Commitments and Guarantees

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

For additional information on our commitments and guarantees, refer to page 63 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in the 2018 Annual Financial Statements.

The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and off-balance sheet guarantees as of the dates indicated:



(In millions)	September 30, 2019		December 31, 2018
Commitments:
Unfunded credit facilities⁽¹⁾	$	29,681	$	28,951
Guarantees⁽²⁾:
Indemnified securities financing	$	386,978	$	342,337
Standby letters of credit	3,307		2,985

⁽¹⁾As of September 30, 2019, approximately 74% of our unfunded commitments to extend credit expire within one year.

⁽²⁾The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.

Indemnified Securities Financing

For additional information on our Indemnified Securities Financing, refer to page 63 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in the 2018 Annual Financial Statements.

The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:



(In millions)	September 30, 2019		December 31, 2018
Fair value of indemnified securities financing	$	386,978	$	342,337
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing	406,202		357,893
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements	48,263		42,610
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements	51,717		45,064

In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of September 30, 2019 and December 31, 2018, we had approximately $22.67 billion and $19.58 billion, respectively, of collateral provided and approximately $14.44 billion and $11.52 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.