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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of uses and disclosure of derivatives
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of DerivativeUse of DerivativeDesignation and disclosureAffected segment or unitPage reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate
Hedge fixed rate assets and liabilitiesFair value hedge
Corporate
211-212
•Interest rate
Hedge floating-rate assets and liabilitiesCash flow hedge
Corporate
213
•Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
211-212
•Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
213
•Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
213
•Commodity
Hedge commodity inventory
Fair value hedge
CIB, AWM211-212
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate
Manage the risk associated with mortgage commitments, warehouse loans and MSRs
Specified risk managementCCB214
•Credit
Manage the credit risk associated with wholesale lending exposures
Specified risk management
CIB, AWM
214
•Interest rate and foreign exchange
Manage the risk associated with certain other specified assets and liabilities
Specified risk management
Corporate, CIB
214
Market-making derivatives and other activities:
•Various
Market-making and related risk management
Market-making and other
CIB214
•Various
Other derivatives
Market-making and other
CIB, AWM, Corporate214
Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of December 31, 2023 and 2022.
Notional amounts(b)
December 31, (in billions)20232022
Interest rate contracts
Swaps
$23,251 $24,491 
Futures and forwards
2,690 2,636 
Written options
3,370 3,047 
Purchased options
3,362 2,992 
Total interest rate contracts
32,673 33,166 
Credit derivatives(a)
1,045 1,132 
Foreign exchange contracts
Cross-currency swaps
4,721 4,196 
Spot, futures and forwards
6,957 7,017 
Written options
830 775 
Purchased options
798 759 
Total foreign exchange contracts
13,306 12,747 
Equity contracts
Swaps
639 618 
Futures and forwards
157 110 
Written options
778 636 
Purchased options
698 580 
Total equity contracts2,272 1,944 
Commodity contracts
Swaps
115 136 
Spot, futures and forwards
157 136 
Written options
130 117 
Purchased options
115 98 
Total commodity contracts
517 487 
Total derivative notional amounts
$49,813 $49,476 
(a)Refer to the Credit derivatives discussion on pages 214–216 for more information on volumes and types of credit derivative contracts.
(b)Represents the sum of gross long and gross short third-party notional derivative contracts.
Impact of derivatives on the Consolidated Balance Sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of December 31, 2023 and 2022, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivablesGross derivative payables
December 31, 2023
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated as hedgesTotal derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$250,689 $2 $250,691 $26,324 $240,482 $— $240,482 $11,896 
Credit9,654 — 9,654 551 12,038 — 12,038 1,089 
Foreign exchange205,010 765 205,775 18,019 210,623 1,640 212,263 12,620 
Equity57,689 — 57,689 4,928 65,811 — 65,811 9,368 
Commodity15,228 211 15,439 5,042 16,286 92 16,378 5,874 
Total fair value of trading assets and liabilities
$538,270 $978 $539,248 $54,864 $545,240 $1,732 $546,972 $40,847 
Gross derivative receivablesGross derivative payables
December 31, 2022
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated as hedgesTotal derivative payables
Net
derivative payables(b)
Trading assets and liabilities
Interest rate$300,411 $4 $300,415 $28,419 $290,291 $— $290,291 $15,970 
Credit10,329 — 10,329 1,090 9,971 — 9,971 754 
Foreign exchange239,946 1,633 241,579 23,365 248,911 2,610 251,521 18,856 
Equity61,913 — 61,913 9,139 62,461 — 62,461 8,804 
Commodity23,652 1,705 25,357 8,867 20,758 2,511 23,269 6,757 
Total fair value of trading assets and liabilities
$636,251 $3,342 $639,593 $70,880 $632,392 $5,121 $637,513 $51,141 
(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.
Offsetting assets
The following tables present, as of December 31, 2023 and 2022, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and
•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.
