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), which adjustments are discussed further in Note 22 to the Consolidated Financial Statements.

The following table presents principal transactions revenue for the three and six months ended June 30:



	Three Months Ended June 30,						Six Months Ended June 30,
In millions of dollars	2015			2014			2015			2014
Global Consumer Banking	$	157		$	170		$	330		$	342
Institutional Clients Group	1,797			1,577			3,996			4,181
Corporate/Other	182			—			(240		)	20
Subtotal Citicorp	$	2,136		$	1,747		$	4,086		$	4,543
Citi Holdings	37			96			58			188
Total Citigroup	$	2,173		$	1,843		$	4,144		$	4,731
Interest rate contracts⁽¹⁾	$	1,393		$	939		$	2,590		$	2,329
Foreign exchange contracts⁽²⁾	718			625			804			1,173
Equity contracts⁽³⁾	(185		)	(92		)	(71		)	46
Commodity and other contracts⁽⁴⁾	117			98			434			322
Credit products and derivatives⁽⁵⁾	130			273			387			861
Total	$	2,173		$	1,843		$	4,144		$	4,731

(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.