XML 86 R43.htm IDEA: XBRL DOCUMENT v3.25.3
Derivative Instruments (Tables)
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Schedule of Fair Value of Derivative Instruments
Fair values of our derivative instruments are as follows:

 
(Canadian $ in millions)
 
  
 
 
  
 
 
2025
 
 
  
 
 
  
 
 
2024
 
  
 
Gross assets
 
 
Gross liabilities
 
 
Net
 
 
Gross assets
 
 
Gross liabilities
 
 
Net
 
Trading
 
 
 
 
 
 
Interest Rate Contracts
 
 
 
 
 
 
Swaps
   
$
2,081
 
  
$
(4,905
)
  
$
(2,824
)
   $ 3,203     $ (5,707 )    $ (2,504 ) 
Forward rate agreements
   
 
96
 
  
 
(155
)
  
 
(59
)
     477       (281 )      196  
Purchased options
   
 
2,783
 
  
 
–
 
  
 
2,783
 
     2,574       –       2,574  
Written options
   
 
–
 
  
 
(2,639
)
  
 
(2,639
)
     –       (2,341 )      (2,341 ) 
Futures
   
 
4
 
  
 
(10
)
  
 
(6
)
     21       (10 )      11  
Foreign Exchange Contracts
(1)
             
Cross-currency swaps
   
 
2,796
 
  
 
(311
)
  
 
2,485
 
     1,989       (1,378 )      611  
Cross-currency interest rate swaps
   
 
11,078
 
  
 
(12,349
)
  
 
(1,271
)
     9,777       (10,867 )      (1,090 ) 
Forward foreign exchange contracts
   
 
13,535
 
  
 
(10,458
)
  
 
3,077
 
     8,150       (6,096 )      2,054  
Purchased options
   
 
1,534
 
  
 
–
 
  
 
1,534
 
     657       –       657  
Written options
   
 
–
 
  
 
(1,362
)
  
 
(1,362
)
     –       (528 )      (528 ) 
Commodity Contracts
             
Swaps
   
 
1,004
 
  
 
(1,082
) 
  
 
(78
) 
     1,023       (1,097 )      (74 ) 
Purchased options
   
 
257
 
  
 
–
 
  
 
257
 
     644       –       644  
Written options
   
 
–
 
  
 
(304
)
  
 
(304
)
     –       (607 )      (607 ) 
Futures
   
 
201
 
  
 
(222
)
  
 
(21
)
     160       (117 )      43  
Equity Contracts
   
 
16,459
 
  
 
(20,973
)
  
 
(4,514
)
     14,194       (25,673 )      (11,479 ) 
Credit Contracts
             
Purchased
   
 
–
 
  
 
–
 
  
 
–
 
     1       (10 )      (9 ) 
Written
   
 
1
 
  
 
–
 
  
 
1
 
     9       (1 )      8  
Total fair value – trading derivatives
   
$
51,829
 
  
$
(54,770
)
  
$
(2,941
)
   $ 42,879     $ (54,713 )    $ (11,834 ) 
Hedging
             
Interest Rate Contracts
(2)
             
Cash flow hedges – swaps
   
$
2,931
 
  
$
(464
)
  
$
2,467
 
   $ 2,148     $ (915 )    $ 1,233  
Fair value hedges – swaps
   
 
786
 
  
 
(1,926
)
  
 
(1,140
)
     1,464       (1,589 )      (125 ) 
Total swaps
   
 
3,717
 
  
 
(2,390
)
  
 
1,327
 
     3,612       (2,504 )      1,108  
Foreign Exchange Contracts
             
Cash flow hedges
   
 
1,576
 
  
 
(1,553
)
  
 
23
 
     699       (1,080 )      (381 ) 
Fair value hedges
   
 
–
 
  
 
–
 
  
 
–
 
     –       (2 )      (2 ) 
Net investment hedges
   
 
–
 
  
 
(16
)
  
 
(16
)
     –       (4 )      (4 ) 
Total foreign exchange contracts
   
 
1,576
 
  
 
(1,569
)
  
 
7
 
     699       (1,086 )      (387 ) 
Equity Contracts
             
Cash flow hedges
   
 
29
 
  
 
–
 
  
 
29
 
     63       –       63  
Total equity contracts
   
 
29
 
  
 
