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Offsetting Arrangements (Tables)
 12 Months Ended
Dec. 31, 2021
Offsetting [Abstract]  
Offsetting Assets The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:December 31, 2021
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$15,185 $(9,113)$6,072 $— $6,072 
Interest rate contracts(6)
2 — 2 — 2 
Cash collateral and securities netting
NA(1,966)(1,966)(723)(2,689)
Total derivatives
15,187 (11,079)4,108 (723)3,385 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
102,375 (77,063)25,312 (25,096)216 
Total derivatives and other financial instruments$117,562 $(88,142)$29,420 $(25,819)$3,601 
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 ConditionGross 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 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $25.31 billion as of December 31, 2021 were $3.01 billion of resale agreements and $22.30 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 12 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.
NA Not applicable
Offsetting Liabilities
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:December 31, 2021
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$15,825 $(9,113)$6,712 $— $6,712 
Interest rate contracts(6)
— — — — — 
Other derivative contracts301 — 301 — 301 
Cash collateral and securities nettingNA(1,282)(1,282)(989)(2,271)
Total derivatives16,126 (10,395)5,731 (989)4,742 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
82,674 (77,063)5,611 (4,066)1,545 
Total derivatives and other financial instruments$98,800 $(87,458)$11,342 $(5,055)$6,287 
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 ConditionGross 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 contracts157 — 157 — 157 
Cash collateral and securities nettingNA(1,287)(1,287)(1,732)(3,019)
Total derivatives26,126 (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 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $5.61 billion as of December 31, 2021 were $1.57 billion of repurchase agreements and $4.04 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 12 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.
NA Not applicable
Securities Sold and Securities Loaned Under Repurchase Agreements
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 December 31, 2021As of December 31, 2020
(In millions)Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$75,266 $— $— $— $75,266 $152,140 $— $— $— $152,140 
Total75,266 — — — 75,266 152,140 — — — 152,140 
Securities lending transactions:
US Treasury and agency securities— — — — — — — — — — 
Corporate debt securities92 — — — 92 110 — — — 110 
Equity securities5,964 24 11 1,316 7,315 7,578 56 — 1,156 8,790 
Other(1)
1 — — — 1 4,753 — — — 4,753 
Total6,057 24 11 1,316 7,408 12,441 56 — 1,156 13,653 
Gross amount of recognized liabilities for repurchase agreements and securities lending$81,323 $24 $11 $1,316 $82,674 $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.