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Derivative Financial Instruments | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Derivative Financial Instruments |
9 | Derivative Financial Instruments
(a) | Notional amounts (1)
The following table provides the aggregate notional amounts of derivative financial instruments outstanding by type and segregated between those used by the Bank in its dealer capacity (Trading) and those derivatives designated in hedging relationships. The notional amounts of these contracts represent the derivatives volume outstanding and do not represent the potential gain or loss associated with the market risk or credit risk of such instruments. Credit derivatives within other derivative contracts are comprised primarily of purchased and sold credit default swap transactions. To a lesser extent, this category also includes total return swaps referenced to loans and debt securities. Commodity and other contracts includes energy, precious metals other than gold and other commodities.
|  | 2025 |  |  | 2024 |
As at October 31 ($ millions) |  | Trading |  |  | Hedging |  |  | Total |  |  | Trading |  |  | Hedging |  |  | Total |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 763,135 |  |  | $ | – |  |  | $ | 763,135 |  |  | $ | 606,019 |  |  | $ | – |  |  | $ | 606,019 |
Options purchased |  |  | 2,686 |  |  |  | – |  |  |  | 2,686 |  |  |  | 5,848 |  |  |  | – |  |  |  | 5,848 |
Options written |  |  | 2,545 |  |  |  | – |  |  |  | 2,545 |  |  |  | 5,430 |  |  |  | – |  |  |  | 5,430 |
|  |  | 768,366 |  |  |  | – |  |  |  | 768,366 |  |  |  | 617,297 |  |  |  | – |  |  |  | 617,297 |
Over-the-counter: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward rate agreements |  |  | 315 |  |  |  | – |  |  |  | 315 |  |  |  | 215 |  |  |  | – |  |  |  | 215 |
Swaps |  |  | 467,384 |  |  |  | 58,791 |  |  |  | 526,175 |  |  |  | 427,122 |  |  |  | 53,481 |  |  |  | 480,603 |
Options purchased |  |  | 84,306 |  |  |  | – |  |  |  | 84,306 |  |  |  | 45,572 |  |  |  | – |  |  |  | 45,572 |
Options written |  |  | 83,090 |  |  |  | – |  |  |  | 83,090 |  |  |  | 49,595 |  |  |  | – |  |  |  | 49,595 |
|  |  | 635,095 |  |  |  | 58,791 |  |  |  | 693,886 |  |  |  | 522,504 |  |  |  | 53,481 |  |  |  | 575,985 |
Over-the-counter (settled through central counterparties): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward rate agreements |  |  | 157,033 |  |  |  | – |  |  |  | 157,033 |  |  |  | 86,657 |  |  |  | – |  |  |  | 86,657 |
Swaps |  |  | 8,630,261 |  |  |  | 344,717 |  |  |  | 8,974,978 |  |  |  | 5,694,823 |  |  |  | 278,314 |  |  |  | 5,973,137 |
Options purchased |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options written |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  | 8,787,294 |  |  |  | 344,717 |  |  |  | 9,132,011 |  |  |  | 5,781,480 |  |  |  | 278,314 |  |  |  | 6,059,794 |
Total |  | $ | 10,190,755 |  |  | $ | 403,508 |  |  | $ | 10,594,263 |  |  | $ | 6,921,281 |  |  | $ | 331,795 |  |  | $ | 7,253,076 |
Foreign exchange and gold contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 18,665 |  |  | $ | – |  |  | $ | 18,665 |  |  | $ | 21,952 |  |  | $ | – |  |  | $ | 21,952 |
