Note 12 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.

Special Content

CHF million

31.12.06

31.12.05

Trading portfolio assets

Money market paper

86,790

57,685

thereof pledged as collateral with central banks1

20,053

11,717

thereof pledged as collateral (excluding central banks)1

45,356

16,307

thereof pledged as collateral and can be repledged or resold by counterparty2

38,173

11,563

Debt instruments

Swiss government and government agencies

340

589

US Treasury and government agencies

114,714

77,569

Other government agencies

71,170

64,823

Corporate listed

214,129

169,841

Other – unlisted

111,001

74,253

Total

511,354

387,075

thereof pledged as collateral1

190,153

170,917

thereof can be repledged or resold by counterparty2

158,549

110,857

Equity instruments

Listed

183,731

139,101

Unlisted

27,938

20,958

Total

211,669

160,059

thereof pledged as collateral1

56,760

33,559

thereof can be repledged or resold by counterparty2

54,756

32,339

Traded loans

47,630

36,212

Precious metals and other commodities3

21,071

13,025

Total trading portfolio assets

878,514

654,056

Trading portfolio liabilities

Debt instruments

Swiss government and government agencies

129

407

US Treasury and government agencies

81,385

74,758

Other government agencies

58,538

52,833

Corporate listed

21,788

19,885

Other – unlisted

2,101

1,224

Total

163,941

149,107

Equity instruments

40,832

39,524

Total trading portfolio liabilities

204,773

188,631

1  Financial assets pledged to third parties for liabilities with and without the right of rehypothecation are CHF 312 billion at 31 December 2006 and CHF 233 billion at 31 December 2005. 2  Financial assets pledged to third parties with right of rehypothecation of CHF 251 billion at 31 December 2006 and CHF 155 billion at 31 December 2005 are presented on the balance sheet in the line Trading portfolio assets pledged as collateral. 3  Other commodities predominantly consist of energy.

 

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