10. Financial assets and liabilities held for trading

10.1 Breakdown of the balance

The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:

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Financial Assets and Liabilities Held-for-Trading	Millions of Euros
	2013	2012	2011
ASSETS-
Loans and advances to customers	106	244	-
Debt securities	29,602	28,020	20,946
Equity instruments	4,766	2,915	2,192
Trading derivatives	37,638	48,650	47,333
Total	72,112	79,829	70,471
LIABILITIES-
Trading derivatives	38,119	49,254	46,567
Short positions	7,529	6,580	4,611
Total	45,648	55,834	51,178

10.2 Debt securities

The breakdown by type of instrument of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Debt Securities Held-for-Trading Breakdown by type of instrument	Millions of Euros
	2013	2012	2011
Issued by Central Banks	291	334	402
Spanish government bonds	5,251	4,968	4,324
Foreign government bonds	19,154	18,068	13,229
Issued by Spanish financial institutions	596	456	566
Issued by foreign financial institutions	2,138	2,089	1,323
Other debt securities	2,172	2,106	1,102
Total	29,602	28,020	20,946

10.3 Equity instruments

The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Equity Instruments Held-for-Trading Breakdown by Issuer	Millions of Euros
	2013	2012	2011
Shares of Spanish companies
Credit institutions	497	162	62
Other sectors	2,255	1,108	600
Subtotal	2,752	1,270	662
Shares of foreign companies
Credit institutions	80	75	128
Other sectors	1,934	1,570	1,402
Subtotal	2,015	1,645	1,530
Total	4,766	2,915	2,192

10.4 Trading derivatives

The trading derivatives portfolio arises from the Group’s need to manage the risks it is exposed to in the normal course of business and also to market certain products amongst the Group’s customers. As of December 31, 2013, 2012 and 2011, trading derivatives were mainly contracted in over-the-counter (OTC) markets, with counterparties which are mainly foreign credit institutions, and related to foreign-exchange, interest-rate and equity risk. Below is a breakdown of the net positions by transaction type of the fair value of trading derivatives recognized in the accompanying consolidated balance sheets, divided into organized and OTC markets:

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Outstanding Financial Trading Derivatives 2013	Millions of Euros
	Currency Risk	Interest Rate Risk	Equity Price Risk	Precious Metals Risk	Commodities Risk	Credit Risk	Other Risks	Total
Organized markets
Financial futures	-	-	1	-	-	-	-	1
Options	1	-	72	-	-	-	1	74
Other products	-	-	-	-	-	-	-	-
Subtotal	1	-	73	-	-	-	1	75
OTC markets
Credit institutions
Forward transactions	(554)	40	-	-	-	-	-	(514)
Future rate agreements (FRAs)	-	(63)	-	-	-	-	-	(63)
Swaps	83	(1,394)	9	-	5	-	-	(1,297)
Options	179	(100)	(457)	(1)	(2)	-	-	(381)
Other products	-	(10)	-	-	-	(45)	-	(55)
Subtotal	(292)	(1,527)	(448)	(1)	3	(45)	-	(2,310)
Other financial institutions
Forward transactions	(137)	-	-	-	-	-	1	(136)
Future rate agreements (FRAs)	-	(10)	-	-	-	-	-	(10)
Swaps	-	25	12	-	-	-	-	37
Options	29	(108)	(320)	-	-	-	-	(399)
Other products	-	-	-	-	-	39	-	39
Subtotal	(108)	(93)	(308)	-	-	39	1	(469)
Other sectors
Forward transactions	176	-	-	-	-	-	-	176
Future rate agreements (FRAs)	-	136	-	-	-	-	-	136
Swaps	48	1,357	28	-	3	-	-	1,436
Options	(24)	(7)	449	(2)	(3)	-	-	413
Other products	3	57	-	-	-	-	-	60
Subtotal	203	1,543	477	(2)	-	-	-	2,221
Subtotal	(197)	(77)	(279)	(3)	3	(6)	1	(556)
Total	(196)	(77)	(206)	(3)	3	(6)	2	(481)
Of which:
Asset Trading Derivatives	6,389	27,719	3,073	1	20	430	6	37,638
Liability Trading Derivatives	(6,585)	(27,797)	(3,279)	(4)	(15)	(436)	(3)	(38,119)

