Note 11

Trading Portfolio

The Group trades in debt instruments (including money market paper and tradable loans), equity instruments, precious metals, other commodities and derivatives to meet the financial needs of its customers and to generate revenue. Note 23 provides a description of the various classes of derivative instruments.

CHF million	31.12.07	31.12.06

Trading portfolio assets
Money market paper	76,866	86,790
thereof pledged as collateral with central banks	*198*	20,053
thereof pledged as collateral (excluding central banks)	*35,604*	45,356
thereof pledged as collateral and can be repledged or resold by counterparty	*32,239*	38,173
Debt instruments
Swiss government and government agencies	304	340
US Treasury and government agencies	75,137	114,714
Other government agencies	57,864	71,170
Corporate listed	127,990	214,129
Other – unlisted	152,669	111,001
Total	413,964	511,354
thereof pledged as collateral	*170,276*	244,697
thereof can be repledged or resold by counterparty	*106,747*	158,549
Equity instruments
Listed	181,034	183,731
Unlisted	25,968	27,938
Total	207,002	211,669
thereof pledged as collateral	*26,870*	56,760
thereof can be repledged or resold by counterparty	*25,325*	54,756
Traded loans	47,122	47,630
Precious metals and other commodities ¹	29,418	21,071
Total trading portfolio assets	774,372	878,514

Trading portfolio liabilities
Debt instruments
Swiss government and government agencies	85	129
US Treasury and government agencies	50,187	81,385
Other government agencies	40,610	58,538
Corporate listed	24,722	21,788
Other – unlisted	4,822	2,101
Total	120,426	163,941
Equity instruments	44,362	40,832
Total trading portfolio liabilities	164,788	204,773
1 Other commodities predominantly consist of energy.

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