PRINCIPAL TRANSACTIONS

Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions. Not included in the table below is the impact of net interest revenue related to trading activities, which is an integral part of trading activities’ profitability. See Note 4 to the Consolidated Financial Statements for information about net interest revenue related to trading activities. Principal transactions include CVA (credit valuation adjustments on derivatives), FVA (funding valuation adjustments) on over-the-counter derivatives and DVA (debt valuation adjustments on issued liabilities for which the fair value option has been elected).

The following table presents principal transactions revenue for the three months ended March 31:



	Three Months Ended March 31,
In millions of dollars	2015			2014
Global Consumer Banking	$	173		$	172
Institutional Clients Group	2,199			2,604
Corporate/Other	(422		)	20
Subtotal Citicorp	$	1,950		$	2,796
Citi Holdings	21			92
Total Citigroup	$	1,971		$	2,888
Interest rate contracts⁽¹⁾	$	1,197		$	1,390
Foreign exchange contracts⁽²⁾	86			548
Equity contracts⁽³⁾	114			138
Commodity and other contracts⁽⁴⁾	317			224
Credit products and derivatives⁽⁵⁾	257			588
Total	$	1,971		$	2,888

(1)

Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.


(2)	Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as FX translation gains and losses.


(3)	Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.


(4)	Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades.


(5)	Includes revenues from structured credit products.