Options purchased |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options written |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  | 18,665 |  |  |  | – |  |  |  | 18,665 |  |  |  | 21,952 |  |  |  | – |  |  |  | 21,952 |
Over-the-counter: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Spot and forwards |  |  | 581,518 |  |  |  | 20,870 |  |  |  | 602,388 |  |  |  | 541,732 |  |  |  | 21,156 |  |  |  | 562,888 |
Swaps |  |  | 869,035 |  |  |  | 102,579 |  |  |  | 971,614 |  |  |  | 771,246 |  |  |  | 108,558 |  |  |  | 879,804 |
Options purchased |  |  | 32,750 |  |  |  | – |  |  |  | 32,750 |  |  |  | 25,135 |  |  |  | – |  |  |  | 25,135 |
Options written |  |  | 46,781 |  |  |  | – |  |  |  | 46,781 |  |  |  | 36,390 |  |  |  | – |  |  |  | 36,390 |
|  |  | 1,530,084 |  |  |  | 123,449 |  |  |  | 1,653,533 |  |  |  | 1,374,503 |  |  |  | 129,714 |  |  |  | 1,504,217 |
Over-the-counter (settled through central counterparties): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Spot and forwards |  |  | 34,708 |  |  |  | – |  |  |  | 34,708 |  |  |  | 24,865 |  |  |  | – |  |  |  | 24,865 |
Swaps |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options purchased |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Options written |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  | 34,708 |  |  |  | – |  |  |  | 34,708 |  |  |  | 24,865 |  |  |  | – |  |  |  | 24,865 |
Total |  | $ | 1,583,457 |  |  | $ | 123,449 |  |  | $ | 1,706,906 |  |  | $ | 1,421,320 |  |  | $ | 129,714 |  |  | $ | 1,551,034 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | 128,297 |  |  | $ | – |  |  | $ | 128,297 |  |  | $ | 59,329 |  |  | $ | – |  |  | $ | 59,329 |
Credit |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Commodity and other contracts |  |  | 39,897 |  |  |  | – |  |  |  | 39,897 |  |  |  | 46,304 |  |  |  | – |  |  |  | 46,304 |
|  |  | 168,194 |  |  |  | – |  |  |  | 168,194 |  |  |  | 105,633 |  |  |  | – |  |  |  | 105,633 |
Over-the-counter: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  | 131,393 |  |  |  | 1,284 |  |  |  | 132,677 |  |  |  | 83,455 |  |  |  | 965 |  |  |  | 84,420 |
Credit |  |  | 20,457 |  |  |  | – |  |  |  | 20,457 |  |  |  | 18,086 |  |  |  | – |  |  |  | 18,086 |
Commodity and other contracts |  |  | 40,993 |  |  |  | – |  |  |  | 40,993 |  |  |  | 36,596 |  |  |  | – |  |  |  | 36,596 |
|  |  | 192,843 |  |  |  | 1,284 |  |  |  | 194,127 |  |  |  | 138,137 |  |  |  | 965 |  |  |  | 139,102 |
Over-the-counter (settled through central counterparties): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Credit |  |  | 7,374 |  |  |  | – |  |  |  | 7,374 |  |  |  | 9,069 |  |  |  | – |  |  |  | 9,069 |
Commodity and other contracts |  |  | 501 |  |  |  | – |  |  |  | 501 |  |  |  | 251 |  |  |  | – |  |  |  | 251 |
|  |  | 7,875 |  |  |  | – |  |  |  | 7,875 |  |  |  | 9,320 |  |  |  | – |  |  |  | 9,320 |
Total |  | $ | 368,912 |  |  | $ | 1,284 |  |  | $ | 370,196 |  |  | $ | 253,090 |  |  | $ | 965 |  |  | $ | 254,055 |
Total notional amounts outstanding |  | $ | 12,143,124 |  |  | $ | 528,241 |  |  | $ | 12,671,365 |  |  | $ | 8,595,691 |  |  | $ | 462,474 |  |  | $ | 9,058,165 |
(1) | The notional amounts represent the amount to which a rate or price is applied to determine the amount of cash flows to be exchanged.
