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Fair Value Measurements and Trading-Related Revenue (Tables) | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet | Set out in the following table are the fair values of financial instruments not carried at fair value in our Consolidated Balance Sheet.
(Canadian $ in millions) |  |  |  |  | 2025 |  |  |  |  |  | 2024 |
|  | Carrying value |  |  | Fair value (6) |  |  | Carrying value |  |  | Fair value (6) |
Securities (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 96,610 |  |  | $ | 90,448 |  |  | $ | 115,188 |  |  | $ | 106,461 |
Loans (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  |  | 195,708 |  |  |  | 194,755 |  |  |  | 190,666 |  |  |  | 188,848 |
Consumer instalment and other personal |  |  | 91,867 |  |  |  | 91,937 |  |  |  | 91,889 |  |  |  | 91,513 |
Credit cards |  |  | 11,997 |  |  |  | 11,997 |  |  |  | 13,030 |  |  |  | 13,030 |
Business and government |  |  | 364,265 |  |  |  | 364,866 |  |  |  | 369,776 |  |  |  | 370,101 |
|  |  | 663,837 |  |  |  | 663,555 |  |  |  | 665,361 |  |  |  | 663,492 |
Deposits (3) |  |  | 920,040 |  |  |  | 920,927 |  |  |  | 928,332 |  |  |  | 928,689 |
Securitization and structured entities’ liabilities (4) |  |  | 20,211 |  |  |  | 20,100 |  |  |  | 21,850 |  |  |  | 21,653 |
Other liabilities (5) |  |  | 3,103 |  |  |  | 2,953 |  |  |  | 2,929 |  |  |  | 2,669 |
Subordinated debt |  |  | 8,500 |  |  |  | 8,756 |  |  |  | 8,377 |  |  |  | 8,543 |
| (1) | Carrying value is net of ACL.
| (2) | Excludes $79 million of residential mortgages classified as FVTPL, $13,231 million of business and government loans classified as FVTPL and $14 million of business and government loans classified as FVOCI ($163 million, $12,431 million and $61 million, respectively, as at October 31, 2024).
| (3) | Excludes $49,093 million of structured note liabilities, $1,129 million of money market deposits, $1,967 million of embedded options related to structured deposits carried at amortized cost and $3,973 million of metals deposits measured at fair value ($ 45,222 million, $6,032 million, $1,047 million and $1,807 million, respectively, as at October 31, 2024).
| (4) | Excludes $31,351 million of securitization and structured entities’ liabilities classified as FVTPL ($18,314 million as at October 31, 2024).
| (5) | Other liabilities include certain investment contract liabilities in our insurance business measured at amortized cost, as well as certain other liabilities of subsidiaries.
| (6) | If financial instruments not carried at fair value were categorized based on the fair value hierarchy, all of these financial instruments would be categorized as Level 2, except for amortized cost securities, which would have $90,448 million categorized as Level 2 ($106,389 million as at October 31, 2024) and $nil million categorized as Level 3 ($72 million as at October 31, 2024).