–
 
  
 
29
 
     63       –       63  
Total fair value – hedging derivatives
(3)
   
 
5,322
 
  
 
(3,959
)
  
 
1,363
 
     4,374       (3,590 )      784  
Total fair value – trading and hedging derivatives
   
 
57,151
 
  
 
   (58,729
)
  
 
(1,578
)
     47,253       (58,303 )      (11,050 ) 
Less: impact of master netting agreements
   
 
 (43,254
)
  
 
43,254
 
  
 
–
 
      (31,576 )     31,576       –  
Total
   
$
13,897
 
  
$
(15,475
)
  
$
(1,578
)
   $ 15,677     $ (26,727 )   $ (11,050 )
 
  (1)
Gold contracts are included in foreign exchange contracts.
  (2)
Includes the fair value of bond futures in fair value hedges rounded down to $nil million as at October 31, 2025 ($nil million as at October 31, 2024).
  (3)
The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related
on-balance
sheet financial instruments.
Schedule of Notional Amounts of Trading Derivatives
The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet.
 
(Canadian $ in millions)
  
  
 
  
  
 
  
2025
 
  
  
 
  
  
 
  
2024
 
  
  
Exchange-traded
 
  
Over-the-counter
 
  
Total
 
  
Exchange-traded
 
  
Over-the-counter
 
  
Total
 
Interest Rate Contracts
                  
Swaps
   
$
–
 
   
$
   14,178,539
 
   
$
   14,178,539
 
    $ –      $ 16,390,827      $ 16,390,827  
Forward rate agreements
   
 
–
 
   
 
841,547
 
   
 
841,547
 
      –        3,414,449        3,414,449  
Purchased options
   
 
130,231
 
   
 
369,216
 
   
 
499,447
 
      136,796        253,694        390,490  
Written options
   
 
54,221
 
   
 
385,166
 
   
 
439,387
 
      26,468        255,721        282,189  
Futures
   
 
1,737,629
 
   
 
–
 
   
 
1,737,629
 
      1,735,442        –        1,735,442  
Total interest rate contracts
   
 
1,922,081
 
   
 
15,774,468
 
   
 
17,696,549
 
      1,898,706        20,314,691        22,213,397  
Foreign Exchange Contracts
(1)
                  
Cross-currency swaps
   
 
–
 
   
 
63,306
 
   
 
63,306
 
      –        64,100        64,100  
Cross-currency interest rate swaps
   
 
–
 
   
 
1,235,923
 
   
 
1,235,923
 
      –        891,272        891,272  
Forward foreign exchange contracts
   
 
–
 
   
 
939,971
 
   
 
939,971
 
      –        679,250        679,250  
Purchased options
   
 
6,800
 
   
 
98,391
 
   
 
105,191
 
      3,572        76,576        80,148  
Written options
   
 
5,645
 
   
 
107,570
 
   
 
113,215
 
      3,248        88,210        91,458  
Futures
   
 
10,864
 
   
 
–
 
   
 
10,864
 
      1,751        –        1,751  
Total foreign exchange contracts
   
 
23,309
 
   
 
2,445,161
 
   
 
2,468,470
 
      8,571        1,799,408        1,807,979  
Commodity Contracts
                  
Swaps
   
 
–
 
   
 
22,128
 
   
 
22,128
 
      –        20,328        20,328  
Purchased options
   
 
25,126
 
   
 
6,706
 
   
 
31,832
 
      43,931        5,495        49,426  
Written options
   
 
26,830
 
   
 
4,090
 
   
 
30,920
 
      45,440        4,268        49,708  
Futures
   
 
38,470
 
   
 
–
 
   
 
38,470
 
      36,071        –        36,071  
Total commodity contracts
   
 
90,426
 
   
 
32,924
 
   
 
123,350
 
      125,442        30,091        155,533  
Equity Contracts
   
 
256,701
 
   
 
187,279
 
   
 
443,980
 
      333,126        138,034        471,160  
Credit Contracts
                  
Purchased
   
 
–
 
   
 
31,760
 
   
 
31,760
 
      –        23,350        23,350  
Written
   
 
–
 
   
 
23,507
 
   
 
23,507
 
      –        16,211        16,211  
Total credit contracts
   
 
–
 
   
 
55,267
 
   
 
