1. Income from trading activities
| Group | |||
| 2006 £m |
2005 £m |
2004 £m |
|
| Foreign exchange (1) | 738 | 647 | 599 |
| Interest rates (2) | 973 | 943 | 674 |
| Credit (3) | 841 | 666 | 670 |
| Equities and commodities (4) | 123 | 87 | 45 |
| 2,675 | 2,343 | 1,988 |
The analysis of trading income is based on how the business is organised and the underlying risks managed; 2005 and 2004 have been restated to reflect this. The total income from trading activities is unchanged.
Notes:
Trading income comprises gains and losses on financial instruments held for trading, both realised and unrealised, interest income and dividends and the related funding costs. The types of instruments include:
(1) Foreign exchange: spot foreign exchange contracts, currency swaps and options, emerging markets and related hedges and funding.
(2) Interest rates: interest rate swaps, forward foreign exchange contracts, forward rate agreements, interest rate options, interest rate futures and related hedges and funding.
(3) Credit: asset-backed securities, corporate bonds, credit derivatives and related hedges and funding.
(4) Equities and commodities: equity derivatives, commodity contracts and related hedges and funding.
© 2007