The table below summarizes the gross and net amounts of the Firm’s securities financing agreements, as of December 31, 2020 and 2019. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. (a) Includes securities-for-securities lending agreements of $3.4 billion and $3.7 billion at December 31, 2020 and 2019, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities. (b) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. (c) Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At December 31, 2020 and 2019, included $17.0 billion and $11.0 billion, respectively, of securities purchased under resale agreements; $42.1 billion and $31.9 billion, respectively, of securities borrowed; $14.5 billion and $22.7 billion, respectively, of securities sold under repurchase agreements; and $8 million and $7 million, respectively, of securities loaned and other. (d) The prior period amounts have been revised to conform with the current period presentation. 230 JPMorgan Chase & Co./2020 Form 10-K 2020 December 31, (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets Net amounts Assets Securities purchased under resale agreements $ 666,467 $ (370,183) $ 296,284 $ (273,206) $ 23,078 Securities borrowed 193,700 (33,065) 160,635 (115,219) 45,416 Liabilities Securities sold under repurchase agreements $ 578,060 $ (370,183) $ 207,877 $ (191,980) $ 15,897 Securities loaned and other 41,366 (33,065) 8,301 (8,257) 44 2019 December 31, (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets Net amounts Assets Securities purchased under resale agreements $ 628,609 $ (379,463) $ 249,146 $ (231,147) $ 17,999  Securities borrowed 166,718  (26,960) 139,758  (104,990) 34,768  Liabilities Securities sold under repurchase agreements $ 555,172 $ (379,463) $ 175,709 $ (151,566) $ 24,143  Securities loaned and other 36,649  (26,960) 9,689  (9,654) 35  (b) (c) (a) (b) (c) (d) (d) (a) Notes to consolidated financial statements