NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 161 The major exposures in equity trading are in the form of options used for hedging the portfolio against market fluctuations. In managing in- terest rate risk long-term interest income is primarily controlled by the use of interest rate caps.  In addition, exchange rate fluctuations are hedged by syntheti- cally transforming financial assets and liabilities in foreign currencies into  euro -denominated financial instruments through foreign ex- change deals and currency swaps. Banking and Asset Management Segments *) Positive and negative market values are shown on a gross basis, i.e. not taking into account netting effects Maturity as of 12/31/2003 2003 2002 Up to 1 – 5 Over Notional Positive Negative Notional Positive Negative 1 year years 5 years principal  market market principal market market amounts values values amounts values values ¤  mn ¤  mn ¤  mn ¤  mn ¤  mn ¤  mn ¤  mn ¤  mn ¤  mn Interest rate contracts 1,515,201 901,471 571,487 2,988,159 38,826 – 37,563 2,509,613 46,500 – 44,794 OTC Forwards 90,570 9,224 – 99,794 35 – 30 107,487 90 – 101 Swaps 1,277,414 795,547 509,556 2,582,517 37,403 – 35,519 2,105,324 44,994 – 42,585 Swaptions 202 18,291 45,091 63,584 597 – 1,472 59,987 562 – 1,571 Caps 13,896 34,173 8,626 56,695 267 – 120 56,073 296 – 105 Floors 10,708 16,899 6,441 34,048 479 – 376 36,427 518 – 413 Options 56 313 1,396 1,765 17 – 2 249 17 –  Other 20 69 377 466 6 – 28 – – – Exchange traded Futures 86,958 22,599 – 109,557 8 – 7 133,509 14 – 12 Options 35,377 4,346 – 39,723 14 – 9 10,557 9 – 7 Swaps – 10 – 10 – – – – – Equity/Index contracts 86,963 101,705 10,059 198,727 5,873 – 6,711 128,598 7,113 – 6,770 OTC  Swaps 3,341 6,069 762 10,172 617 – 564 3,980 520 – 426 Options 36,219 83,435 8,379 128,033 3,731 – 4,421 74,169 4,586 – 4,399 Warrants – – 20 20 2 – – – – Other 88 19 – 107 5 – 11 32 – –8 Exchange traded Futures 9,504 2 20 9,526 1 – 38 7,363 3 – 9 Options 37,811 12,180 878 50,869 1,517 – 1,677 43,054 2,004 – 1,928 Forwards – – – – – – – – – Foreign exchange 341,885 258,302 50,690 650,877 13,185 – 14,459 517,099 11,911 – 13,439 OTC  Forwards 232,927 57,447 1,144 291,518 6,237 – 8,393 351,204 7,570 – 9,031 Swaps 47,083 167,241 43,654 257,978 5,578 – 4,025 78,710 3,306 – 3,091 Options 60,741 33,533 5,892 100,166 1,351 – 2,032 84,123 979 –1,284 Other – – – – – – – – – Exchange traded Futures 1,134 81 – 1,215 13 – 9 3,062 56 – 33 Options – – – – – – – – – Forwards – – – – 6 – – – – Credit contracts 11,735 65,550 7,213 84,498 1,322 – 1,794 65,923 1,320 – 1,354 OTC  Credit default swaps 9,204 64,560 6,642 80,406 979 – 981 56,760 807 – 657 Total return swaps 2,531 990 571 4,092 343 – 813 9,163 513 – 697 Other contracts 2,161 3,403 1,991 7,555 548 – 470 8,126 417 – 264 OTC  Precious metals 1,921 2,685 1,746 6,352 417 – 344 7,841 416 – 263 Other 169 718 245 1,132 131 – 122 241 1 – 1 Exchange traded Futures 6 – – 6 – – – – – Options 65 – – 65 – – 4 44 – – Total 1,957,945 1,330,431 641,440 3,929,816 59,754 – 60,997 3,229,359 67,261 – 66,621 Notional principal amounts and market values of open derivative positions as of December 31 *)