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Securities Financing Activities
 9 Months Ended
Sep. 30, 2018
Securities Financing Transactions Disclosures [Abstract]  
Securities Financing Activities Securities financing activities
For a discussion of accounting policies relating to securities financing activities, refer to Note 11 of JPMorgan Chase’s 2017 Annual Report. For further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected, refer to Note 3. For further information regarding assets pledged and collateral received in securities financing agreements, refer to Note 21.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2018 and December 31, 2017. When the Firm has obtained an appropriate legal opinion with respect to the master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets,
the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparties; this collateral also reduces the economic exposure with the Firm has an appropriate legal opinion with respect to the master netting agreement with the counterparty. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below, and related collateral does not reduce the amounts presented. the Firm has an appropriate legal opinion with respect to the master netting agreement with the counterparty. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below, and related collateral does not reduce the amounts presented.the counterparty. Such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented below, if the Firm has an appropriate legal opinion with respect to the master netting agreement with the counterparty. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below, and related collateral does not reduce the amounts presented.
 
September 30, 2018
(in millions)
Gross amounts
Amounts netted on the Consolidated balance sheets
Amounts presented on the Consolidated balance sheets(b)
Amounts not nettable on the Consolidated balance sheets(c)
Net
amounts(d)
Assets
 
 
 
 
 
 
Securities purchased under resale agreements
$
521,732

$
(304,110
)
$
217,622

$
(205,345
)
 
$
12,277

Securities borrowed
143,644

(21,210
)
122,434

(89,771
)
 
32,663

Liabilities
 
 
 
 
 
 
Securities sold under repurchase agreements
$
472,560

$
(304,110
)
$
168,450

$
(154,335
)
 
$
14,115

Securities loaned and other(a)
38,720

(21,210
)
17,510

(17,146
)
 
364

 
December 31, 2017
(in millions)
Gross amounts
Amounts netted on the Consolidated balance sheets
Amounts presented on the Consolidated balance sheets(b)
Amounts not nettable on the Consolidated balance sheets(c)
Net
amounts(d)
Assets
 
 
 
 
 
 
Securities purchased under resale agreements
$
448,608

$
(250,505
)
$
198,103

$
(188,502
)

$
9,601

Securities borrowed
113,926

(8,814
)
105,112

(76,805
)
 
28,307

Liabilities
 
 
 
 
 
 
Securities sold under repurchase agreements
$
398,218

$
(250,505
)
$
147,713

$
(129,178
)

$
18,535

Securities loaned and other(a)
27,228

(8,814
)
18,414

(18,151
)
 
263

(a)
Includes securities-for-securities lending transactions of $5.2 billion and $9.2 billion at September 30, 2018 and December 31, 2017, respectively, accounted for at fair value, where the Firm is acting as lender. These amounts are presented within other liabilities in the Consolidated balance sheets.
(b)
Includes securities financing agreements accounted for at fair value. At September 30, 2018 and December 31, 2017, included securities purchased under resale agreements of $12.2 billion and $14.7 billion, respectively and securities sold under agreements to repurchase of $1.1 billion and $697 million, respectively. There were $4.5 billion and $3.0 billion of securities borrowed at September 30, 2018 and December 31, 2017, respectively. There were no securities loaned accounted for at fair value in either period.
(c)
In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related asset or liability with that counterparty.
(d)
Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At September 30, 2018 and December 31, 2017, included $6.4 billion and $7.5 billion, respectively, of securities purchased under resale agreements; $29.7 billion and $25.5 billion, respectively, of securities borrowed; $13.2 billion and $16.5 billion, respectively, of securities sold under agreements to repurchase; and $45 million and $29 million, respectively, of securities loaned and other.
The tables below present as of September 30, 2018, and December 31, 2017 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
 
Gross liability balance
 
September 30, 2018
 
December 31, 2017
 (in millions)
Securities sold under repurchase agreements
Securities loaned and other(a)
 
Securities sold under repurchase agreements
Securities loaned and other(a)
Mortgage-backed securities
 
 
 
 
 
U.S. government agencies
25,116

—

 
13,100

—

Residential - nonagency
1,861

—

 
2,972

—

Commercial - nonagency
1,431

—

 
1,594

—

U.S. Treasury and government agencies
236,939

14

 
177,581

14

Obligations of U.S. states and municipalities
1,161

—

 
1,557

—

Non-U.S. government debt
174,400

2,294

 
170,196

2,485

Corporate debt securities
15,474

216

 
14,231

287

Asset-backed securities
2,543

—

 
3,508

—

Equity securities
13,635

36,196

 
13,479

24,442

Total
$
472,560

$
38,720

 
$
398,218

$
27,228

 
Remaining contractual maturity of the agreements
 
Overnight and continuous
 
 
 
 
Greater than
90 days
 
September 30, 2018 (in millions)
 
Up to 30 days
 
30 – 90 days
Total
Total securities sold under repurchase agreements
$
195,713

 
$
166,754

 
$
46,511

$
63,582

$
472,560

Total securities loaned and other(a)
29,415

 
138

 
1,805

7,362

38,720

 
Remaining contractual maturity of the agreements
 
Overnight and continuous
 
 
 
 
Greater than
90 days
 
December 31, 2017 (in millions)
 
Up to 30 days
 
30 – 90 days
Total
Total securities sold under repurchase agreements
$
142,185

(b) 
$
180,674

(b) 
$
41,611

$
33,748

$
398,218

Total securities loaned and other(a)
22,876

 
375

 
2,328

1,649

27,228

(a)
Includes securities-for-securities lending transactions of $5.2 billion and $9.2 billion at September 30, 2018 and December 31, 2017, respectively, accounted for at fair value, where the Firm is acting as lender. These amounts are presented within other liabilities on the Consolidated balance sheets.
(b)
The prior period amounts have been revised to conform with the current period presentation.
Transfers not qualifying for sale accounting
At September 30, 2018, and December 31, 2017, the Firm held $1.6 billion and $1.5 billion respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.