v3.21.2
Trading Assets and Liabilities
 6 Months Ended
Jun. 30, 2021
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 carried 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 June 2021
                 
Trading cash instruments
  
 
$309,565
 
   
 
$150,399
 
Derivatives
  
 
66,352
 
   
 
48,694
 
Total
  
 
$375,917
 
   
 
$199,093
 
 
As of December 2020
                 
Trading cash instruments
     $324,049        $  95,136  
Derivatives
     69,581        58,591  
Total
     $393,630        $153,727  
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.
 
    Three Months
Ended June		    
        
  
Six Months
Ended June
  
           
$ in millions
  
 
2021
 
      2020    
 
  
 
2021
 
      2020  
Interest rates
  
 
$  
 
920
 
      $1,315        
 
$
 
 
(323
) 
      $2,052  
Credit
  
 
310
 
      1,151        
 
1,162
 
      2,993  
Currencies
  
 
(108
) 
      42        
 
2,742
 
      (693 ) 
Equities
  
 
1,540
 
      1,931        
 
4,318
 
      3,631  
Commodities
  
 
612
 
      1,348    
 
  
 
1,268
 
      1,486  
Total
  
 
$3,274
 
      $5,787    
 
  
 
$9,167
 
      $9,469  
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.