Impact of derivatives on the Consolidated balance sheets The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of December 31, 2018 and 2017, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Gross derivative receivables Gross derivative payables December 31, 2018 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 267,871 $ 833 $ 268,704 $ 23,214 $ 242,782 $ — $ 242,782 $ 7,784 Credit 20,095 — 20,095 612 20,276 — 20,276 1,667 Foreign exchange 167,057 628 167,685 13,450 164,392 825 165,217 12,785 Equity 49,285 — 49,285 9,946 51,195 — 51,195 10,161 Commodity 20,223 247 20,470 6,991 22,297 121 22,418 9,372 Total fair value of trading assets and liabilities $ 524,531 $ 1,708 $ 526,239 $ 54,213 $ 500,942 $ 946 $ 501,888 $ 41,769 Gross derivative receivables Gross derivative payables December 31, 2017 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 314,962 (c) $ 1,030 (c) $ 315,992 $ 24,673 $ 284,433 $^{(c)}$  $ 3 (c) $ 284,436 $ 7,129 Credit 23,205 — 23,205 869 23,252 — 23,252 1,299 Foreign exchange 159,740 491 160,231 16,151 154,601 1,221 155,822 12,473 Equity 40,040 — 40,040 7,882 45,395 — 45,395 9,192 Commodity 20,066 19 20,085 6,948 21,498 403 21,901 7,684 Total fair value of trading assets and liabilities $ 558,013 (c) $ 1,540 (c) $ 559,553 $ 56,523 $ 529,179 $^{(c)}$  $ 1,627 (c) $ 530,806 $ 37,777 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. (c) The prior period amounts have been revised to conform with the current period presentation. JPMorgan Chase & Co./2018 Form 10-K 188 Notes to consolidated financial statements Free-standing derivative receivables and payables (a)