For additional information on our offsetting arrangements, refer to page 163 in Note 11 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K.

As of June 30, 2021 and December 31, 2020, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $3.02 billion and $6.48 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was zero and $3.88 billion, respectively.

The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:


Assets:	June 30, 2021
	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)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	17,362	$	(8,257)	$	9,105	$	—	$	9,105
Interest rate contracts(6)	1		(1)		—		—		—



Cash collateral and securities netting	NA		(1,257)		(1,257)		(1,103)		(2,360)
Total derivatives	17,363		(9,515)		7,848		(1,103)		6,745
Other financial instruments:


Resale agreements and securities borrowing(7)(8)	82,305		(53,618)		28,687		(28,687)		—
Total derivatives and other financial instruments	$	99,668	$	(63,133)	$	36,535	$	(29,790)	$	6,745


Assets:	December 31, 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)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	25,943	$	(14,271)	$	11,672	$	—	$	11,672
Interest rate contracts(6)	1		—		1		—		1



Cash collateral and securities netting	NA		(5,869)		(5,869)		(1,105)		(6,974)
Total derivatives	25,944		(20,140)		5,804		(1,105)		4,699
Other financial instruments:
Resale agreements and securities borrowing(7)(8)	174,461		(153,025)		21,436		(20,568)		868
Total derivatives and other financial instruments	$	200,405	$	(173,165)	$	27,240	$	(21,673)	$	5,567

(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

(7) Included in the $28.69 billion as of June 30, 2021 were $4.00 billion of resale agreements and $24.69 billion of collateral provided related to securities borrowing. Included in the $21.44 billion as of December 31, 2020 were $3.11 billion of resale agreements and $18.33 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.

The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:


Liabilities:	June 30, 2021
	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)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	17,141	$	(8,257)	$	8,884	$	—	$	8,884
Interest rate contracts(6)	31		(1)		30		—		30
Other derivative contracts	183		—		183		—		183
Cash collateral and securities netting	NA		(3,869)		(3,869)		(1,250)		(5,119)
Total derivatives	17,355		(12,127)		5,228		(1,250)		3,978
Other financial instruments:


Repurchase agreements and securities lending(7)(8)	61,347		(53,618)		7,729		(7,100)		629
Total derivatives and other financial instruments	$	78,702	$	(65,745)	$	12,957	$	(8,350)	$	4,607


Liabilities:	December 31, 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)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	25,927	$	(14,271)	$	11,656	$	—	$	11,656
Interest rate contracts(6)	42		—		42		—		42
Other derivative contracts	157		—		157		—		157
Cash collateral and securities netting	NA		(1,287)		(1,287)		(1,732)		(3,019)
Total derivatives	26,126		(15,558)		10,568		(1,732)		8,836
Other financial instruments:
Repurchase agreements and securities lending(7)(8)	165,793		(153,025)		12,768		(12,448)		320
Total derivatives and other financial instruments	$	191,919	$	(168,583)	$	23,336	$	(14,180)	$	9,156

(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

(7) Included in the $7.73 billion as of June 30, 2021 were $0.66 billion of repurchase agreements and $7.07 billion of collateral received related to securities lending transactions. Included in the $12.77 billion as of December 31, 2020 were $3.41 billion of repurchase agreements and $9.36 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, 2021								As of December 31, 2020
(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	$	50,251	$	—	$	—	$	50,251	$	152,140	$	—	$	—	$	152,140
Total	50,251		—		—		50,251		152,140		—		—		152,140
Securities lending transactions:
US Treasury and agency securities	4		—		—		4		—		—		—		—
Corporate debt securities	90		—		—		90		110		—		—		110
Equity securities	8,935		57		2,010		11,002		7,578		56		1,156		8,790
Other(1)	—		—		—		—		4,753		—		—		4,753
Total	9,029		57		2,010		11,096		12,441		56		1,156		13,653
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	59,280	$	57	$	2,010	$	61,347	$	164,581	$	56	$	1,156	$	165,793

(1) Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge.