2019 Universal registration document and annual financial report - BNP PARIBAS 193
4Consolidated finanCial statements for the year ended 31 deCemBer 2019
4
Notes to the financial statements
In millions of euros
31 December 2019 31 December 2018
Positive market value
Negative market value
Positive market value
Negative market value
Interest rate derivatives 148,157 130,411 116,438 103,452
Foreign exchange derivatives 60,172 57,758 69,514 68,761
Credit derivatives 8,659 9,242 6,873 7,071
Equity derivatives 25,480 35,841 33,424 39,419
Other derivatives 4,819 4,633 6,646 7,101
DERIVATIVE FINANCIAL INSTRUMENTS 247,287 237,885 232,895 225,804
The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.
In millions of euros
31 December 2019 31 December 2018
Exchange- traded
Over-the- counter, cleared through central
clearing houses
Over-the- counter Total
Exchange- traded
Over-the- counter, cleared through central
clearing houses
Over-the- counter Total
Interest rate derivatives 1,275,283 8,554,782 5,224,422 15,054,487 1,553,933 9,189,930 5,193,522 15,937,385
Foreign exchange derivatives 17,125 71,944 4,989,986 5,079,055 15,547 52,329 4,782,027 4,849,903
Credit derivatives 348,880 591,827 940,707 311,726 561,534 873,260
Equity derivatives 788,587 592,450 1,381,037 1,132,800 1,789 577,816 1,712,405
Other derivatives 151,049 85,006 236,055 99,510 58,004 94,202 251,716
DERIVATIVE FINANCIAL INSTRUMENTS 2,232,044 8,975,606 11,483,691 22,691,341 2,801,790 9,613,778 11,209,101 23,624,669
In the framework of its client clearing activity, the Group guarantees the risk of default of its clients to central counterparties.
The corresponding notional amount is EUR 936 billion as of 31 December 2019.
5.b DERIVATIVES USED FOR HEDGING PURPOSES The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.
In millions of euros
31 December 2019 31 December 2018
Notional amounts
Positive fair value
Negative fair value
Notional amounts
Positive fair value
Negative fair value
Fair value hedges 741,647 10,702 13,113 639,707 8,079 10,706
Interest rate derivatives 732,683 10,583 12,964 630,993 7,871 10,526
Foreign exchange derivatives 8,964 119 149 8,714 208 180
Cash flow hedges 179,237 1,744 984 184,287 1,683 964
Interest rate derivatives 67,143 1,476 340 58,666 1,233 358
Foreign exchange derivatives 111,773 236 613 125,306 439 496
Other derivatives 321 32 31 315 11 110
Net foreign investment hedges 4,863 6 19 3,806 48 7
Foreign exchange derivatives 4,863 6 19 3,806 48 7
DERIVATIVES USED FOR HEDGING PURPOSES 925,747 12,452 14,116 827,800 9,810 11,677