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Outstanding Financial Trading Derivatives 2012	Millions of Euros
	Currency Risk	Interest Rate Risk	Equity Price Risk	Precious Metals Risk	Commodities Risk	Credit Risk	Other Risks	Total
Organized markets
Financial futures	-	-	1	-	-	-	-	1
Options	(4)	-	(111)	1	2	-	-	(112)
Other products	-	-	-	-	-	-	-	-
Subtotal	(4)	-	(110)	1	2	-	-	(111)
OTC markets
Credit institutions
Forward transactions	(1,108)	109	-	-	-	-	-	(999)
Future rate agreements (FRAs)	-	(203)	-	-	-	-	-	(203)
Swaps	70	(2,848)	83	-	12	-	-	(2,683)
Options	8	212	109	-	(4)	-	1	326
Other products	-	(3)	-	-	-	(92)	-	(95)
Subtotal	(1,030)	(2,733)	192	-	8	(92)	1	(3,654)
Other financial institutions
Forward transactions	(22)	-	-	-	-	-	-	(22)
Future rate agreements (FRAs)	-	(28)	-	-	-	-	-	(28)
Swaps	-	842	(21)	-	-	-	-	821
Options	-	(4)	(366)	-	-	-	-	(370)
Other products	-	(5)	-	-	-	108	-	103
Subtotal	(22)	805	(387)	-	-	108	-	504
Other sectors
Forward transactions	235	1	-	-	-	-	-	236
Future rate agreements (FRAs)	-	302	-	-	-	-	-	302
Swaps	(16)	1,639	153	-	(1)	-	-	1,775
Options	(60)	84	250	(3)	-	-	(4)	267
Other products	(3)	80	-	-	-	-	-	77
Subtotal	156	2,106	403	(3)	(1)	-	(4)	2,657
Subtotal	(896)	178	209	(3)	6	16	(3)	(493)
Total	(900)	178	99	(3)	8	16	(3)	(604)
Of which:
Asset Trading Derivatives	5,722	38,974	3,314	8	76	531	26	48,650
Liability Trading Derivatives	(6,622)	(38,795)	(3,215)	(10)	(68)	(515)	(29)	(49,254)

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Outstanding Financial Trading Derivatives 2011	Millions of Euros
	Currency Risk	Interest Rate Risk	Equity Price Risk	Precious Metals Risk	Commodities Risk	Credit Risk	Other Risks	Total
Organized markets
Financial futures	(0)	2	7	-	-	-	-	9
Options	(11)	(0)	(147)	5	(9)	-	-	(162)
Other products	-	-	-	-	-	-	-	-
Subtotal	(11)	2	(140)	5	(9)	-	-	(153)
OTC markets
Credit institutions
Forward transactions	(178)	-	-	-	-	-	-	(178)
Future rate agreements (FRAs)	-	(220)	-	-	-	-	-	(220)
Swaps	(299)	(3,960)	67	1	40	-	-	(4,150)
Options	110	605	(747)	-	-	-	1	(31)
Other products	-	11	-	-	-	(432)	-	(421)
Subtotal	(367)	(3,565)	(679)	1	40	(432)	1	(5,001)
Other financial institutions
Forward transactions	(7)	-	-	-	-	-	-	(7)
Future rate agreements (FRAs)	-	(21)	-	-	-	-	-	(21)
Swaps	-	1,460	12	-	(2)	-	-	1,470
Options	9	(177)	(64)	-	-	-	-	(232)
Other products	-	-	-	-	-	577	-	577
Subtotal	2	1,262	(52)	-	(2)	577	-	1,787
Other sectors
Forward transactions	392	-	-	-	-	-	-	392
Future rate agreements (FRAs)	-	311	-	-	-	-	-	311
Swaps	31	2,536	409	-	40	-	-	3,016
Options	(79)	164	330	-	-	-	9	424
Other products	-	8	-	-	-	(18)	-	(10)
Subtotal	343	3,020	739	-	40	(18)	9	4,133
Subtotal	(21)	717	7	1	78	127	10	919
Total	(32)	719	(133)	6	69	127	10	766
Of which:
Asset Trading Derivatives	8,892	32,837	3,178	45	284	2,064	33	47,333
Liability Trading Derivatives	(8,923)	(32,118)	(3,311)	(39)	(215)	(1,937)	(24)	(46,567)