55,267
 
      –        39,561        39,561  
Total
   
$
   2,292,517
 
   
$
18,495,099
 
   
$
20,787,616
 
    $    2,365,845      $    22,321,785      $    24,687,630  
(1) Gold contracts are included in foreign exchange contracts.
Table excludes loan commitment derivatives with a notional amount of $6,219 million ($2,498 million as at October 31, 2024).
Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity
 
The following table outlines the notional amounts and average rates of derivatives and the carrying amounts of deposits designated as hedging instruments by term to maturity, hedge type and risk type, where applicable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions, except as noted)
  
Remaining term to maturity
 
  
2025
 
  
2024
 
  
  
Within
1 year
 
  
1 to 3
years
 
  
3 to 5
years
 
  
5 to 10
years
 
  
Over 10
years
 
  
Total
 
  
Total
 
Cash Flow Hedges
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Interest rate risk – Interest rate swaps
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Notional amount
  
$
 
85,536
 
  
$
 
84,666
 
  
$
 
54,048
 
  
$
 
31,409
 
  
$
 
5,440
 
  
$
 
261,099
 
  
$
 
266,872
 
Average fixed interest rate
  
 
3.49
%
 
  
 
3.06
%
 
  
 
3.53
%
 
  
 
3.22
%
 
  
 
3.87
%
 
  
 
3.33
%
 
  
 
3.75
%
 
Foreign exchange risk – Cross-currency swaps
and foreign exchange forwards
(1)
  
      
  
      
  
      
  
      
  
      
  
      
  
      
CAD-USD
pair
 
Notional amount
  
 
10,865
 
  
 
16,681
 
  
 
11,303
 
  
 
334
 
  
 
50
 
  
 
39,233
 
  
 
40,933
 
 
 
Average fixed interest rate
  
 
3.46
%
 
  
 
3.49
%
 
  
 
2.99
%
 
  
 
3.68
%
 
  
 
2.83
%
 
  
 
3.34
%
 
  
 
3.14
%
 
 
 
Average exchange rate:
CAD-USD
  
 
1.3341
 
  
 
1.3258
 
  
 
1.3560
 
  
 
1.3157
 
  
 
1.2327
 
  
 
1.3366
 
  
 
1.3252
 
CAD-EUR
pair
 
Notional amount
  
 
6,732
 
  
 
8,066
 
  
 
3,310
 
  
 
1,807
 
  
 
–
 
  
 
19,915
 
  
 
17,399
 
 
 
Average fixed interest rate
  
 
3.74
%
 
  
 
3.08
%
 
  
 
3.21
%
 
  
 
3.77
%
 
  
 
–
 
  
 
3.39
%
 
  
 
3.47
%
 
 
 
Average exchange rate:
CAD-EUR
  
 
1.4190
 
  
 
1.4588
 
  
 
1.4711
 
  
 
1.5935
 
  
 
–
 
  
 
1.4596
 
  
 
1.4293
 
Other currency pairs
(2)
 
Notional amount
  
 
5,219
 
  
 
2,511
 
  
 
2,379
 
  
 
134
 
  
 
–
 
  
 
10,243
 
  
 
9,927
 
 
 
Average fixed interest rate
  
 
2.63
%
 
  
 
4.23
%
 
  
 
4.12
%
 
  
 
5.13
%
 
  
 
–
 
  
 
3.40
%
 
  
 
3.26
%
 
 
 
Average exchange rate:
CAD-Non USD/EUR
  
 
1.7080
 
  
 
1.5621
 
  
 
1.3796
 
  
 
0.5717
 
  
 
–
 
  
 
1.5812
 
  
 
1.5391
 
Equity price risk – Total return swap
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Notional amount
  
 
552
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
552
 
  
 
480
 
Fair Value Hedges
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Interest rate risk – Interest rate swaps
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Notional amount
  
 
65,785
 
  
 
59,859
 
  
 
58,913
 
  
 
31,494
 
  
 
4,458
 
  
 
220,509
 
  
 
188,278
 
Average fixed interest rate
  
 
3.52
%
 
  
 
3.62
%
 
  
 
3.49
%
 
  
 
3.60
%
 
  
 
3.82
%
 
  
 
3.56
%
 
  
 
3.99
%
 
Interest rate risk – Bond futures
(exchange-traded derivatives)
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Notional amount
  