Summary of Assets and Liabilities categorized by the Fair Value Hierarchy | The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models using one or more significant unobservable market information as inputs (Level 3) in the valuation of securities, loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table:
(Canadian $ in millions) |  | 2025 |  |  | 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Trading Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  | $ | 757 |  |  | $ | 11,554 |  |  | $ | – |  |  | $ | 12,311 |  |  | $ | 1,272 |  |  | $ | 8,764 |  |  | $ | – |  |  | $ | 10,036 |
Canadian provincial and municipal governments |  |  | – |  |  |  | 9,035 |  |  |  | – |  |  |  | 9,035 |  |  |  | – |  |  |  | 7,585 |  |  |  | – |  |  |  | 7,585 |
U.S. federal government |  |  | 3,308 |  |  |  | 27,594 |  |  |  | – |  |  |  | 30,902 |  |  |  | 2,688 |  |  |  | 21,560 |  |  |  | – |  |  |  | 24,248 |
U.S. states, municipalities and agencies |  |  | – |  |  |  | 1,144 |  |  |  | – |  |  |  | 1,144 |  |  |  | – |  |  |  | 565 |  |  |  | – |  |  |  | 565 |
Other governments |  |  | 199 |  |  |  | 3,927 |  |  |  | – |  |  |  | 4,126 |  |  |  | 92 |  |  |  | 3,757 |  |  |  | – |  |  |  | 3,849 |
NHA MBS, and U.S. agency MBS and CMO |  |  | – |  |  |  | 56,450 |  |  |  | – |  |  |  | 56,450 |  |  |  | – |  |  |  | 40,995 |  |  |  | – |  |  |  | 40,995 |
Corporate debt |  |  | – |  |  |  | 11,614 |  |  |  | – |  |  |  | 11,614 |  |  |  | – |  |  |  | 10,172 |  |  |  | – |  |  |  | 10,172 |
Trading loans |  |  | – |  |  |  | 4,568 |  |  |  | – |  |  |  | 4,568 |  |  |  | – |  |  |  | 5,493 |  |  |  | – |  |  |  | 5,493 |
Corporate equity |  |  | 61,495 |  |  |  | 658 |  |  |  | – |  |  |  | 62,153 |  |  |  | 65,559 |  |  |  | 420 |  |  |  | 4 |  |  |  | 65,983 |
|  |  | 65,759 |  |  |  | 126,544 |  |  |  | – |  |  |  | 192,303 |  |  |  | 69,611 |  |  |  | 99,311 |  |  |  | 4 |  |  |  | 168,926 |
FVTPL Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  |  | 56 |  |  |  | 1,563 |  |  |  | – |  |  |  | 1,619 |  |  |  | 166 |  |  |  | 237 |  |  |  | – |  |  |  | 403 |
Canadian provincial and municipal governments |  |  | – |  |  |  | 1,578 |  |  |  | – |  |  |  | 1,578 |  |  |  | – |  |  |  | 1,578 |  |  |  | – |  |  |  | 1,578 |
U.S. federal government |  |  | – |  |  |  | 1,495 |  |  |  | – |  |  |  | 1,495 |  |  |  | – |  |  |  | 1,527 |  |  |  | – |  |  |  | 1,527 |
Other governments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 25 |  |  |  | – |  |  |  | 25 |
NHA MBS, and U.S. agency MBS and CMO |  |  | – |  |  |  | 18 |  |  |  | – |  |  |  | 18 |  |  |  | – |  |  |  | 21 |  |  |  | – |  |  |  | 21 |
Corporate debt |  |  | – |  |  |  | 8,908 |  |  |  | – |  |  |  | 8,908 |  |  |  | – |  |  |  | 8,745 |  |  |  | 35 |  |  |  | 8,780 |
Corporate equity |  |  | 1,090 |  |  |  | 822 |  |  |  | 5,824 |  |  |  | 7,736 |  |  |  | 921 |  |  |  | 910 |  |  |  | 4,899 |  |  |  | 6,730 |
|  |  | 1,146 |  |  |  | 14,384 |  |  |  | 5,824 |  |  |  | 21,354 |  |  |  | 1,087 |  |  |  | 13,043 |  |  |  | 4,934 |  |  |  | 19,064 |
FVOCI Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  |  | 1,158 |  |  |  | 44,177 |  |  |  | – |  |  |  | 45,335 |  |  |  | 3,212 |  |  |  | 30,965 |  |  |  | – |  |  |  | 34,177 |
Canadian provincial and municipal governments |  |  | – |  |  |  | 5,644 |  |  |  | – |  |  |  | 5,644 |  |  |  | – |  |  |  | 5,996 |  |  |  | – |  |  |  | 5,996 |
