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Trading and Principal Investments Net Revenues

FICC Net Revenues

Equities Net Revenues

Principal Investments Net Revenues


Our Trading and Principal Investments business facilitates customer transactions and takes proprietary positions through market making in, and trading of, fixed income and equity products, currencies, commodities, and swaps and other derivatives. In addition, we engage in floor-based and electronic market making as a specialist on U.S. equities and options exchanges.

Our Trading and Principal Investments activities are divided into three categories: Fixed Income, Currency and Commodities, Equities and Principal Investments.

Fixed Income, Currency and Commodities (FICC)
FICC makes markets in and trades interest rate and credit products, currencies and commodities, structures and enters into a wide variety of derivative transactions, and engages in proprietary trading. FICC's principal products are: commodities and commodity derivatives; credit products, including investment-grade corporate securities, high-yield securities, bank loans, municipal securities, credit derivatives and emerging market debt; currencies and currency derivatives; interest rate products, including interest rate derivatives and global government securities; money market instruments; and mortgage-backed securities and loans.

Equities makes markets in, acts as a specialist for, and trades equities and equity-related products, structures and enters into equity derivative transactions, and engages in proprietary trading. As an agent and market maker, we facilitate customer transactions, often by committing capital, to provide liquidity to clients with large blocks of stocks or options.

Principal Investments
Principal Investments primarily represents net revenues from our merchant banking investments. We make principal investments directly and through funds that we raise and manage.

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