 
432
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
432
 
  
 
1,479
 
Average price in dollars
  
 
154
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
154
 
  
 
108
 
Foreign exchange risk – Cross-currency swaps
  
      
  
      
  
      
  
      
  
      
  
      
  
      
USD-EUR
pair
 
Notional amount
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
21
 
 
 
Average fixed interest rate
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
3.25
%
 
 
 
Average exchange rate:
USD-EUR
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
0.9706
 
Net Investment Hedges
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Foreign exchange risk – Cross-currency swaps
and foreign exchange forwards
  
      
  
      
  
      
  
      
  
      
  
      
  
      
CAD-CNH
pair
 
Notional amount
  
 
669
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
669
 
  
 
677
 
Foreign exchange risk – Deposit liabilities
  
      
  
      
  
      
  
      
  
      
  
      
  
      
USD denominated deposit – carrying amount
  
 
22,395
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
22,395
 
  
 
16,053
 
GBP denominated deposit – carrying amount
  
 
355
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
355
 
  
 
300
 
 
 
(1)
Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a
EUR-USD
cross-currency swap split into
EUR-CAD
and
CAD-USD
cross-currency swaps). The relevant notional amount is grossed up in this table, as the cross-currency swaps are disclosed by
CAD-foreign
currency pair.
 
(2)
Includes
CAD-AUD,
CAD-CHF,
CAD-CNH,
CAD-GBP,
CAD-HKD,
CAD-JPY
or
CAD-NOK
cross-currency swaps, where applicable.
Schedule of Hedging Instrument Impacts on Cash Flow Hedge Ineffectiveness
The following table contains information related to the hedging instruments, hedged items and hedge ineffectiveness for cash flow and net investment hedges for the years ended October 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
  
  
 
  
  
 
 
  
 
 
  
 
 
  
 
 
2025
 
 
  
Carrying amount of
hedging instruments
 (1)
 
 
 
 
 
Hedge ineffectiveness
 
 
  
 
  
  
Asset
 
  
Liability
 
 
  
 
 
Gains (losses) on
hedging derivatives
used to calculate hedge
ineffectiveness
(2)
 
 
Gains (losses) on
hypothetical derivatives
used to calculate hedge
ineffectiveness
(2)
 
 
Ineffectiveness
recorded in
non-interest revenue,

other revenues
 
Cash Flow Hedges
  
      
  
      
 
      
 
      
 
      
 
      
Interest rate risk – Interest rate swaps
  
$
2,931
 
  
$
(464
) 
 
      
 
 
$   1,319
 
 
 
$   (1,382
)
 
 
$   3
 
Foreign exchange risk – Cross-currency swaps
and foreign exchange forwards
  
 
1,576
 
  
 
(1,553
) 
 
      
 
 
(214
) 
 
 
214
 
 
 
–
 
Equity price risk – Total return swaps
  
 
29
 
  
 
–
 
 
 
 
 
 
 
258
 
 
 
(258
) 
 
 
–
 
 
  
 
4,536
 
  
 
(2,017
) 
 
      
 
 
1,363
 
 
 
(1,426
) 
 
 
3
 
Net Investment Hedges
  
      
  
      
 
      
 
      
 
      
 
      
Foreign exchange risk – Cross-currency swaps
and foreign exchange forwards
  
 
–
 
  
 
(16
) 
 
      
 
 
(5
) 
 
 
3
 
 
 
(2
) 
Foreign exchange risk – Deposit liabilities
  
 
–
 
  
 
(22,750
) 
 
 
 
 
 
 
(102
) 
 
 
102
 
 
 
–
 
Total
  
$
4,536
 
  
$
(24,783
) 
 
 
 
 
 
 
$   1,256
 
 
 
$    (1,321
)
 
 
$   1
 
             
  
  
  
 
  
  
 
 
  
 
 
  
 
 
  
 
 
2024
 
 
  
Carrying amount of
hedging instruments (1)
 
 
 
 
 
Hedge ineffectiveness
 
 
  
 
  
  
Asset
 
  
Liability
 
 
  
 
 
Gains (losses) on
hedging derivatives
used to calculate hedge
ineffectiveness (2)
 
 
Gains (losses) on
hypothetical derivatives
used to calculate hedge
ineffectiveness (2)
 