U.S. federal government |  |  | 16 |  |  |  | 20,793 |  |  |  | – |  |  |  | 20,809 |  |  |  | 25 |  |  |  | 16,940 |  |  |  | – |  |  |  | 16,965 |
U.S. states, municipalities and agencies |  |  | – |  |  |  | 5,634 |  |  |  | – |  |  |  | 5,634 |  |  |  | – |  |  |  | 5,068 |  |  |  | – |  |  |  | 5,068 |
Other governments |  |  | 37 |  |  |  | 4,028 |  |  |  | – |  |  |  | 4,065 |  |  |  | – |  |  |  | 5,656 |  |  |  | – |  |  |  | 5,656 |
NHA MBS, and U.S. agency MBS and CMO |  |  | – |  |  |  | 27,015 |  |  |  | – |  |  |  | 27,015 |  |  |  | – |  |  |  | 21,293 |  |  |  | – |  |  |  | 21,293 |
Corporate debt |  |  | – |  |  |  | 4,515 |  |  |  | – |  |  |  | 4,515 |  |  |  | – |  |  |  | 4,370 |  |  |  | – |  |  |  | 4,370 |
Corporate equity |  |  | – |  |  |  | – |  |  |  | 192 |  |  |  | 192 |  |  |  | – |  |  |  | – |  |  |  | 177 |  |  |  | 177 |
|  |  | 1,211 |  |  |  | 111,806 |  |  |  | 192 |  |  |  | 113,209 |  |  |  | 3,237 |  |  |  | 90,288 |  |  |  | 177 |  |  |  | 93,702 |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  |  | – |  |  |  | 79 |  |  |  | – |  |  |  | 79 |  |  |  | – |  |  |  | 163 |  |  |  | – |  |  |  | 163 |
Business and government loans |  |  | – |  |  |  | 12,921 |  |  |  | 324 |  |  |  | 13,245 |  |  |  | – |  |  |  | 12,190 |  |  |  | 302 |  |  |  | 12,492 |
|  |  | – |  |  |  | 13,000 |  |  |  | 324 |  |  |  | 13,324 |  |  |  | – |  |  |  | 12,353 |  |  |  | 302 |  |  |  | 12,655 |
Other Assets (1) |  |  | 8,521 |  |  |  | – |  |  |  | 1,483 |  |  |  | 10,004 |  |  |  | 11,236 |  |  |  | – |  |  |  | 1,717 |  |  |  | 12,953 |
Fair Value Liabilities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits (3) |  |  | – |  |  |  | 56,162 |  |  |  | – |  |  |  | 56,162 |  |  |  | – |  |  |  | 54,108 |  |  |  | – |  |  |  | 54,108 |
Securities sold but not yet purchased |  |  | 14,998 |  |  |  | 39,878 |  |  |  | – |  |  |  | 54,876 |  |  |  | 10,631 |  |  |  | 24,399 |  |  |  | – |  |  |  | 35,030 |
Other liabilities (4) |  |  | 2,142 |  |  |  | 32,096 |  |  |  | – |  |  |  | 34,238 |  |  |  | 1,754 |  |  |  | 19,110 |  |  |  | – |  |  |  | 20,864 |
|  |  | 17,140 |  |  |  | 128,136 |  |  |  | – |  |  |  | 145,276 |  |  |  | 12,385 |  |  |  | 97,617 |  |  |  | – |  |  |  | 110,002 |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  | 15 |  |  |  | 8,666 |  |  |  | – |  |  |  | 8,681 |  |  |  | 36 |  |  |  | 9,851 |  |  |  | – |  |  |  | 9,887 |
Foreign exchange contracts |  |  | 43 |  |  |  | 30,474 |  |  |  | 2 |  |  |  | 30,519 |  |  |  | 4 |  |  |  | 21,258 |  |  |  | 10 |  |  |  | 21,272 |
Commodity contracts |  |  | 225 |  |  |  | 1,224 |  |  |  | 13 |  |  |  | 1,462 |  |  |  | 169 |  |  |  | 1,656 |  |  |  | 2 |  |  |  | 1,827 |
Equity contracts |  |  | 275 |  |  |  | 16,203 |  |  |  | 10 |  |  |  | 16,488 |  |  |  | 539 |  |  |  | 13,718 |  |  |  | – |  |  |  | 14,257 |
Credit default swaps |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | 10 |
|  |  | 558 |  |  |  | 56,568 |  |  |  | 25 |  |  |  | 57,151 |  |  |  | 748 |  |  |  | 46,493 |  |  |  | 12 |  |  |  | 47,253 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  | 18 |  |  |  | 10,081 |  |  |  | – |  |  |  | 10,099 |  |  |  | 32 |  |  |  | 10,811 |  |  |  | – |  |  |  | 10,843 |
Foreign exchange contracts |  |  | – |  |  |  | 26,049 |  |  |  | – |  |  |  | 26,049 |  |  |  | – |  |  |  | 19,955 |  |  |  | – |  |  |  | 19,955 |
