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Note 10 - Financial assets and liabilities held for trading | 12 Months Ended
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Dec. 31, 2020
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 | 2020 | 2019 | 2018
ASSETS |  |  |  |
Derivatives (*) |  | 40.183 | 32.232 | 29.523
Equity instruments | 7.2.2 | 11.458 | 8.892 | 5.254
Credit institutions |  | 633 | 1.037 | 880
Other sectors |  | 10.824 | 7.855 | 4.374
Debt securities | 7.2.2 | 23.970 | 26.309 | 25.577
Issued by central banks |  | 1.011 | 840 | 1.001
Issued by public administrations |  | 19.942 | 23.918 | 22.950
Issued by financial institutions |  | 1.479 | 679 | 790
Other debt securities |  | 1.538 | 872 | 836
Loans and advances | 7.2.2 | 32.647 | 34.303 | 28.750
Loans and advances to central banks |  | 53 | 535 | 2.163
Reverse repurchase agreement (**) |  | 53 | 535 | 2.163
Loans and advances to credit institutions |  | 20.499 | 21.286 | 14.566
Reverse repurchase agreement (**) |  | 20.491 | 21.219 | 13.305
Loans and advances to customers |  | 12.095 | 12.482 | 12.021
Reverse repurchase agreement (**) |  | 11.493 | 12.187 | 11.794
Total assets | 8.1 | 108.257 | 101.735 | 89.103
LIABILITIES |  |  |  |
Derivatives (*) |  | 41.680 | 34.066 | 30.801
Short positions |  | 12.312 | 12.249 | 11.025
Deposits |  | 32.496 | 42.365 | 37.934
Deposits from central banks |  | 6.277 | 7.635 | 10.511
Repurchase agreement (**) |  | 6.277 | 7.635 | 10.511
Deposits from credit institutions |  | 16.558 | 24.969 | 15.687
Repurchase agreement (**) |  | 16.217 | 24.578 | 14.839
Customer deposits |  | 9.660 | 9.761 | 11.736
Repurchase agreement (**) |  | 9.616 | 9.689 | 11.466
Total liabilities | 8.1 | 86.488 | 88.680 | 79.761
(*) The variation in 2020 is mainly due to the evolution of exchange rate derivatives at BBVA, S.A. The information for 2019 and 2018 has been subject to certain modifications related to the operation of non-significant cross currency swaps in order to improve comparability with the figures for 2020. (**) See Note 35. As of December 31, 2020, 2019 and 2018 “Short positions” include €11,696, €11,649 and €10,255 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, 2020, 2019 and 2018, trading derivatives were mainly contracted in over-the-counter (OTC) marke ts, with counterparties, consisting primarily of foreign credit institutions and other 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 va lue 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)
| 2020 | 2019 | 2018
| Assets | Liabilities | Notional amount - Total | Assets | Liabilities | Notional amount - Total | Assets | Liabilities | Notional amount - Total
Interest rate | 26.451 | 26.028 | 3.252.066 | 21.004 | 20.378 | 3.024.794 | 18.546 | 18.169 | 2.929.371
OTC | 26.447 | 26.020 | 3.233.718 | 21.004 | 20.377 | 2.997.443 | 18.546 | 18.169 | 2.910.016
Organized market | 3 | 8 | 18.348 | - | 1 | 27.351 | - | - | 19.355
Equity instruments | 2.626 | 4.143 | 72.176 | 2.263 | 3.499 | 84.140 | 2.799 | 2.956 | 114.184
OTC | 584 | 1.836 | 42.351 | 353 | 1.435 | 40.507 | 631 | 463 | 39.599
Organized market | 2.042 | 2.307 | 29.825 | 1.910 | 2.065 | 43.633 | 2.168 | 2.492 | 74.586
Foreign exchange and gold | 10.952 | 11.216 | 461.898 | 8.608 | 9.788 | 472.194 | 7.942 | 9.280 | 432.283
OTC | 10.942 | 11.216 | 457.180 | 8.571 | 9.782 | 463.662 | 7.931 | 9.225 | 426.952
Organized market | 10 | - | 4.719 | 37 | 6 | 8.532 | 11 | 55 | 5.331
Credit | 153 | 292 | 23.411 | 353 | 397 | 29.077 | 232 | 393 | 25.452
Credit default swap | 146 | 156 | 21.529 | 338 | 283 | 26.702 | 228 | 248 | 22.791
Credit spread option | - | - | - | - | 2 | 150 | 2 | - | 500
Total return swap | 7 | 136 | 1.882 | 14 | 113 | 2.225 | 2 | 145 | 2.161
Commodities | 1 | 1 | 26 | 4 | 4 | 64 | 3 | 3 | 67
DERIVATIVES | 40.183 | 41.680 | 3.809.577 | 32.232 | 34.066 | 3.610.269 | 29.523 | 30.801 | 3.501.358
Of which: OTC - credit institutions | 24.432 | 27.244 | 958.017 | 19.962 | 22.973 | 1.000.243 | 16.305 | 18.055 | 897.384
Of which: OTC - other financial corporations | 8.211 | 8.493 | 2.663.978 | 6.028 | 6.089 | 2.370.988 | 7.136 | 7.522 | 2.355.784
Of which: OTC - other | 5.484 | 3.627 | 134.690 | 4.294 | 2.932 | 159.521 | 3.902 | 2.677 | 148.917

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