	580		655
All other commissions and fees	543		594
Total commissions and fees	1,123		1,249
Total asset management, administration and commissions	$	3,599	$	3,392


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

Other income

Included in other income is operating lease income of $349 million and $323 million for the three months ended March 31, 2013 and 2012, respectively.