Commodity contracts |  |  | 196 |  |  |  | 1,412 |  |  |  | – |  |  |  | 1,608 |  |  |  | 96 |  |  |  | 1,721 |  |  |  | 4 |  |  |  | 1,821 |
Equity contracts |  |  | 175 |  |  |  | 20,793 |  |  |  | 5 |  |  |  | 20,973 |  |  |  | 75 |  |  |  | 25,596 |  |  |  | 2 |  |  |  | 25,673 |
Credit default swaps |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 10 |  |  |  | 1 |  |  |  | 11 |
|  | $ | 389 |  |  | $ | 58,335 |  |  | $ | 5 |  |  | $ | 58,729 |  |  | $ | 203 |  |  | $ | 58,093 |  |  | $ | 7 |  |  | $ | 58,303 |
| (1) | Other assets include precious metals, segregated fund assets and investment properties in our insurance business, carbon credits, certain receivables and other items measured at fair value.
| (2) | Interest expense for liabilities carried at fair value is $3,476 million for the year ended October 31, 2025 ($2,774 million for the year ended October 31, 2024). Interest expense for liabilities carried at amortized cost is $38,574 million for the year ended October 31, 2025 ($43,743 million for the year ended October 31, 2024).
| (3) | Deposits include structured note liabilities, money market and metals deposits designated at FVTPL and certain embedded options related to structured deposits carried at amortized cost.
| (4) | Other liabilities include certain investment contract liabilities and segregated fund liabilities in our insurance business, as well as certain securitization and structured entities’ liabilities measured at FVTPL.
Significant Unobservable Inputs in Level 3 Instrument Valuations | Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations.
(Canadian $ in millions, except as noted) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2025 |
|  | Reporting line in fair value hierarchy table |  |  | Fair value of assets |  |  | Valuation techniques |  |  | Significant unobservable inputs |  |  | Range of input values (1) |  |  | Changes in fair value from using reasonably possible alternatives (2) |
| Low |  |  | High |
Private equity |  |  | Corporate equity |  |  | $ | 6,016 |  |  |  | Net asset value |  |  |  | Net asset value |  |  |  | na |  |  |  | na |  |  |  | na |
|  |  |  |  |  |  |  |  |  |  | EV/EBITDA |  |  |  | Multiple |  |  |  | 5 |  |  |  | 28 |  |  |  | (38 )/38 |
Investment properties |  |  | Other assets |  |  |  | 1,396 |  |  |  | Income approach |  |  |  | Capitalization rate |  |  |  | 5% |  |  |  | 7% |  |  |  | (108)/128 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2024 |
Private equity |  |  | Corporate equity |  |  | $ | 4,899 |  |  |  | Net asset value |  |  |  | Net asset value |  |  |  | na |  |  |  | na |  |  |  | na |
|  |  |  |  |  |  |  |  |  |  | EV/EBITDA |  |  |  | Multiple |  |  |  | 5 |  |  |  | 21 |  |  |  | (18)/18 |
Investment properties |  |  | Other assets |  |  |  | 1,363 |  |  |  | Income approach |  |  |  | Capitalization rate |  |  |  | 2% |  |  |  | 8% |  |  |  | (118)/151 |
| (1) | The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These value ranges do not reflect the level of input uncertainty but are affected by the specific underlying instruments within each product category. The value ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.
| (2) | Net asset values are provided by fund managers and therefore have no other reasonably possible alternative assumptions. Sensitivity of private equity investments is determined by adjusting the price multiples. Sensitivity of investment properties is determined by adjusting the capitalization rate.