(b) | Remaining term to maturity
The following table summarizes the remaining term to maturity of the notional amounts of the Bank’s derivative financial instruments by type:
As at October 31, 2025 ($ millions) |  | Within one year |  |  | One to five years |  |  | Over five years |  |  | Total |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 617,714 |  |  | $ | 145,421 |  |  | $ | – |  |  | $ | 763,135 |
Forward rate agreements |  |  | 122,168 |  |  |  | 34,865 |  |  |  | 315 |  |  |  | 157,348 |
Swaps |  |  | 4,604,519 |  |  |  | 3,089,234 |  |  |  | 1,807,400 |  |  |  | 9,501,153 |
Options purchased |  |  | 66,995 |  |  |  | 17,710 |  |  |  | 2,287 |  |  |  | 86,992 |
Options written |  |  | 51,546 |  |  |  | 21,347 |  |  |  | 12,742 |  |  |  | 85,635 |
|  |  | 5,462,942 |  |  |  | 3,308,577 |  |  |  | 1,822,744 |  |  |  | 10,594,263 |
Foreign exchange and gold contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 16,134 |  |  |  | 2,482 |  |  |  | 49 |  |  |  | 18,665 |
Spot and forwards |  |  | 593,082 |  |  |  | 37,899 |  |  |  | 6,115 |  |  |  | 637,096 |
Swaps |  |  | 243,425 |  |  |  | 489,190 |  |  |  | 238,999 |  |  |  | 971,614 |
Options purchased |  |  | 25,053 |  |  |  | 7,183 |  |  |  | 514 |  |  |  | 32,750 |
Options written |  |  | 37,985 |  |  |  | 8,230 |  |  |  | 566 |  |  |  | 46,781 |
|  |  | 915,679 |  |  |  | 544,984 |  |  |  | 246,243 |  |  |  | 1,706,906 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  | 195,981 |  |  |  | 63,216 |  |  |  | 1,777 |  |  |  | 260,974 |
Credit |  |  | 16,976 |  |  |  | 8,308 |  |  |  | 2,547 |  |  |  | 27,831 |
Commodity and other contracts |  |  | 61,121 |  |  |  | 20,102 |  |  |  | 168 |  |  |  | 81,391 |
|  |  | 274,078 |  |  |  | 91,626 |  |  |  | 4,492 |  |  |  | 370,196 |
Total |  | $ | 6,652,699 |  |  | $ | 3,945,187 |  |  | $ | 2,073,479 |  |  | $ | 12,671,365 |
As at October 31, 2024 ($ millions) |  | Within one year |  |  | One to five years |  |  | Over five years |  |  | Total |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 478,886 |  |  | $ | 127,133 |  |  | $ | – |  |  | $ | 606,019 |
Forward rate agreements |  |  | 85,447 |  |  |  | 1,217 |  |  |  | 208 |  |  |  | 86,872 |
Swaps |  |  | 2,190,218 |  |  |  | 2,760,062 |  |  |  | 1,503,460 |  |  |  | 6,453,740 |
Options purchased |  |  | 30,562 |  |  |  | 18,095 |  |  |  | 2,763 |  |  |  | 51,420 |
Options written |  |  | 23,960 |  |  |  | 19,897 |  |  |  | 11,168 |  |  |  | 55,025 |
|  |  | 2,809,073 |  |  |  | 2,926,404 |  |  |  | 1,517,599 |  |  |  | 7,253,076 |
Foreign exchange and gold contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 16,289 |  |  |  | 5,663 |  |  |  | – |  |  |  | 21,952 |
Spot and forwards |  |  | 543,486 |  |  |  | 38,039 |  |  |  | 6,228 |  |  |  | 587,753 |
Swaps |  |  | 210,318 |  |  |  | 455,694 |  |  |  | 213,792 |  |  |  | 879,804 |
Options purchased |  |  | 18,121 |  |  |  | 6,788 |  |  |  | 226 |  |  |  | 25,135 |
Options written |  |  | 28,533 |  |  |  | 7,662 |  |  |  | 195 |  |  |  | 36,390 |
|  |  | 816,747 |  |  |  | 513,846 |  |  |  | 220,441 |  |  |  | 1,551,034 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  | 103,234 |  |  |  | 39,521 |  |  |  | 994 |  |  |  | 143,749 |
Credit |  |  | 12,661 |  |  |  | 9,553 |  |  |  | 4,941 |  |  |  | 27,155 |
Commodity and other contracts |  |  | 57,307 |  |  |  | 25,467 |  |  |  | 377 |  |  |  | 83,151 |
|  |  | 173,202 |  |  |  | 74,541 |  |  |  | 6,312 |  |  |  | 254,055 |
Total |  | $ | 3,799,022 |  |  | $ | 3,514,791 |  |  | $ | 1,744,352 |  |  | $ | 9,058,165 |
(c) | Credit risk