 
Ineffectiveness
recorded in
non-interest revenue,

other revenues
 
Cash Flow Hedges
  
      
  
      
 
      
 
      
 
      
 
      
Interest rate risk – Interest rate swaps
  
$
2,148
 
  
$
(915
) 
 
      
 
 
$    3,552
 
 
 
$   (3,615
)
 
 
$   (12
)
Foreign exchange risk – Cross-currency swaps
and foreign exchange forwards
  
 
699
 
  
 
(1,080
) 
 
      
 
 
(251
) 
 
 
251
 
 
 
–
 
Equity price risk – Total return swaps
  
 
63
 
  
 
–
 
 
 
 
 
 
 
165
 
 
 
(165
) 
 
 
–
 
 
  
 
2,910
 
  
 
(1,995
) 
 
      
 
 
3,466
 
 
 
(3,529
) 
 
 
(12
) 
Net Investment Hedges
  
      
  
      
 
      
 
      
 
      
 
      
Foreign exchange risk – Cross-currency swaps
and foreign exchange forwards
  
 
–
 
  
 
(4
) 
 
      
 
 
(23
) 
 
 
19
 
 
 
(4
) 
Foreign exchange risk – Deposit liabilities
  
 
–
 
  
 
(16,353
) 
 
 
 
 
 
 
(119
) 
 
 
119
 
 
 
–
 
Total
  
$
  2,910
 
  
$
  (18,352
) 
 
 
 
 
 
 
$   3,324
 
 
 
$   (3,391
) 
 
 
$   (16
) 
 
 
(1)
Represents unrealized gains (losses) recorded as part of derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet.
 
(2)
Represents life to date amounts.
Schedule of Hedging Instrument Impacts on Consolidated Statement of Other Comprehensive Income on Pre-Tax Basis
 
The following tables provide a reconciliation of the impacts of our cash flow hedges and net investment hedges in our Consolidated Statement of Comprehensive Income, on a
pre-tax
basis for the years ended October 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
2025
 
             
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance in cash flow hedge AOCI /
net foreign operations AOCI
 
  
 
Balance October 31, 2024
 
 
Gains /
(losses)
recognized
in OCI
 
 
Amount reclassified to
net income as
the hedged item affects
net income
 
 
  
 
 
Balance
October 31, 2025 
(1) (2)
 
 
Active hedges
 
 
Discontinued hedges
 
Cash Flow Hedges
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate risk
 
 
$   (2,480
) 
 
$
1,316
 
 
 
$  1,600
 
 
      
 
 
$    436
 
 
 
$  2,453
 
 
 
$   (2,017
) 
Foreign exchange risk
 
 
357
 
 
 
(214
) 
 
 
(1
) 
 
      
 
 
142
 
 
 
142
 
 
 
–
 
Equity price risk
 
 
77
 
 
 
258
 
 
 
(151
) 
 
 
 
 
 
 
184
 
 
 
184
 
 
 
–
 
 
 
 
(2,046
) 
 
 
1,360
 
 
 
1,448
 
 
      
 
 
762
 
 
 
2,779
 
 
 
(2,017
) 
Net Investment Hedges
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Foreign exchange risk
 
 
(2,324
) 
 
 
(105
) 
 
 
–
 
 
 
 
 
 
 
(2,429
) 
 
 
(2,429
) 
 
 
–
 
Total
 
 
$   (4,370
) 
 
$
1,255
 
 
 
$  1,448
 
 
 
 
 
 
 
$  (1,667
) 
 
 
$   350
 
 
 
$   (2,017
) 
               
  
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
2024
 
             
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance in cash flow hedge AOCI /
net foreign operations AOCI
 
  
 
Balance October 31, 2023
 
 
Gains /
(losses)
recognized
in OCI
 
 
Amount reclassified to
net income as
the hedged item affects
net income
 
 
  
 
 
Balance
October 31, 2024 (1) (2)
 
 
Active hedges
 
 
Discontinued hedges
 
Cash Flow Hedges
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate risk
 
 
$   (8,015
) 
 
$
3,564
 
 
 
$  1,971
 
 
      
 
 
$   (2,480
) 
 
 
$  1,695
 
 
 
$   (4,175
) 
Foreign exchange risk
 
 
610
 
 
 
