(a)	Trading securities

An analysis of the carrying value of trading securities is as follows:


As at October 31, 2021 ($ millions)	Remaining term to maturity
	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Trading securities:
Canadian federal government issued or guaranteed debt	$	868	$	892	$	6,134	$	2,399	$	2,821	$	–	$	13,114
Canadian provincial and municipal debt		778		1,434		1,829		1,215		4,598		–		9,854
U.S. treasury and other U.S. agency debt		61		1,097		3,366		2,123		176		–		6,823
Other foreign government debt		3,226		2,000		4,022		293		147		–		9,688
Common shares		–		–		–		–		–		85,016		85,016
Other		873		1,547		5,969		2,180		1,251		833		12,653
Total	$	5,806	$	6,970	$	21,320	$	8,210	$	8,993	$	85,849	$	137,148
Total by currency (in Canadian equivalent):
Canadian dollar	$	2,151	$	2,663	$	9,034	$	4,663	$	8,028	$	28,116	$	54,655
U.S. dollar		432		1,848		7,618		3,124		717		42,386		56,125
Mexican peso		1,038		820		2,316		17		40		630		4,861
Other currencies		2,185		1,639		2,352		406		208		14,717		21,507
Total trading securities	$	5,806	$	6,970	$	21,320	$	8,210	$	8,993	$	85,849	$	137,148

As at October 31, 2020 ($ millions)	Remaining term to maturity
	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Trading securities:
Canadian federal government issued or guaranteed debt	$	938	$	1,180	$	5,708	$	1,915	$	3,295	$	–	$	13,036
Canadian provincial and municipal debt		562		818		2,026		1,107		4,807		–		9,320
U.S. treasury and other U.S. agency debt		461		93		3,846		644		138		–		5,182
Other foreign government debt		3,708		3,864		3,715		1,039		319		–		12,645
Common shares		–		–		–		–		–		57,178		57,178
Other		261		1,968		6,013		1,458		887		383		10,970
Total	$	5,930	$	7,923	$	21,308	$	6,163	$	9,446	$	57,561	$	108,331
Total by currency (in Canadian equivalent):
Canadian dollar	$	1,640	$	2,362	$	7,402	$	3,577	$	8,406	$	20,637	$	44,024
U.S. dollar		1,249		1,340		10,150		1,212		707		25,600		40,258
Mexican peso		1,188		1,074		1,727		77		54		282		4,402
Other currencies		1,853		3,147		2,029		1,297		279		11,042		19,647
Total trading securities	$	5,930	$	7,923	$	21,308	$	6,163	$	9,446	$	57,561	$	108,331

(b)	Trading loans

The following table provides the geographic breakdown of trading loans:


As at October 31 ($ millions)	2021		2020
Trading loans (1)(2)
U.S. (3)	$	5,308	$	6,227
Europe (4)		548		1,075
Asia Pacific (4)		15		141
Canada (4)		2,034		266
Other (4)		208		643
Total	$	8,113	$	8,352

(1)	Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset.

(2)	Loans are primarily denominated in U.S. dollars.

(3)	Includes trading loans that serve as a hedge to loan-based credit total return swaps of $5,203 (2020 – $5,396), while the remaining relates to short-term precious metals trading and lending activities.

(4)	These loans are primarily related to short-term precious metals trading and lending activities.