As with other financial assets, derivative instruments are subject to credit risk. Credit risk arises from the possibility that counterparties may default on their obligations to the Bank. However, whereas the credit risk of other financial assets is represented by the principal amount net of any applicable allowance for credit losses, the credit risk associated with derivatives is normally a small fraction of the notional amount of the derivative instrument. Derivative contracts generally expose the Bank to credit loss if changes in market rates affect a counterparty’s position unfavourably and the counterparty defaults on payment. Accordingly, exposure to credit risk of derivatives is represented by the positive fair value of the instrument. Negotiated over-the-counter derivatives generally present greater credit exposure than exchange-traded contracts. The net change in the exchange-traded contracts is normally settled daily in cash with the exchange. Holders of these contracts look to the exchange for performance under the contract. The Bank strives to limit credit risk by dealing with counterparties that it believes are creditworthy, and investment grade counterparties account for a significant portion of the credit risk exposure arising from the Bank’s derivative transactions as at October 31, 2025. To control credit risk associated with derivatives, the Bank uses similar credit risk management activities and procedures to the approaches used in the lending business in assessing and adjudicating exposure. The Bank utilizes a risk metric, potential future exposure (PFE) for derivatives, to measure utilization against established credit limits to the counterparty. PFE measures the effect that changes in the market have on derivative exposures throughout the lifetime of the counterparties’ trades. Additionally, PFE considers risk mitigants such as netting and collateralization. PFE limits and utilization for derivatives counterparties are authorized and monitored by the Bank’s risk management unit. The Bank obtains the benefit of netting by entering into master netting arrangements with counterparties (typically industry standard International Swaps and Derivatives Association (ISDA) agreements), which allow for a single net settlement of all transactions covered by that agreement in the event of a default or early termination of the transactions. In this manner, the credit risk associated with favourable contracts is eliminated by the master netting arrangement to the extent that unfavourable contracts with the same counterparty are not settled before favourable contracts. Collateralization is typically documented by way of an ISDA Credit Support Annex (CSA), the terms of which may vary according to each party’s view of the other party’s creditworthiness. CSAs can require one party to post initial margin at the onset of each transaction. CSAs also allow for variation margin to be called if total uncollateralized mark-to-market exposure exceeds an agreed upon threshold. Such variation margin provisions can be one way (only one party will ever post collateral) or bi-lateral (either party may post collateral depending upon which party is in-the-money). The CSA will also detail the types of collateral that are acceptable to each party, and the adjustments that will be applied against each collateral type. The terms of the ISDA master netting agreements and CSAs are taken into consideration in the calculation of counterparty credit risk exposure (see also page 90 of the 2025 Annual Report). Derivative instruments used by the Bank include credit derivatives in its investment and loan portfolios: credit protection is sold as an alternative to acquiring exposure to bond or loan assets, and bought to manage or mitigate credit exposures. The following table summarizes the credit exposure of the Bank’s derivative financial instruments. The credit risk amount (CRA) represents the estimated replacement cost, or positive fair value, for all contracts. CRA takes into account master netting or collateral arrangements that have been made 1 . CRA does not reflect actual or expected losses. The credit equivalent amount (CEA) is the exposure at default (EAD) prescribed in the Capital Adequacy Requirements (CAR) Guidelines of the Office of the Superintendent of Financial Institutions (OSFI). The risk-weighted asset is calculated by multiplying the CEA by the capital requirement (K) times 12.5, where K is a function of the probability of default (PD), loss given default (LGD), maturity and prescribed correlation factors. Commodity and other contracts includes energy, precious metals other than gold, and other commodities.
