PRINCIPAL TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

Principal Transactions Revenue, Net [Abstract]

The following table presents Principal transactions revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
In millions of dollars	2024		2023		2024		2023
Interest rate risks(1)	$	659	$	782	$	1,744	$	2,447
Foreign exchange risks(2)	1,505		1,464		4,313		4,598
Equity risks(3)(4)	663		308		1,964		1,147
Commodity and other risks(5)	383		475		1,007		1,443
Credit products and risks(6)	9		(21)		339		(160)
Total	$	3,219	$	3,008	$	9,367	$	9,475

(1) Includes revenues from government securities, 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 foreign currency translation (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) The nine months ended September 30, 2024 include an approximate $400 million episodic gain related to the Visa B exchange completed in the second quarter of 2024.

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

(6) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.