(251
) 
 
 
(2
) 
 
      
 
 
357
 
 
 
357
 
 
 
–
 
Equity price risk
 
 
(72
) 
 
 
165
 
 
 
(16
) 
 
 
 
 
 
 
77
 
 
 
77
 
 
 
–
 
 
 
 
(7,477
) 
 
 
3,478
 
 
 
1,953
 
 
      
 
 
(2,046
) 
 
 
2,129
 
 
 
(4,175
) 
Net Investment Hedges
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Foreign exchange risk
 
 
(2,186
) 
 
 
(138
) 
 
 
–
 
 
 
 
 
 
 
(2,324
) 
 
 
(2,324
) 
 
 
–
 
Total
 
 
$   (9,663
) 
 
$
  3,340
 
 
 
$  1,953
 
 
 
 
 
 
 
$   (4,370
) 
 
 
$   (195
) 
 
 
$   (4,175
) 
 
  (1)
Tax balance related to cash flow hedges accumulated other comprehensive income was $(235) million as at October 31, 2025 ($527 million as at October 31, 2024).
  (2)
Tax balance related to net investment hedges accumulated other comprehensive income was $
622
 
million as at October 31, 2025 ($593 million as at October 31, 2024).
Schedule of Hedging Instrument Impacts on Fair Value Hedge Ineffectiveness
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
2025
 
 
 
Carrying amount of
hedging derivatives 
(1)
 
 
 
 
 
Hedge ineffectiveness
 
 
 
 
 
Accumulated amount of fair value
hedge gains (losses) on hedged items
 
  
 
Asset
 
  
Liability
 
 
  
 
 
Gains (losses) on
hedging derivatives
used to calculate
hedge ineffectiveness
 
 
Gains (losses) on
hedged item used
to calculate hedge
ineffectiveness
 
 
Ineffectiveness
recorded in
non-interest

revenue,
other revenues
 
 
Carrying
amount of the
hedged item
(2)
 
 
Active
hedges
 
 
Discontinued
hedges
 
Fair Value Hedge
(3)
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Interest rate swaps
 
$
786
 
  
$
(1,926
) 
 
      
 
 
$       –
 
 
 
$         –
 
 
 
$       –
 
 
 
$         –
 
 
 
$      –
 
 
 
$         –
 
Cross-currency swaps
 
 
–
 
  
 
–
 
 
      
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Securities and loans
 
 
–
 
  
 
–
 
 
      
 
 
(1,204
) 
 
 
1,170
 
 
 
(34
) 
 
 
133,830
 
 
 
1,747
 
 
 
(1,902
) 
Deposits, subordinated debt and other liabilities
 
 
–
 
  
 
–
 
 
 
 
 
 
 
291
 
 
 
(286
) 
 
 
5
 
 
 
(77,224
) 
 
 
(361
) 
 
 
429
 
Total
 
$
   786
 
  
$
 (1,926
)   
 
 
 
 
 
 
$   (913
)  
 
 
$    884 
 
 
 
$    (29
)  
 
 
$   56,606
 
 
 
$  1,386
 
 
$    (1,473
)  
 
 
(1)
Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet.
 
(2)
Represents the carrying value in our Consolidated Balance Sheet and includes amortized cost, before ACL, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value.
  (3)
Includes the fair value of bond futures rounded down to $nil million as at October 31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
2024
 
 
 
Carrying amount of
hedging derivatives (1)
 
 
 
 
 
Hedge ineffectiveness
 
 
 
 
 
Accumulated amount of fair value
 hedge gains (losses) on hedged items
 
  
 
Asset
 
  
Liability
 
 
  
 
 
Gains (losses) on
hedging derivatives
used to calculate
hedge ineffectiveness
 
 
Gains (losses) on
hedged item used
to calculate hedge
ineffectiveness
 
 
Ineffectiveness
recorded in
non-interest

revenue,
other revenues
 
 
Carrying
amount of the
hedged item (2)
 
 
Active
hedges
 
 
  Discontinued
hedges
 
Fair Value Hedge
(3)
                   