na – not applicable
Summary of Changes in Level 3 Instruments Carried At Fair Value | The tables below present a reconciliation of all changes in Level 3 financial instruments for the years ended October 31, 2025 and 2024, including realized and unrealized gains (losses) included in earnings and other comprehensive income, as well as transfers into and out of Level 3. Transfers from Level 2 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers from Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities.
|  |  |  |  | Change in fair value |  |  |  |  |  | Movements |  |  | Transfers |  |  |  |  |  |  |
For the year ended October 31, 2025 (Canadian $ in millions) |  | Fair value as at October 31, 2024 |  |  | Included in earnings |  |  | Included in other comprehensive income (1) |  |  | Purchases/ Issuances |  |  | Sales |  |  | Maturities/ Settlement |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Fair value as at October 31, 2025 |  |  | Change in unrealized gains (losses) recorded in income for instruments still held (2) |
Trading Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NHA MBS and U.S. agency MBS and CMO |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 5 |  |  | $ | (5 | ) |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Corporate equity |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | – |
Total trading securities |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | 7 |  |  |  | (5 | ) |  |  | – |  |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | – |
FVTPL Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  |  | 35 |  |  |  | 1 |  |  |  | – |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (38 | ) |  |  | – |  |  |  | 1 |
Corporate equity |  |  | 4,899 |  |  |  | (96 | ) |  |  | 17 |  |  |  | 1,180 |  |  |  | (252 | ) |  |  | – |  |  |  | 82 |  |  |  | (6 | ) |  |  | 5,824 |  |  |  | 36 |
Total FVTPL securities |  |  | 4,934 |  |  |  | (95 | ) |  |  | 17 |  |  |  | 1,182 |  |  |  | (252 | ) |  |  | – |  |  |  | 82 |  |  |  | (44 | ) |  |  | 5,824 |  |  |  | 37 |
FVOCI Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate equity |  |  | 177 |  |  |  | – |  |  |  | (14 | ) |  |  | 29 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 192 |  |  |  | na |
Total FVOCI securities |  |  | 177 |  |  |  | – |  |  |  | (14 | ) |  |  | 29 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 192 |  |  |  | na |
Business and Government Loans |  |  | 302 |  |  |  | (21 | ) |  |  | 4 |  |  |  | 62 |  |  |  | – |  |  |  | (52 | ) |  |  | 29 |  |  |  | – |  |  |  | 324 |  |  |  | (21 | )
Other Assets |  |  | 1,717 |  |  |  | (67 | ) |  |  | – |  |  |  | 277 |  |  |  | (7 | ) |  |  | (437 | ) |  |  | – |  |  |  | – |  |  |  | 1,483 |  |  |  | (63 | )
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 10 |  |  |  | (14 | ) |  |  | – |  |  |  | 48 |  |  |  | – |  |  |  | (42 | ) |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | (13 | )
Commodity contracts |  |  | 2 |  |  |  | 11 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13 |  |  |  | 12 |
Equity contracts |  |  | – |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 17 |  |  |  | (9 | ) |  |  | 10 |  |  |  | 2 |
Credit default swaps |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |
Total derivative assets |  |  | 12 |  |  |  | (1 | ) |  |  | – |  |  |  | 48 |  |  |  | – |  |  |  | (43 | ) |  |  | 18 |  |  |  | (9 | ) |  |  | 25 |  |  |  | 1 |
Other Liabilities |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | 4 |  |  |  | (4 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4 | )
Equity contracts |  |  | 2 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | (3 | ) |  |  | 5 |  |  |  | 3 |
Credit default swaps |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total derivative liabilities |  |  | 7 |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | 3 |  |  |  | (3 | ) |  |  | 5 |  |  |  | (1 | )
|  |  |  |  | Change in fair value |  |  |  |  |  | Movements |  |  | Transfers |  |  |  |  |  |  |
For the year ended October 31, 2024 (Canadian $ in millions) |  | Fair value as at October 31, 2023 |  |  | Included in earnings |  |  | Included in other comprehensive income (1) |  |  | Purchases/ Issuances |  |  | Sales |  |  | Maturities/ Settlement |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Fair value as at October 31, 2024 |  |  | Change in unrealized gains (losses) recorded in income for instruments still held (2) |
