v3.20.4
Trading Assets and Liabilities
 12 Months Ended
Dec. 31, 2020
Trading Assets and Liabilities [Abstract]  
Trading Assets and Liabilities
Note 5.
Trading Assets and Liabilities
Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings.
The table below presents a summary of trading assets and liabilities.
 
$ in millions
     Trading
Assets		  
 		      Trading
Liabilities		  
 
As of December 2020
                 
Trading cash instruments
  
 
$324,049
 
   
 
$  95,136
 
Derivatives
  
 
69,581
 
   
 
58,591
 
Total
  
 
$393,630
 
   
 
$153,727
 
 
As of December 2019
                 
Trading cash instruments
     $310,080        $  65,033  
Derivatives
     45,252        43,802  
Total
     $355,332        $108,835  
See Note 6 for further information about trading cash instruments and Note 7 for further information about derivatives.
Gains and Losses from Market Making
The table below presents market making revenues by major product type.
 
    Year Ended December  
       
$ in millions
  
 
2020
 
      2019        2018  
Interest rates
  
 
$  6,191
 
      $  3,272        $(1,917 ) 
Credit
  
 
3,250
 
      682        1,268  
Currencies
  
 
(3,257
) 
      2,902        4,646  
Equities
  
 
6,757
 
      2,946        5,264  
Commodities
  
 
2,605
 
      355        463  
Total
  
 
$15,546
 
      $10,157        $ 9,724  
In the table above:
 
•  
Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.
 
•  
Gains and losses included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and
non-derivative
financial instruments.
 
•  
Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.