Interest rate swaps
   $ 1,464      $ (1,589 )      $ –     $ –     $ –     $ –     $ –     $ –  
Cross-currency swaps
     –        (2 )        –       –       –       –       –       –  
Securities and loans
     –        –         (3,266 )      3,117       (149 )      118,397       741       (1,293 ) 
Deposits, subordinated debt and other liabilities
     –        –               1,234       (1,217 )       17        (65,156 )        (214 )        930  
Total
   $  1,464      $  (1,591 )            $  (2,032 )      $  1,900     $  (132 )    $ 53,241     $ 527     $  (363 ) 
 
  (1)
Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet.
  (2)
Represents the carrying value in our Consolidated Balance Sheet and includes amortized cost, before ACL, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value.
  (3)
Includes the fair value of bond futures rounded down to $nil million as at October 31, 2024.
Schedule of Derivative-Related Credit Risk
(Canadian $ in millions)
  
  
 
  
  
 
  
2025
 
  
  
 
  
  
 
  
2024
 
  
  
Replacement
cost 
(1)
 
  
Credit risk
equivalent 
(1)
 
  
Risk-weighted

assets
 
  
Replacement
cost (1)
 
  
Credit risk
equivalent (1)
 
  
Risk-weighted

assets
 
Interest Rate Contracts
                  
Over-the-counter
                  
Swaps
   
$
  1,839
 
   
$
    7,493
 
   
$
   1,501
 
    $   2,404      $   7,797      $   1,125  
Forward rate agreements
   
 
391
 
   
 
3,448
 
   
 
858
 
      650        2,696        600  
Purchased options
   
 
511
 
   
 
1,066
 
   
 
452
 
      42        338        188  
Written options
   
 
8
 
   
 
245
 
   
 
66
 
      2        211        78  
    
 
2,749
 
   
 
12,252
 
   
 
2,877
 
      3,098        11,042        1,991  
Exchange-traded
                  
Futures
   
 
9
 
   
 
49
 
   
 
1
 
      122        279        6  
Purchased options
   
 
2
 
   
 
7
 
   
 
–
 
      8        19        –  
Written options
   
 
2
 
   
 
5
 
   
 
–
 
      –        1        –  
    
 
13
 
   
 
61
 
   
 
1
 
      130        299        6  
Total interest rate contracts
   
 
2,762
 
   
 
12,313
 
   
 
2,878
 
      3,228        11,341        1,997  
Foreign Exchange Contracts
(2)
                  
Over-the-counter
                  
Swaps
   
 
1,927
 
   
 
8,407
 
   
 
779
 
      1,559        7,218        825  
Forward foreign exchange contracts
   
 
1,838
 
   
 
9,399
 
   
 
1,672
 
      2,709        9,643        1,764  
Purchased options
   
 
119
 
   
 
476
 
   
 
139
 
      142        447        142  
Written options
   
 
1
 
   
 
155
 
   
 
38
 
      1        119        27  
    
 
3,885
 
   
 
18,437
 
   
 
2,628
 
      4,411        17,427        2,758  
Exchange-traded
                  
Futures
   
 
–
 
   
 
1
 
   
 
–
 
      –        1        –  
Purchased options
   
 
–
 
   
 
2
 
   
 
–
 
      –        3        –  
    
 
–
 
   
 
3
 
   
 
–
 
      –        4        –  
Total foreign exchange contracts
   
 
3,885
 
   
 
18,440
 
   
 
2,628
 
      4,411        17,431        2,758  
Commodity Contracts
                  
Over-the-counter
                  
Swaps
   
 
1,165
 
   
 
4,822
 
   
 
1,228
 
      993        4,256        1,035  
Purchased options
   
 
205
 
   
 
688
 
   
 
308
 
      155        484        182  
Written options
   
 
4
 
   
 
366
 
   
 
140
 
      10        246        86  
    
 
1,374
 
   
 
5,876
 
   
 
1,676
 
      1,158        4,986        1,303  
Exchange-traded
                  
Futures
   
 
246
 
   
 
1,028
 
   
 
21
 
      176        594        12  
Purchased options
   
 
28
 
   
 
178
 
   
 
4
 
      179        319        6  
Written options
   
 
15
 
   
 
157
 
   
 
3
 
      –        73        1  
    
 
289
 
   
 
1,363
 
   
 
28
 
      355        986        19  
Total commodity contracts
   
 
1,663
 
   
 
7,239
 
   
 
1,704
 
      1,513        5,972        1,322  
Equity Contracts
                  
Over-the-counter
   
 
306
 
   
 