20232022
December 31, (in millions)Gross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivablesGross derivative receivablesAmounts netted on the Consolidated balance sheetsNet
derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
OTC$176,901 $(152,703)$24,198 $203,922 $(178,261)$25,661 
OTC–cleared71,419 (71,275)144 93,800 (93,424)376 
Exchange-traded(a)
402 (389)13 559 (311)248 
Total interest rate contracts248,722 (224,367)24,355 298,281 (271,996)26,285 
Credit contracts:
OTC7,637 (7,226)411 8,474 (7,535)939 
OTC–cleared1,904 (1,877)27 1,746 (1,704)42 
Total credit contracts9,541 (9,103)438 10,220 (9,239)981 
Foreign exchange contracts:
OTC203,624 (187,295)16,329 237,941 (216,796)21,145 
OTC–cleared469 (459)10 1,461 (1,417)44 
Exchange-traded(a)
6 (2)4 15 (1)14 
Total foreign exchange contracts204,099 (187,756)16,343 239,417 (218,214)21,203 
Equity contracts:
OTC25,001 (23,677)1,324 30,323 (25,665)4,658 
Exchange-traded(a)
30,462 (29,084)1,378 28,467 (27,109)1,358 
Total equity contracts55,463 (52,761)2,702 58,790 (52,774)6,016 
Commodity contracts:
OTC8,049 (5,084)2,965 14,430 (7,633)6,797 
OTC–cleared133 (123)10 120 (112)8 
Exchange-traded(a)
5,214 (5,190)24 9,103 (8,745)358 
Total commodity contracts13,396 (10,397)2,999 23,653 (16,490)7,163 
Derivative receivables with appropriate legal opinion
531,221 (484,384)46,837 
(d)
630,361 (568,713)61,648 
(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
8,027 8,027 9,232 9,232 
Total derivative receivables recognized on the Consolidated balance sheets
$539,248 $54,864 $639,593 $70,880 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(22,461)(23,014)
Net amounts
$32,403 $47,866 
Offsetting liabilities
20232022
December 31, (in millions)Gross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payablesGross derivative payablesAmounts netted on the Consolidated balance sheetsNet
derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC$161,901 $(152,467)$9,434 $190,108 $(176,890)$13,218 
OTC–cleared76,007 (75,729)278 97,417 (97,126)291 
Exchange-traded(a)
436 (390)46 327 (305)22 
Total interest rate contracts238,344 (228,586)9,758 287,852 (274,321)13,531 
Credit contracts:
OTC10,332 (9,313)1,019 8,054 (7,572)482 
OTC–cleared1,639 (1,636)3 1,674 (1,645)29 
Total credit contracts11,971 (10,949)1,022 9,728 (9,217)511 
Foreign exchange contracts:
OTC209,386 (199,173)10,213 246,457 (231,248)15,209 
OTC–cleared552 (470)82 1,488 (1,417)71 
Exchange-traded(a)
6 — 6 20 — 20 
Total foreign exchange contracts209,944 (199,643)10,301 247,965 (232,665)15,300 
Equity contracts:
OTC29,999 (27,360)2,639 29,833 (26,554)3,279 
Exchange-traded(a)
33,137 (29,083)4,054 28,291 (27,103)1,188 
Total equity contracts63,136 (56,443)6,693 58,124 (53,657)4,467 
Commodity contracts:
OTC8,788 (5,192)3,596 11,954 (7,642)4,312 
OTC–cleared120 (120)— 112 (112)— 
Exchange-traded(a)
5,376 (5,192)184 9,021 (8,758)263 
Total commodity contracts14,284 (10,504)3,780 21,087 (16,512)4,575 
Derivative payables with appropriate legal opinion
537,679 (506,125)31,554 
(d)
624,756 (586,372)38,384 
(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained
9,293 9,293 12,757 12,757 
Total derivative payables recognized on the Consolidated balance sheets
$546,972 $40,847 $637,513 $51,141 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(4,547)(3,318)
Net amounts
$36,300 $47,823 
(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)Net derivatives receivable included cash collateral netted of $48.3 billion and $51.5 billion at December 31, 2023 and 2022, respectively. Net derivatives payable included cash collateral netted of $70.0 billion and $69.2 billion at December 31, 2023 and 2022, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
Current credit risk of derivative receivables and liquidity risk of derivative payables The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at December 31, 2023 and 2022.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)December 31, 2023December 31, 2022
Aggregate fair value of net derivative payables$14,655 $16,023 
Collateral posted14,673 15,505 
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at December 31, 2023 and 2022, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
December 31, 2023December 31, 2022
(in millions)Single-notch downgradeTwo-notch downgradeSingle-notch downgradeTwo-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$75 $1,153 $128 $1,293 
Amount required to settle contracts with termination triggers upon downgrade(b)
93 592 88 925 
(a)Includes the additional collateral to be posted for initial margin.
(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the years ended December 31, 2023, 2022 and 2021, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Year ended December 31, 2023
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$1,554 $(1,248)$306 $— $157 $— 
Foreign exchange(c)
722 (483)239 (601)239 (134)
Commodity(d)
1,227 (706)521 — 525 — 
Total$3,503 $(2,437)$1,066 $(601)$921 $(134)
Gains/(losses) recorded in income
Income statement impact of excluded components(e)
OCI impact
Year ended December 31, 2022
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(14,352)$14,047 $(305)$— $(262)$— 
Foreign exchange(c)
(1,317)1,423 106 (528)106 130 
Commodity(d)
106 (70)36 — 48 — 
Total$(15,563)$15,400 $(163)$(528)$(108)$130 
Gains/(losses) recorded in income
Income statement impact of excluded components(e)
OCI impact
Year ended December 31, 2021
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(4,323)$3,765 $(558)$— $(439)$— 
Foreign exchange(c)
(1,317)1,349 32 (286)32 (26)
Commodity(d)
(9,609)9,710 101 — 72 — 
Total$(15,249)$14,824 $(425)$(286)$(335)$(26)
(a)Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative or through fair value changes recognized in the current period.