|  | 2025 |  |  |  |  | 2024 |
As at October 31 ($ millions) |  | Notional amount |  |  | Credit risk amount (CRA) (1) |  |  | Credit equivalent amount (CEA) (1) |  |  | Risk- Weighted Assets |  |  |  |  | Notional amount |  |  | Credit risk amount (CRA) (1) |  |  | Credit equivalent amount (CEA) (1) |  |  | Risk- Weighted Assets |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 763,135 |  |  | $ | – |  |  | $ | 73 |  |  | $ | 3 |  |  |  |  | $ | 606,019 |  |  | $ | – |  |  | $ | 27 |  |  | $ | 1 |
Forward rate agreements |  |  | 157,348 |  |  |  | 61 |  |  |  | 38 |  |  |  | 22 |  |  |  |  |  | 86,872 |  |  |  | 70 |  |  |  | 88 |  |  |  | 57 |
Swaps |  |  | 9,501,153 |  |  |  | 2,769 |  |  |  | 4,402 |  |  |  | 1,123 |  |  |  |  |  | 6,453,740 |  |  |  | 4,052 |  |  |  | 4,157 |  |  |  | 876 |
Options purchased |  |  | 86,992 |  |  |  | 18 |  |  |  | 163 |  |  |  | 51 |  |  |  |  |  | 51,420 |  |  |  | 13 |  |  |  | 229 |  |  |  | 56 |
Options written |  |  | 85,635 |  |  |  | – |  |  |  | 31 |  |  |  | 6 |  |  |  |  |  | 55,025 |  |  |  | – |  |  |  | 16 |  |  |  | 4 |
|  |  | 10,594,263 |  |  |  | 2,848 |  |  |  | 4,707 |  |  |  | 1,205 |  |  |  |  |  | 7,253,076 |  |  |  | 4,135 |  |  |  | 4,517 |  |  |  | 994 |
Foreign exchange and gold contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 18,665 |  |  |  | – |  |  |  | 891 |  |  |  | 18 |  |  |  |  |  | 21,952 |  |  |  | – |  |  |  | 354 |  |  |  | 7 |
Spot and forwards |  |  | 637,096 |  |  |  | 1,741 |  |  |  | 5,758 |  |  |  | 1,417 |  |  |  |  |  | 587,753 |  |  |  | 1,560 |  |  |  | 4,868 |  |  |  | 1,168 |
Swaps |  |  | 971,614 |  |  |  | 53 |  |  |  | 9,603 |  |  |  | 2,132 |  |  |  |  |  | 879,804 |  |  |  | 40 |  |  |  | 7,965 |  |  |  | 1,472 |
Options purchased |  |  | 32,750 |  |  |  | 399 |  |  |  | 592 |  |  |  | 210 |  |  |  |  |  | 25,135 |  |  |  | 343 |  |  |  | 633 |  |  |  | 214 |
Options written |  |  | 46,781 |  |  |  | – |  |  |  | 52 |  |  |  | 13 |  |  |  |  |  | 36,390 |  |  |  | – |  |  |  | 19 |  |  |  | 4 |
|  |  | 1,706,906 |  |  |  | 2,193 |  |  |  | 16,896 |  |  |  | 3,790 |  |  |  |  |  | 1,551,034 |  |  |  | 1,943 |  |  |  | 13,839 |  |  |  | 2,865 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  | 260,974 |  |  |  | 1,726 |  |  |  | 12,157 |  |  |  | 2,115 |  |  |  |  |  | 143,749 |  |  |  | 1,586 |  |  |  | 10,848 |  |  |  | 1,742 |
Credit |  |  | 27,831 |  |  |  | 105 |  |  |  | 131 |  |  |  | 50 |  |  |  |  |  | 27,155 |  |  |  | 107 |  |  |  | 141 |  |  |  | 29 |
Commodity and other contracts |  |  | 81,391 |  |  |  | 1,807 |  |  |  | 3,419 |  |  |  | 452 |  |  |  |  |  | 83,151 |  |  |  | 1,098 |  |  |  | 3,259 |  |  |  | 487 |
|  |  | 370,196 |  |  |  | 3,638 |  |  |  | 15,707 |  |  |  | 2,617 |  |  |  |  |  | 254,055 |  |  |  | 2,791 |  |  |  | 14,248 |  |  |  | 2,258 |
Credit Valuation Adjustment |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5,394 |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,631 |
Total derivatives |  | $ | 12,671,365 |  |  | $ | 8,679 |  |  | $ | 37,310 |  |  | $ | 13,006 |  |  |  |  | $ | 9,058,165 |  |  | $ | 8,869 |  |  | $ | 32,604 |  |  | $ | 10,748 |
Amount settled through central counterparties (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded |  |  | 955,225 |  |  |  | – |  |  |  | 5,175 |  |  |  | 122 |  |  |  |  |  | 744,882 |  |  |  | – |  |  |  | 5,158 |  |  |  | 117 |
Over-the-counter |  |  | 9,174,594 |  |  |  | – |  |  |  | 861 |  |  |  | 17 |  |  |  |  |  | 6,093,979 |  |  |  | – |  |  |  | 1,063 |  |  |  | 21 |
|  | $ | 10,129,819 |  |  | $ | – |  |  | $ | 6,036 |  |  | $ | 139 |  |  |  |  | $ | 6,838,861 |  |  | $ | – |  |  | $ | 6,221 |  |  | $ | 138 |
(1) | The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $37,853 (2024 – $35,510) for CRA, and $102,031 (2024 – $87,284) for CEA.
