PRINCIPAL TRANSACTIONS

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2012 and 2011:

	Three Months Ended September 30,						Nine Months Ended September 30,
In millions of dollars	2012			2011			2012			2011
Global Consumer Banking	$	204		$	233		$	619		$	482
Institutional Clients Group		731			1,665			4,081			5,213
Subtotal Citicorp	$	935		$	1,898		$	4,700		$	5,695
Local Consumer Lending		(16	)		(28	)		(56	)		(74	)
Brokerage and Asset Management		3			(14	)		(1	)		1
Special Asset Pool		(1	)		137			13			1,874
Subtotal Citi Holdings	$	(14	)	$	95		$	(44	)	$	1,801
Corporate/Other		55			110			(109	)		390
Total Citigroup	$	976		$	2,103		$	4,547		$	7,886
Interest rate contracts(1)	$	427		$	1,972		$	2,289		$	5,318
Foreign exchange contracts(2)		676			576			1,880			1,958
Equity contracts(3)		(43	)		(358	)		303			217
Commodity and other contracts(4)		8			107			71			131
Credit derivatives(5)		(92	)		(194	)		4			262
Total	$	976		$	2,103		$	4,547		$	7,886

(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.