JPM · 10-Q · 2026Q2 · Full report
Derivatives Market Activity
JPMORGAN CHASE & CO · 2026-08-06 · Importance 35 · Surprise 48 · No source text
JPMorgan makes markets in derivatives for clients and uses derivatives to hedge or manage its own risk exposures across interest-rate, credit, foreign-exchange, equity and commodity products. Total derivative notional amounts increased 30% to $65.8 trillion at June 30, 2026 from $50.6 trillion at December 31, 2025. Interest-rate contract notionals rose to $39.0 trillion from $29.5 trillion, while foreign-exchange contracts increased to $20.5 trillion from $15.6 trillion and equity contracts increased to $4.0 trillion from $3.4 trillion. Net derivative receivables recognized on the balance sheet increased to $67.8 billion from $57.8 billion, with particularly strong growth in foreign-exchange and equity receivables.
Key facts
- Derivative receivables recognized on the Consolidated balance sheets were $690,600 million with net derivative receivables of $67,767 million as of June 30, 2026 (compared with $606,382 million and $57,777 million at December 31, 2025). source
- Derivative payables recognized on the Consolidated balance sheets were $708,638 million with net derivative payables of $66,488 million as of June 30, 2026 (compared with $596,738 million and $46,329 million at December 31, 2025). source
- Derivative payables with an appropriate legal opinion were $698,245 million gross and $56,095 million net as of June 30, 2026, and $589,018 million gross and $38,609 million net as of December 31, 2025; derivative payables where an appropriate legal opinion has not been either sought or obtained were $10,393 million at June 30, 2026 and $7,720 million at December 31, 2025. source
- Derivative receivables with an appropriate legal opinion were $679,833 million gross and $57,000 million net as of June 30, 2026, and $599,310 million gross and $50,705 million net as of December 31, 2025; derivative receivables where an appropriate legal opinion has not been either sought or obtained were $10,767 million at June 30, 2026 and $7,072 million at December 31, 2025. source
- Trading assets were $1,062,072 million at June 30, 2026 (included assets pledged of $267,907) and $802,873 million at December 31, 2025 (included assets pledged of $165,927). source
- Trading assets as of June 30, 2026: $1,062,072 million, up from $802,873 million at December 31, 2025 source
- Trading liabilities as of June 30, 2026: $275,136 million, up from $216,019 million at December 31, 2025 source
- Net change in trading assets was $(253,978) million for the six months ended June 30, 2026 and $(245,618) million for the six months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +5.2% | Trading assets were $1,062,072 million at June 30, 2026 (included assets pledged of $267,907) and $802,873 million at December 31, 2025… |
| assets | negative | realized | -5.1% | Net change in trading assets was $(253,978) million for the six months ended June 30, 2026 and $(245,618) million for the six months ended… |
| assets | positive | realized | +0.1% | Derivative receivables with an appropriate legal opinion were $679,833 million gross and $57,000 million net as of June 30, 2026, and… |
| liability | negative | realized | -0.1% | Aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives containing contingent collateral or termination… |
| cash | negative | realized | -0.1% | Collateral posted related to those net derivative payables: $25,134 million at June 30, 2026 and $20,555 million at December 31, 2025. |
| assets | positive | realized | +0.1% | Derivative receivables with an appropriate legal opinion were $679,833 million gross and $57,000 million net as of June 30, 2026, and… |