PRINCIPAL TRANSACTIONS

3 Months Ended

Mar. 31, 2012

PRINCIPAL TRANSACTIONS

PRINCIPAL TRANSACTIONS

6.    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, as well as 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 activity. The following table presents principal transactions revenue for the three months ended March 31:

	Three Months Ended March 31,
In millions of dollars	2012			2011
Global Consumer Banking	$	256		$	93
Institutional Clients Group		1,916			2,260
Subtotal Citicorp	$	2,172		$	2,353
Local Consumer Lending		(23	)		(17	)
Brokerage and Asset Management		5			12
Special Asset Pool		(103	)		632
Subtotal Citi Holdings	$	(121	)	$	627
Corporate/Other		(120	)		187
Total Citigroup	$	1,931		$	3,167

In millions of dollars	2012			2011
Interest rate contracts(1)	$	791		$	1,624
Foreign exchange contracts(2)		754			787
Equity contracts(3)		342			428
Commodity and other contracts(4)		(21	)		(25	)
Credit derivatives(5)		65			353
Total Citigroup	$	1,931		$	3,167

(1)

Includes revenues from government securities and corporate debt, municipal securities, preferred stock, 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.