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## Notional amount of derivative contracts 

The following table summarizes the notional amount of derivative contracts outstanding as of December 31, 2018 and 2017. 

<img src='content_image/1055366.jpg'>

(a) For more information on volumes and types of credit derivative contracts, refer to the Credit derivatives discussion on pages 195-197. (b) Represents the sum of gross long and gross short third-party notional derivative 

contracts. (c) The prior period amounts have been revised to conform with the current period 

presentation. 

While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is used simply as a reference to calculate payments. 

