Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2021 and December 31, 2020. When the Firm has obtained an appropriate legal opinion with respect to a 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 counterparty to reduce the economic exposure with the

counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.


	September 30, 2021
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	569,373	$	(287,212)	$	282,161	$	(269,113)		$	13,048
Securities borrowed	243,904		(40,917)		202,987		(149,458)			53,529
Liabilities
Securities sold under repurchase agreements	$	533,390	$	(287,212)	$	246,178	$	(222,187)		$	23,991
Securities loaned and other(a)	52,735		(40,917)		11,818		(11,362)			456


	December 31, 2020
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	666,467	$	(370,183)	$	296,284	$	(273,206)		$	23,078
Securities borrowed	193,700		(33,065)		160,635		(115,219)			45,416
Liabilities
Securities sold under repurchase agreements	$	578,060	$	(370,183)	$	207,877	$	(191,980)		$	15,897
Securities loaned and other(a)	41,366		(33,065)		8,301		(8,257)			44

(a)Includes securities-for-securities lending agreements of $5.3 billion and $3.4 billion at September 30, 2021 and December 31, 2020, respectively, accounted for at fair value, where the Firm is acting as lender.

(b)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 net asset or liability with that counterparty.

(c)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, 2021 and December 31, 2020, included $10.6 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $49.0 billion and $42.1 billion, respectively, of securities borrowed; $22.6 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $203 million and $8 million, respectively, of securities loaned and other.

The tables below present as of September 30, 2021, and December 31, 2020 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, 2021				December 31, 2020
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	21,919	$	—	$	56,744	$	—
Residential - nonagency	722		—		1,016		—
Commercial - nonagency	1,065		—		855		—
U.S. Treasury, GSEs and government agencies	280,004		230		315,834		143
Obligations of U.S. states and municipalities	1,726		8		1,525		2
Non-U.S. government debt	155,164		2,021		157,563		1,730
Corporate debt securities	35,682		1,325		22,849		1,864
Asset-backed securities	703		—		694		—
Equity securities	36,405		49,151		20,980		37,627
Total	$	533,390	$	52,735	$	578,060	$	41,366


	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
September 30, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	223,354	$	201,325	$	40,302	$	68,409	$	533,390
Total securities loaned and other	51,764		76		—		895		52,735


	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2020 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	238,667	$	230,980	$	70,777	$	37,636	$	578,060
Total securities loaned and other	37,887		1,647		500		1,332		41,366

Transfers not qualifying for sale accounting

At September 30, 2021, and December 31, 2020, the Firm held $484 million and $598 million, 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.