Trading Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NHA MBS and U.S. agency MBS and CMO |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 41 |  |  | $ | (41 | ) |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Corporate equity |  |  | 37 |  |  |  | – |  |  |  | – |  |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (37 | ) |  |  | 4 |  |  |  | – |
Total trading securities |  |  | 37 |  |  |  | – |  |  |  | – |  |  |  | 45 |  |  |  | (41 | ) |  |  | – |  |  |  | – |  |  |  | (37 | ) |  |  | 4 |  |  |  | – |
FVTPL Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  |  | 27 |  |  |  | (10 | ) |  |  | – |  |  |  | 18 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 35 |  |  |  | (10 | )
Corporate equity |  |  | 4,208 |  |  |  | (162 | ) |  |  | 11 |  |  |  | 1,068 |  |  |  | (240 | ) |  |  | (1 | ) |  |  | 16 |  |  |  | (1 | ) |  |  | 4,899 |  |  |  | 57 |
Total FVTPL securities |  |  | 4,235 |  |  |  | (172 | ) |  |  | 11 |  |  |  | 1,086 |  |  |  | (240 | ) |  |  | (1 | ) |  |  | 16 |  |  |  | (1 | ) |  |  | 4,934 |  |  |  | 47 |
FVOCI Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate equity |  |  | 160 |  |  |  | – |  |  |  | 13 |  |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 177 |  |  |  | na |
Total FVOCI securities |  |  | 160 |  |  |  | – |  |  |  | 13 |  |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 177 |  |  |  | na |
Business and Government Loans |  |  | 186 |  |  |  | – |  |  |  | – |  |  |  | 89 |  |  |  | – |  |  |  | (171 | ) |  |  | 198 |  |  |  | – |  |  |  | 302 |  |  |  | – |
Other Assets |  |  | 1,723 |  |  |  | 30 |  |  |  | – |  |  |  | 86 |  |  |  | (21 | ) |  |  | (101 | ) |  |  | – |  |  |  | – |  |  |  | 1,717 |  |  |  | 47 |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 10 |  |  |  | – |
Commodity contracts |  |  | 5 |  |  |  | (3 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | (3 | )
Equity contracts |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13 |  |  |  | (13 | ) |  |  | – |  |  |  | – |
Credit default swaps |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total derivative assets |  |  | 5 |  |  |  | (3 | ) |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | – |  |  |  | 13 |  |  |  | (13 | ) |  |  | 12 |  |  |  | (3 | )
Other Liabilities |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | 8 |  |  |  | – |  |  |  | (13 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | 1 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4 |  |  |  | 3 |
Equity contracts |  |  | 8 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | (9 | ) |  |  | 2 |  |  |  | 1 |
Credit default swaps |  |  | 2 |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | 1 |  |  |  | (1 | )
Total derivative liabilities |  |  | 11 |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | (9 | ) |  |  | 7 |  |  |  | 3 |
| (1) | Foreign exchange translation on assets and liabilities held by foreign operations is included in our Consolidated Statement of Comprehensive Income as part of net gains on translation of net foreign operations.
| (2) | Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2025 and 2024 are included in earnings for the year.
Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable
Summaryof Trading Revenue | Net interest income arises from interest and dividends related to trading assets and liabilities, and is reported net of interest expense associated with funding these assets and liabilities in the following table:
(Canadian $ in millions) |  | 2025 |  |  | 2024 |
Interest rates |  | $ | 1,026 |  |  | $ | 1,003 |
Foreign exchange |  |  | 633 |  |  |  | 579 |
Equities |  |  | 1,131 |  |  |  | 759 |
Commodities |  |  | 365 |  |  |  | 150 |
Other |  |  | 212 |  |  |  | 55 |
Total trading-related revenue |  | $ | 3,367 |  |  | $ | 2,546 |
Reported as: |  |  |  |  |  |  |  |
Net interest income |  |  | 783 |  |  |  | 169 |
Non-interest revenue – trading revenues |  |  | 2,584 |  |  |  | 2,377 |
Total trading-related revenue |  | $ | 3,367 |  |  | $ | 2,546 |

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