v3.25.2
Derivative instruments
 6 Months Ended
Jun. 30, 2025
Disclosure Of Derivative Financial Instruments [Line Items]  
Derivative instruments
Note 10
 
Derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
a) Derivative instruments
As of 30.6.25, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional values
related to derivative
financial assets and
liabilities
1
Other
notional
values
2
Derivative financial instruments
Interest rate
38.0
33.6
3,680
18,031
Credit derivatives
3.2
3.4
132
Foreign exchange
78.5
88.8
8,214
372
Equity / index
45.4
53.8
1,579
98
Commodities
4.3
3.5
174
19
Other
3
0.6
0.7
168
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
170.0
183.8
13,947
18,519
Further netting potential not recognized on the balance
 
sheet
5
(152.9)
(161.9)
of which: netting of recognized financial liabilities / assets
(130.4)
(130.4)
of which: netting with collateral received / pledged
(22.5)
(31.5)
Total derivative financial instruments, after consideration of further netting potential
17.1
21.9
As of 31.3.25, USD bn
Derivative financial instruments
Interest rate
38.5
34.2
3,716
18,048
Credit derivatives
3.2
3.6
173
Foreign exchange
49.5
51.1
7,248
294
Equity / index
40.9
48.0
1,419
104
Commodities
5.0
4.2
180
19
Other
3
0.9
1.1
178
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
138.0
142.1
12,913
18,465
Further netting potential not recognized on the balance
 
sheet
5
(122.6)
(127.8)
of which: netting of recognized financial liabilities / assets
(100.8)
(100.8)
of which: netting with collateral received / pledged
(21.8)
(27.0)
Total derivative financial instruments, after consideration of further netting potential
15.5
14.3
As of 31.12.24, USD bn
Derivative financial instruments
Interest rate
41.4
36.6
3,644
16,844
Credit derivatives
3.1
3.7
144
Foreign exchange
100.9
94.6
7,207
269
Equity / index
36.9
42.7
1,365
93
Commodities
2.6
2.2
155
17
Other
3
0.6
0.8
87
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
185.6
180.6
12,602
17,223
Further netting potential not recognized on the balance
 
sheet
5
(161.7)
(166.3)
of which: netting of recognized financial liabilities / assets
(135.5)
(135.5)
of which: netting with collateral received / pledged
(26.2)
(30.8)
Total derivative financial instruments, after consideration of further netting potential
23.9
14.3
1 In cases where derivative
 
financial instruments are presented
 
on a net basis
 
on the balance sheet,
 
the respective notional values
 
of the netted derivative
 
financial instruments are still
 
presented on a gross
 
basis.
Notional amounts of client-cleared ETD and OTC transactions
 
through central clearing counterparties are not disclosed, as they
 
have a significantly different risk profile.
 
2 Other notional values relate to derivatives
that are cleared through either a central counterparty
 
or an exchange and settled on a daily basis.
 
The fair value of these derivatives is
 
presented on the balance sheet within Cash collateral receivables
 
on derivative
instruments and Cash collateral payables on derivative instruments.
 
3 Includes Loan commitments measured at FVTPL, as well as unsettled purchases and
 
sales of non-derivative financial instruments for which the
changes in the fair value
 
between trade date and settlement
 
date are recognized as derivative
 
financial instruments.
 
4 Financial assets and liabilities are
 
presented net on the
 
balance sheet if UBS has
 
the unconditional
and legally enforceable right to offset the recognized amounts,
 
both in the normal course of business and in the event of def
 
ault, bankruptcy or insolvency of UBS or its counterparties,
 
and intends either to settle on
a net basis
 
or to realize
 
the asset and
 
settle the liability
 
simultaneously. Refer
 
to “Note 22
 
Offsetting financial assets
 
and financial liabilities”
 
in the “Consolidated
 
financial statements” section
 
of the UBS
 
Group
Annual Report 2024 for more information.
 
5 Reflects the netting potential in accordance with enforceable master netting and similar
 
arrangements where not all criteria for a net presentation on the balance sheet
have been met. Refer to “Note 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS
 
Group Annual Report 2024 for more information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b) Cash collateral on derivative instruments
USD bn
Receivables
30.6.25
Payables
30.6.25
Receivables
31.3.25
Payables
31.3.25
Receivables
31.12.24
Payables
31.12.24
Cash collateral on derivative instruments, based on netting under IFRS Accounting
Standards
1
45.5
33.0
39.0
31.5
44.0
35.5
Further netting potential not recognized on the balance
 
sheet
2
(29.2)
(17.0)
(24.3)
(16.6)
(28.3)
(21.7)
of which: netting of recognized financial liabilities / assets
(27.3)
(15.0)
(22.2)
(14.5)
(25.9)
(19.3)
of which: netting with collateral received / pledged
(2.0)
(2.0)
(2.1)
(2.1)
(2.4)
(2.4)
Cash collateral on derivative instruments, after consideration of further netting potential
16.2
16.0
14.7
14.9
15.7
13.8
1 Financial assets and liabilities are
 
presented net on the balance
 
sheet if UBS has the unconditional
 
and legally enforceable right to offset
 
the recognized amounts, both
 
in the normal course of
 
business and in the
event of default,
 
bankruptcy or insolvency
 
of UBS or
 
its counterparties,
 
and intends either
 
to settle on
 
a net basis
 
or to realize
 
the asset and
 
settle the liability
 
simultaneously.
 
2 Reflects the
 
netting potential in
accordance with enforceable
 
master netting and
 
similar arrangements
 
where not all
 
criteria for a
 
net presentation on
 
the balance
 
sheet have been
 
met. Refer to
 
“Note 22 Offsetting
 
financial assets and
 
financial
liabilities” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more information.