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Note 10 - Financial assets and liabilities held for trading | 12 Months Ended
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Dec. 31, 2019
Financial assets and liabilities held for trading |
Financial Assets and Liabilities held for trading | 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:
Financial assets and liabilities held for trading (Millions of Euros)
| Notes | 2019 | 2018 | 2017
ASSETS |  |  |  |
Derivatives |  | 33,185 | 30,536 | 35,265
Equity instruments | 7.1.2 | 8,892 | 5,254 | 6,801
Credit institutions |  | 1,037 | 880 | 962
Other sectors |  | 7,855 | 4,374 | 5,839
Debt securities | 7.1.2 | 26,309 | 25,577 | 22,573
Issued by central banks |  | 840 | 1,001 | 1,371
Issued by public administrations |  | 23,918 | 22,950 | 19,344
Issued by financial institutions |  | 679 | 790 | 816
Other debt securities |  | 872 | 836 | 1,041
Loans and advances | 7.1.2 | 34,303 | 28,750 | 56
Loans and advances to central banks |  | 535 | 2,163 | -
Reverse repurchase agreement | 35 | 535 | 2,163 | -
Loans and advances to credit institutions |  | 21,286 | 14,566 | -
Reverse repurchase agreement | 35 | 21,219 | 13,305 | -
Loans and advances to customers |  | 12,482 | 12,021 | 56
Reverse repurchase agreement | 35 | 12,187 | 11,794 | -
Total assets |  | 102,688 | 90,117 | 64,695
LIABILITIES |  |  |  |
Derivatives |  | 35,019 | 31,815 | 36,169
Short positions |  | 12,249 | 11,025 | 10,013
Deposits |  | 42,365 | 37,934 | -
Deposits from central banks |  | 7,635 | 10,511 | -
Repurchase agreement | 35 | 7,635 | 10,511 | -
Deposits from credit institutions |  | 24,969 | 15,687 | -
Repurchase agreement | 35 | 24,578 | 14,839 | -
Customer deposits |  | 9,761 | 11,736 | -
Repurchase agreement | 35 | 9,689 | 11,466 | -
Total liabilities |  | 89,633 | 80,774 | 46,182
As of December 31, 2019, 2018 and 2017 “Short positions” include €11,649 million, 10,255 million and 7,243 million, respectively, held with general governments. 10.2 Derivatives The 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 products amongst the Group’s customers. As of December 31, 2019, 2018 and 2017, trading derivatives were mainly contracted in over-the-counter (OTC) markets, with counterparties, consisting primarily of foreign credit institutions and other non financial corporations, and are related to foreign-exchange, interest-rate and equity risk. Below is a breakdown of the net positions by transaction type of the fair value and notional amounts of derivatives recognized in the accompanying consolidated balance sheets, divided into organized and OTC markets:
Derivatives by type of risk and by product or by type of market (Millions of Euros)
| 2019 | 2018 | 2017
| Assets | Liabilities | Notional amount - Total | Assets | Liabilities | Notional amount - Total | Assets | Liabilities | Notional amount - Total
Interest rate | 21,479 | 20,853 | 3,024,794 | 19,146 | 18,769 | 2,929,371 | 22,606 | 22,546 | 2,152,490
OTC | 21,479 | 20,852 | 2,997,443 | 19,146 | 18,769 | 2,910,016 | 22,606 | 22,546 | 2,129,474
Organized market | - | 1 | 27,351 | - | - | 19,355 | - | - | 23,016
Equity instruments | 2,263 | 3,499 | 84,140 | 2,799 | 2,956 | 114,184 | 1,778 | 2,336 | 95,573
OTC | 353 | 1,435 | 40,507 | 631 | 463 | 39,599 | 578 | 1,207 | 42,298
Organized market | 1,910 | 2,065 | 43,633 | 2,168 | 2,492 | 74,586 | 1,200 | 1,129 | 53,275
Foreign exchange and gold | 9,086 | 10,266 | 472,194 | 8,355 | 9,693 | 432,283 | 10,371 | 10,729 | 380,404
OTC | 9,049 | 10,260 | 463,662 | 8,344 | 9,638 | 426,952 | 10,337 | 10,688 | 373,303
Organized market | 37 | 6 | 8,532 | 11 | 55 | 5,331 | 34 | 40 | 7,101
Credit | 353 | 397 | 29,077 | 232 | 393 | 25,452 | 489 | 517 | 30,181
Credit default swap | 338 | 283 | 26,702 | 228 | 248 | 22,791 | 480 | 507 | 27,942
Credit spread option | - | 2 | 150 | 2 | - | 500 | - | - | 200
Total return swap | 14 | 113 | 2,225 | 2 | 145 | 2,161 | 9 | 9 | 2,039
Commodities | 4 | 4 | 64 | 3 | 3 | 67 | 3 | 3 | 36
Other | - | - | - | - | - | - | 18 | 38 | 561
DERIVATIVES | 33,185 | 35,019 | 3,610,269 | 30,536 | 31,815 | 3,501,358 | 35,265 | 36,169 | 2,659,246
Of which: OTC - credit institutions | 20,706 | 23,717 | 1,000,243 | 16,979 | 18,729 | 897,384 | 21,016 | 22,804 | 898,209
Of which: OTC - other financial corporations | 6,153 | 6,214 | 2,370,988 | 7,372 | 7,758 | 2,355,784 | 8,695 | 9,207 | 1,548,919
Of which: OTC - other | 4,378 | 3,016 | 159,521 | 4,005 | 2,780 | 148,917 | 4,316 | 2,986 | 128,722

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