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SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Securities borrowed or purchased under agreements to resell

Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:



In millions of dollars	March 31, 2020		December 31, 2019
Securities purchased under agreements to resell	$	178,930	$	169,874
Deposits paid for securities borrowed	83,606		81,448
Total⁽¹⁾	$	262,536	$	251,322

Securities loaned or sold under agreements to repurchase

Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:



In millions of dollars	March 31, 2020		December 31, 2019
Securities sold under agreements to repurchase	$	213,525	$	155,164
Deposits received for securities loaned	8,799		11,175
Total⁽¹⁾	$	222,324	$	166,339

(1)

The above tables do not include securities-for-securities lending transactions of $9.2 billion and $6.3 billion at March 31, 2020 and December 31, 2019, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.

Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending

agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.



	As of March 31, 2020
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities purchased under agreements to resell	$	304,427	$	125,497	$	178,930	$	142,194	$	36,736
Deposits paid for securities borrowed	87,669		4,063		83,606		27,015		56,591
Total	$	392,096	$	129,560	$	262,536	$	169,209	$	93,327



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities sold under agreements to repurchase	$	339,022	$	125,497	$	213,525	$	125,995	$	87,530
Deposits received for securities loaned	12,862		4,063		8,799		3,109		5,690
Total	$	351,884	$	129,560	$	222,324	$	129,104	$	93,220



	As of December 31, 2019
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities purchased under agreements to resell	$	281,274	$	111,400	$	169,874	$	134,150	$	35,724
Deposits paid for securities borrowed	90,047		8,599		81,448		27,067		54,381
Total	$	371,321	$	119,999	$	251,322	$	161,217	$	90,105



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities sold under agreements to repurchase	$	266,564	$	111,400	$	155,164	$	91,034	$	64,130
Deposits received for securities loaned	19,774		8,599		11,175		3,138		8,037
Total	$	286,338	$	119,999	$	166,339	$	94,172	$	72,167


(1)	Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.


(2)	Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.

(3)

Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending



	As of March 31, 2020
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities purchased under agreements to resell	$	304,427	$	125,497	$	178,930	$	142,194	$	36,736
Deposits paid for securities borrowed	87,669		4,063		83,606		27,015		56,591
Total	$	392,096	$	129,560	$	262,536	$	169,209	$	93,327



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities sold under agreements to repurchase	$	339,022	$	125,497	$	213,525	$	125,995	$	87,530
Deposits received for securities loaned	12,862		4,063		8,799		3,109		5,690
Total	$	351,884	$	129,560	$	222,324	$	129,104	$	93,220



	As of December 31, 2019
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities purchased under agreements to resell	$	281,274	$	111,400	$	169,874	$	134,150	$	35,724
Deposits paid for securities borrowed	90,047		8,599		81,448		27,067		54,381
Total	$	371,321	$	119,999	$	251,322	$	161,217	$	90,105



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽²⁾		Net amounts⁽³⁾
Securities sold under agreements to repurchase	$	266,564	$	111,400	$	155,164	$	91,034	$	64,130
Deposits received for securities loaned	19,774		8,599		11,175		3,138		8,037
Total	$	286,338	$	119,999	$	166,339	$	94,172	$	72,167


(1)	Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.


(2)	Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.

(3)

Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

Gross amount of liabilities associated with repurchase agreements and securities lending agreements

The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:



	As of March 31, 2020
In millions of dollars	Open and overnight		Up to 30 days		31–90 days		Greater than 90 days		Total
Securities sold under agreements to repurchase	$	173,961	$	66,488	$	54,421	$	44,153	$	339,022
Deposits received for securities loaned	9,189		529		1,712		1,432		12,862
Total	$	183,150	$	67,017	$	56,133	$	45,585	$	351,884



	As of December 31, 2019
In millions of dollars	Open and overnight		Up to 30 days		31–90 days		Greater than 90 days		Total
Securities sold under agreements to repurchase	$	108,534	$	82,749	$	35,108	$	40,173	$	266,564
Deposits received for securities loaned	15,758		208		1,789		2,019		19,774
Total	$	124,292	$	82,957	$	36,897	$	42,192	$	286,338

The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:



	As of March 31, 2020
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	142,676	$	1	$	142,677
State and municipal securities	3,280		1		3,281
Foreign government securities	110,459		280		110,739
Corporate bonds	18,177		327		18,504
Equity securities	8,034		12,135		20,169
Mortgage-backed securities	38,102		—		38,102
Asset-backed securities	4,792		—		4,792
Other	13,502		118		13,620
Total	$	339,022	$	12,862	$	351,884



	As of December 31, 2019
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	100,781	$	27	$	100,808
State and municipal securities	1,938		5		1,943
Foreign government securities	95,880		272		96,152
Corporate bonds	18,761		249		19,010
Equity securities	12,010		19,069		31,079
Mortgage-backed securities	28,458		—		28,458
Asset-backed securities	4,873		—		4,873
Other	3,863		152		4,015
Total	$	266,564	$	19,774	$	286,338