Credit Concentrations (Tables)

9 Months Ended

Sep. 30, 2016

Credit Concentration, Government and Federal Agency Obligations

The table below presents the credit concentrations in cash instruments held by the firm. Amounts in the table below are included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.”


	As of
$ in millions		September 2016	December 2015
U.S. government and federal agency obligations		$64,492	$63,844

% of total assets		7.3%	7.4%

Non-U.S. government and agency obligations		$38,036	$31,772

% of total assets		4.3%	3.7%

Credit Concentration, Resale Agreements and Securities Borrowed

The table below presents U.S. government and federal agency obligations and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions (including those in “Cash and securities segregated for regulatory and other purposes”). Because the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default. In the table below, non-U.S. government and agency obligations primarily consists of securities issued by the governments of France, the United Kingdom, Japan and Germany.


	As of
$ in millions		September 2016	December 2015
U.S. government and federal agency obligations		$78,995	$107,198

Non-U.S. government and agency obligations		83,695	74,326