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, 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 activity. Principal transactions include CVA (credit valuation adjustment on derivatives) and DVA (debt valuation adjustments on issued liabilities, for which the fair value option has been elected).

The following table presents principal transactions revenue for the years ended December 31:

In millions of dollars	2013			2012			2011
Global Consumer Banking	$	863		$	812		$	716
Institutional Clients Group	6,310			4,130			4,873
Corporate/Other	(76		)	(192		)	45
Subtotal Citicorp	$	7,097		$	4,750		$	5,634
Citi Holdings	24			31			1,600
Total Citigroup	$	7,121		$	4,781		$	7,234
Interest rate contracts(1)	$	3,978		$	2,301		$	5,136
Foreign exchange contracts(2)	2,224			2,403			2,309
Equity contracts(3)	319			158			3
Commodity and other contracts(4)	267			92			76
Credit derivatives(5)	333			(173		)	(290		)
Total	$	7,121		$	4,781		$	7,234

(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.