(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments
As of December 31, 2023 and 2022, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2023
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$151,752 
(c)
$549 $(2,010)$(1,461)
Liabilities
Long-term debt$195,455 $(2,042)$(9,727)$(11,769)
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2022
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$84,073 
(c)
$(4,149)$(1,542)$(5,691)
Liabilities
Long-term debt$175,257 $(11,879)$(3,313)$(15,192)
(a)Excludes physical commodities with a carrying value of $5.6 billion and $26.0 billion at December 31, 2023 and 2022, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At December 31, 2023 and 2022, the carrying amount excluded for AFS securities is $19.3 billion and $20.3 billion, respectively, and for long-term debt is zero and $221 million, respectively.
(c)Carrying amount represents the amortized cost, net of allowance if applicable. Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance. At December 31, 2023, the amortized cost of the portfolio layer method closed portfolios was $83.9 billion, of which $68.0 billion was designated as hedged. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. The cumulative amount of basis adjustments was $(165) million, which is comprised of $73 million and $(238) million for active and discontinued hedging relationships, respectively. Refer to Note 1 and Note 10 for additional information.
(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the years ended December 31, 2023, 2022 and 2021, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended December 31, 2023
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(1,839)$274 $2,113 
Foreign exchange(b)
64 209 145 
Total$(1,775)$483 $2,258 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended December 31, 2022
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(153)$(7,131)$(6,978)
Foreign exchange(b)
(267)(342)(75)
Total$(420)$(7,473)$(7,053)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended December 31, 2021
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$1,032 $(2,370)$(3,402)
Foreign exchange(b)
190 67 (123)
Total$1,222 $(2,303)$(3,525)
(a)Primarily consists of hedges of SOFR-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the years ended December 31, 2023, 2022 and 2021.
202320222021
Year ended December 31,
(in millions)
Amounts recorded in income(a)(b)
Amounts recorded in
OCI
Amounts recorded in income(a)(b)
Amounts recorded in
OCI
Amounts recorded in income(a)(b)
Amounts recorded in
OCI
Foreign exchange derivatives$384$(1,732)$(123)$3,591$(228)$2,452
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.
(b)Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the year ended December 31, 2023, the Firm reclassified a net pre-tax loss of $(35) million to other revenue including the impact of the acquisition of CIFM. The Firm reclassified net pre-tax gains of $38 million to other income/expense related to the liquidation of certain legal entities during the year ended December 31, 2022. The amount reclassified for the year ended December 31, 2021 was not material. Refer to Note 24 for further information.
Risk management derivatives gains and losses (not designated as hedging instruments)
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency denominated assets and liabilities.
Derivatives gains/(losses)
recorded in income
Year ended December 31,
(in millions)		202320222021
Contract type
Interest rate(a)
$(135)$(827)$1,078 
Credit(b)
(441)51 (94)
Foreign exchange(c)
(2)(48)94 
Total$(578)$(824)$1,078 
(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
Credit derivatives and credit-related notes
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
December 31, 2023
(in millions)
Credit derivatives
Credit default swaps$(450,172)$473,823 $23,651 $7,517 
Other credit derivatives(a)
(38,846)45,416 6,570 29,206 
Total credit derivatives(489,018)519,239 30,221 36,723 
Credit-related notes(b)
— — — 9,788 
Total$(489,018)$519,239 $30,221 $46,511 
Maximum payout/Notional amount
Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
December 31, 2022
(in millions)
Credit derivatives
Credit default swaps$(495,557)$509,846 $14,289 $2,917 
Other credit derivatives(a)
(47,165)65,029 17,864 11,746 
Total credit derivatives(542,722)574,875 32,153 14,663 
Credit-related notes(b)
— — — 7,863 
Total$(542,722)$574,875 $32,153 $22,526 
(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)Predominantly represents Other protection purchased by CIB.
(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.
Protection sold - credit derivatives and credit-related notes ratings/maturity profile
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of December 31, 2023 and 2022, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.
Protection sold – credit derivatives ratings(a)/maturity profile
December 31, 2023
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(89,981)$(263,834)$(29,470)$(383,285)$3,659 $(1,144)$2,515 
Noninvestment-grade(31,419)(69,515)(4,799)(105,733)2,466 (1,583)883 
Total$(121,400)$(333,349)$(34,269)$(489,018)$6,125 $(2,727)$3,398 
December 31, 2022
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(90,484)$(294,791)$(30,822)$(416,097)$2,324 $(1,495)$829 
Noninvestment-grade(33,244)(87,011)(6,370)(126,625)1,267 (3,209)(1,942)
Total$(123,728)$(381,802)$(37,192)$(542,722)$3,591 $(4,704)$(1,113)
(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.