Financial instruments owned and financial instruments sold, but not yet purchased are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP. See Note 6 for information about cash instruments, Note 7 for information about derivatives, and Note 8 for information about other financial assets and financial liabilities at fair value.

The table below presents financial instruments owned and financial instruments sold, but not yet purchased.



$ in millions	Financial Instruments Owned	Financial Instruments Sold, But Not Yet Purchased
As of September 2019
Money market instruments	$ 3,715	$ –
Government and agency obligations:
U.S.	131,500	12,374
Non-U.S.	55,657	23,438
Loans and securities backed by:
Commercial real estate	3,713	28
Residential real estate	14,717	7
Corporate debt instruments	39,042	8,660
State and municipal obligations	1,233	2
Other debt obligations	1,708	–
Equity securities	116,047	26,193
Commodities	3,553	–
Investments in funds at NAV	4,232	–
Total cash instruments	375,117	70,702
Derivatives	49,872	45,721
Total	$424,989	$116,423
As of December 2018
Money market instruments	$ 2,635	$ –
Government and agency obligations:
U.S.	110,616	5,080
Non-U.S.	43,607	25,347
Loans and securities backed by:
Commercial real estate	3,369	–
Residential real estate	12,949	1
Corporate debt instruments	31,207	10,411
State and municipal obligations	1,233	–
Other debt obligations	1,864	1
Equity securities	76,170	25,463
Commodities	3,729	–
Investments in funds at NAV	3,936	–
Total cash instruments	291,315	66,303
Derivatives	44,846	42,594
Total	$336,161	$108,897

Gains and Losses from Market Making and Other Principal Transactions

The table below presents market making revenues by major product type and other principal transactions revenues.



	Three Months Ended September				Nine Months Ended September

$ in millions		2019		2018		2019	2018
Interest rates		$ (683	)	$ 13		$ 1,236	$ (2,304	)
Credit		245		292		696	1,158
Currencies		2,126		373		3,393	3,868
Equities		767		1,520		1,934	4,681
Commodities		(71	)	83		87	628
Market making		2,384		2,281		7,346	8,031
Other principal transactions		930		1,419		3,811	4,603
Total		$3,314		$3,700		$11,157	$12,634

In the table above:

•	Gains/(losses) include both realized and unrealized gains and losses, and are primarily related to the firm’s financial instruments owned and financial instruments sold, but not yet purchased, including both derivative and non-derivative financial instruments.

•	Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.

•	Gains/(losses) on other principal transactions are included in the firm’s Investing & Lending segment. See Note 25 for net revenues, including net interest income, by product type for Investing & Lending, as well as the amount of net interest income included in Investing & Lending.

•

Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.