10,247
 
   
 
2,132
 
      199        8,625        1,645  
Exchange-traded
   
 
2,036
 
   
 
3,909
 
   
 
78
 
      675        2,899        58  
Total equity contracts
   
 
2,342
 
   
 
14,156
 
   
 
2,210
 
      874        11,524        1,703  
Credit Contracts
   
 
24
 
   
 
177
 
   
 
22
 
      103        309        39  
Total
   
$
10,676
 
   
$
52,325
 
   
$
9,442
 
    $ 10,129      $ 46,577      $ 7,819  
 
  (1)
Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach for Counterparty Credit Risk
(SA-CCR)
in accordance with the CAR Guideline issued by OSFI. Th
is
table therefore excludes loan commitment derivatives.
  (2)
Gold contracts are included in foreign exchange contracts.
Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts
Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are as follows:
 
(Canadian $ in millions)
 
  
 
  
Term to maturity
 
  
2025
 
  
2024
 
  
 
  
 
  
Within
1 year
 
  
1 to 3
years
 
  
3 to 5
years
 
  
5 to 10
years
 
  
Over 10
years
 
  
Total notional
amounts
 
  
Total notional
amounts
 
Interest Rate Contracts
                       
Swaps
     
$
4,452,781
 
   
$
4,418,207
 
   
$
2,451,659
 
   
$
2,271,601
 
   
$
1,065,819
 
   
$
14,660,067
 
    $  16,845,977  
Forward rate agreements, futures and options
           
 
2,435,842
 
   
 
937,140
 
   
 
123,894
 
   
 
17,334
 
   
 
4,232
 
   
 
3,518,442
 
      5,824,049  
Total interest rate contracts
           
 
6,888,623
 
   
 
5,355,347
 
   
 
2,575,553
 
   
 
2,288,935
 
   
 
1,070,051
 
   
 
18,178,509
 
      22,670,026  
Foreign Exchange Contracts
(1)
                       
Swaps
     
 
349,612
 
   
 
447,928
 
   
 
271,998
 
   
 
224,379
 
   
 
77,590
 
   
 
1,371,507
 
      1,002,323  
Forward foreign exchange contracts
     
 
903,972
 
   
 
27,903
 
   
 
4,423
 
   
 
1,336
 
   
 
3,006
 
   
 
940,640
 
      679,927  
Futures
     
 
10,616
 
   
 
248
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
10,864
 
      1,751  
Options
           
 
194,461
 
   
 
21,524
 
   
 
2,089
 
   
 
332
 
   
 
–
 
   
 
218,406
 
      171,606  
Total foreign
exchange
contracts
           
 
1,458,661
 
   
 
497,603
 
   
 
278,510
 
   
 
226,047
 
   
 
80,596
 
   
 
2,541,417
 
      1,855,607  
Commodity Contracts
                       
Swaps
     
 
15,030
 
   
 
6,088
 
   
 
601
 
   
 
409
 
   
 
–
 
   
 
22,128
 
      20,328  
Futures
     
 
24,278
 
   
 
12,212
 
   
 
1,492
 
   
 
488
 
   
 
–
 
   
 
38,470
 
      36,071  
Options
           
 
44,932
 
   
 
16,512
 
   
 
308
 
   
 
1,000
 
   
 
–
 
   
 
62,752
 
      99,134  
Total commodity contracts
           
 
84,240
 
   
 
34,812
 
   
 
2,401
 
   
 
1,897
 
   
 
–
 
   
 
123,350
 
      155,533  
Equity Contracts
           
 
354,512
 
   
 
65,709
 
   
 
17,852
 
   
 
5,796
 
   
 
663
 
   
 
444,532
 
      471,640  
Credit Contracts
           
 
2,240
 
   
 
15,860
 
   
 
26,136
 
   
 
9,698
 
   
 
1,333
 
   
 
55,267
 
      39,561  
Total notional amount
           
$
 8,788,276
 
   
$
 5,969,331
 
   
$
 2,900,452
 
   
$
 2,532,373
 
   
$
 1,152,643
 
   
$
 21,343,075
 
    $ 25,192,367  
 
  (1)
Gold contracts are included in foreign exchange contracts.
Under the
SA-CCR,
this table excludes loan commitment derivatives.