Notes 1-5
- 1. Income from trading activities
- 2. Operating expenses
- 3. Pension costs
- 4. Auditors' remuneration
- 5. Tax
1 Income from trading activities
| Group | |||
|---|---|---|---|
| 2007 £m |
2006 £m |
2005 £m |
|
| Foreign exchange (1) | 1,050 | 738 | 647 |
| Interest rate (2) | 1,466 | 973 | 943 |
| Credit (3) | (1,430) | 841 | 666 |
| Equities and commodities (4) | 241 | 123 | 87 |
| 1,327 | 2,675 | 2,343 | |
The analysis of trading income is based on how the business is organised and the underlying risks managed.
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 rate: 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.
© 2008