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Fair Value Measurements and Trading-Related Revenue (Tables)
 12 Months Ended
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