For additional information on our offsetting arrangements, refer to page 152 in Note 11 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2019 Form 10-K.

As of June 30, 2020 and December 31, 2019, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $8.86 billion and $10.09 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $1.94 billion and $5.72 billion, respectively.



Assets:	June 30, 2020
	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	15,990	$	(9,285	)	$	6,705		$	—		$	6,705
Interest rate contracts⁽⁶⁾	51		(16		)	35			—			35
Cash collateral and securities netting	NA		(1,969		)	(1,969		)	(451		)	(2,420		)
Total derivatives	16,041		(11,270		)	4,771			(451		)	4,320
Other financial instruments:
Resale agreements and securities borrowing⁽⁷⁾⁽⁸⁾	97,012		(79,951		)	17,061			(15,367		)	1,694
Total derivatives and other financial instruments	$	113,053	$	(91,221	)	$	21,832		$	(15,818	)	$	6,014



Assets:	December 31, 2019
	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	15,140	$	(8,081	)	$	7,059		$	—		$	7,059
Interest rate contracts⁽⁶⁾	8		(4		)	4			—			4
Cash collateral and securities netting	NA		(2,310		)	(2,310		)	(685		)	(2,995		)
Total derivatives	15,148		(10,395		)	4,753			(685		)	4,068
Other financial instruments:
Resale agreements and securities borrowing⁽⁷⁾⁽⁸⁾	179,989		(159,978		)	20,011			(19,572		)	439
Total derivatives and other financial instruments	$	195,137	$	(170,373	)	$	24,764		$	(20,257	)	$	4,507

⁽⁷⁾Included in the $17.06 billion as of June 30, 2020 were $4.03 billion of resale agreements and $13.04 billion of collateral provided related to securities borrowing. Included in the $20.01 billion as of December 31, 2019 were $1.49 billion of resale agreements and $18.52 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.

⁽⁸⁾Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.



Liabilities:	June 30, 2020
	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Liabilities Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾						Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	15,685	$	(9,285	)	$	6,400		$	—		$	6,400
Interest rate contracts⁽⁶⁾	56		(16		)	40			—			40
Other derivative contracts	185		—			185			—			185
Cash collateral and securities netting	NA		(1,546		)	(1,546		)	(571		)	(2,117		)
Total derivatives	15,926		(10,847		)	5,079			(571		)	4,508
Other financial instruments:
Repurchase agreements and securities lending⁽⁷⁾⁽⁸⁾	89,465		(79,951		)	9,514			(8,036		)	1,478
Total derivatives and other financial instruments	$	105,391	$	(90,798	)	$	14,593		$	(8,607	)	$	5,986



Liabilities:	December 31, 2019
	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Liabilities Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾						Cash and Securities Received⁽⁴⁾			Net Amount⁽⁵⁾
Derivatives:
Foreign exchange contracts	$	15,150	$	(8,081	)	$	7,069		$	—		$	7,069
Interest rate contracts⁽⁶⁾	49		(4		)	45			—			45
Other derivative contracts	182		—			182			—			182
Cash collateral and securities netting	NA		(837		)	(837		)	(557		)	(1,394		)
Total derivatives	15,381		(8,922		)	6,459			(557		)	5,902
Other financial instruments:
Repurchase agreements and securities lending⁽⁷⁾⁽⁸⁾	171,853		(159,977		)	11,876			(10,793		)	1,083
Total derivatives and other financial instruments	$	187,234	$	(168,899	)	$	18,335		$	(11,350	)	$	6,985

⁽⁷⁾Included in the $9.51 billion as of June 30, 2020 were $3.51 billion of repurchase agreements and $6.00 billion of collateral received related to securities lending transactions. Included in the $11.88 billion as of December 31, 2019 were $1.10 billion of repurchase agreements and $10.77 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.

⁽⁸⁾ Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.

The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes us to counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels.

The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated:



	As of June 30, 2020								As of December 31, 2019
(In millions)	Overnight and Continuous		Up to 30 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		Greater than 90 Days		Total
Repurchase agreements:
U.S. Treasury and agency securities	$	79,585	$	—	$	—	$	79,585	$	156,465	$	—	$	—	$	156,465
Total	79,585		—		—		79,585		156,465		—		—		156,465
Securities lending transactions:
US Treasury and agency securities	23		—		—		23		15		—		—		15
Corporate debt securities	143		—		—		143		354		—		—		354
Equity securities	6,509		35		668		7,212		7,389		—		130		7,519
Other⁽¹⁾	2,502		—		—		2,502		7,500		—		—		7,500
Total	9,177		35		668		9,880		15,258		—		130		15,388
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	88,762	$	35	$	668	$	89,465	$	171,723	$	—	$	130	$	171,853