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Offsetting Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

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


Assets:	September 30, 2024
	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	$	19,900	$	(12,000)	$	7,900	$	—	$	7,900
Interest rate contracts(6)	53		(1)		52		—		52



Cash collateral and securities netting	NA		(3,597)		(3,597)		(880)		(4,477)
Total derivatives	19,953		(15,598)		4,355		(880)		3,475
Other financial instruments:


Resale agreements and securities borrowing(7)(8)	272,387		(228,907)		43,480		(40,496)		2,984
Total derivatives and other financial instruments	$	292,340	$	(244,505)	$	47,835	$	(41,376)	$	6,459


Assets:	December 31, 2023
	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	$	19,694	$	(10,496)	$	9,198	$	—	$	9,198
Interest rate contracts(6)	13		—		13		—		13



Cash collateral and securities netting	NA		(3,904)		(3,904)		(1,069)		(4,973)
Total derivatives	19,707		(14,400)		5,307		(1,069)		4,238
Other financial instruments:
Resale agreements and securities borrowing(7)(8)	230,384		(200,561)		29,823		(28,016)		1,807
Total derivatives and other financial instruments	$	250,091	$	(214,961)	$	35,130	$	(29,085)	$	6,045

(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 $43.48 billion as of September 30, 2024 were $8.33 billion of resale agreements and $35.15 billion of collateral provided related to securities borrowing. Included in the $29.82 billion as of December 31, 2023 were $6.69 billion of resale agreements and $23.13 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.

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:	September 30, 2024
	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	$	20,431	$	(12,000)	$	8,431	$	—	$	8,431
Interest rate contracts(6)	1		(1)		—		—		—
Other derivative contracts	157		—		157		—		157
Cash collateral and securities netting	NA		(1,537)		(1,537)		(631)		(2,168)
Total derivatives	20,589		(13,538)		7,051		(631)		6,420
Other financial instruments:


Repurchase agreements and securities lending(7)(8)	245,493		(228,907)		16,586		(16,395)		191
Total derivatives and other financial instruments	$	266,082	$	(242,445)	$	23,637	$	(17,026)	$	6,611


Liabilities:	December 31, 2023
	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	$	19,416	$	(10,496)	$	8,920	$	—	$	8,920
Interest rate contracts(6)	4		—		4		—		4
Other derivative contracts	182		—		182		—		182
Cash collateral and securities netting	NA		(1,413)		(1,413)		(633)		(2,046)
Total derivatives	19,602		(11,909)		7,693		(633)		7,060
Other financial instruments:
Repurchase agreements and securities lending(7)(8)	214,362		(200,561)		13,801		(13,306)		495
Total derivatives and other financial instruments	$	233,964	$	(212,470)	$	21,494	$	(13,939)	$	7,555

(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 $16.59 billion as of September 30, 2024 were $2.12 billion of repurchase agreements and $14.47 billion of collateral received related to securities lending transactions. Included in the $13.80 billion as of December 31, 2023 were $1.87 billion of repurchase agreements and $11.93 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.

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 September 30, 2024										As of December 31, 2023
(In millions)	Overnight and Continuous		Up to 30 Days		30-90 days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30-90 days		Greater than 90 Days		Total
Repurchase agreements:
U.S. Treasury and agency securities	$	221,904	$	—	$	600	$	1,328	$	223,832	$	196,212	$	—	$	185	$	1,360	$	197,757

Total	221,904		—		600		1,328		223,832		196,212		—		185		1,360		197,757
Securities lending transactions:
US Treasury and agency securities	118		—		—		—		118		6		—		—		—		6
Corporate debt securities	158		—		13		—		171		278		—		3		—		281
Equity securities	10,817		15		41		3,756		14,629		7,128		20		13		2,291		9,452
Other(1)	6,743		—		—		—		6,743		6,866		—		—		—		6,866
Total	17,836		15		54		3,756		21,661		14,278		20		16		2,291		16,605
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	239,740	$	15	$	654	$	5,084	$	245,493	$	210,490	$	20	$	201	$	3,651	$	214,362

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