
In millions of dollars	2025		2024		2023
Interest rate risks(1)(2)	$	1,394	$	1,771	$	2,045
Foreign exchange risks(2)(3)	6,129		5,409		3,851
Equity risks(4)(5)	2,119		2,339		1,267
Commodity and other risks(6)	966		1,374		1,741
Credit products and risks(7)	(373)		216		(623)
Total	$	10,235	$	11,109	$	8,281

(1) Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.

(2) Effective July 1, 2025, gains and losses on certain economic and qualifying hedging derivatives and foreign currency transactions, which were previously presented within Other revenue, are presented within Principal transactions. Prior periods were conformed to reflect this change in presentation.

(3) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation gains and losses.

(4) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.

(5) 2024 includes an approximate $400 million episodic gain related to the Visa B exchange.

(6) Primarily includes revenues from energy products, metals and other commodities trades.

(7) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.