(2) | Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties.
1 | Regulatory haircuts prescribed by the OSFI CAR Guidelines are applied to the collateral balances of the CRA measure.
(d) | Fair value
The following table summarizes the fair value of derivatives segregated by type and segregated between trading and those derivatives designated in hedging relationships.
As at October 31 ($ millions) |  | 2025 |  |  | 2025 |  |  |  |  |  | 2024 |
|  | Average fair value |  |  | Year-end fair value |  |  |  |  |  | Year-end fair value (1) |
|  | Favourable |  |  | Unfavourable |  |  | Favourable |  |  | Unfavourable |  |  |  |  |  | Favourable |  |  | Unfavourable |
Trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward rate agreements |  | $ | 90 |  |  | $ | 69 |  |  | $ | 61 |  |  | $ | 91 |  |  |  |  |  |  | $ | 70 |  |  | $ | 72 |
Swaps |  |  | 7,398 |  |  |  | 11,440 |  |  |  | 6,865 |  |  |  | 10,294 |  |  |  |  |  |  |  | 7,767 |  |  |  | 9,357 |
Options |  |  | 454 |  |  |  | 500 |  |  |  | 261 |  |  |  | 443 |  |  |  |  |  |  |  | 803 |  |  |  | 496 |
|  |  | 7,942 |  |  |  | 12,009 |  |  |  | 7,187 |  |  |  | 10,828 |  |  |  |  |  |  |  | 8,640 |  |  |  | 9,925 |
Foreign exchange and gold contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | 6,568 |  |  |  | 5,929 |  |  |  | 6,726 |  |  |  | 5,332 |  |  |  |  |  |  |  | 6,672 |  |  |  | 5,482 |
Swaps |  |  | 11,439 |  |  |  | 13,833 |  |  |  | 11,107 |  |  |  | 14,814 |  |  |  |  |  |  |  | 11,110 |  |  |  | 14,272 |
Options |  |  | 604 |  |  |  | 575 |  |  |  | 538 |  |  |  | 494 |  |  |  |  |  |  |  | 492 |  |  |  | 446 |
|  |  | 18,611 |  |  |  | 20,337 |  |  |  | 18,371 |  |  |  | 20,640 |  |  |  |  |  |  |  | 18,274 |  |  |  | 20,200 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  | 5,582 |  |  |  | 7,543 |  |  |  | 7,350 |  |  |  | 10,114 |  |  |  |  |  |  |  | 4,469 |  |  |  | 4,844 |
Credit |  |  | 230 |  |  |  | 28 |  |  |  | 273 |  |  |  | 26 |  |  |  |  |  |  |  | 182 |  |  |  | 47 |
Commodity and other contracts |  |  | 2,516 |  |  |  | 3,545 |  |  |  | 2,610 |  |  |  | 2,909 |  |  |  |  |  |  |  | 2,102 |  |  |  | 2,560 |
|  |  | 8,328 |  |  |  | 11,116 |  |  |  | 10,233 |  |  |  | 13,049 |  |  |  |  |  |  |  | 6,753 |  |  |  | 7,451 |
Trading derivatives’ market valuation |  | $ | 34,881 |  |  | $ | 43,462 |  |  | $ | 35,791 |  |  | $ | 44,517 |  |  |  |  |  |  | $ | 33,667 |  |  | $ | 37,576 |
Hedging |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  | $ | 2,620 |  |  | $ | 6,361 |  |  |  |  |  |  | $ | 2,944 |  |  | $ | 7,983 |
Foreign exchange and gold contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  |  |  |  |  |  |  |  |  | 46 |  |  |  | 847 |  |  |  |  |  |  |  | 410 |  |  |  | 255 |
Swaps |  |  |  |  |  |  |  |  |  |  | 7,995 |  |  |  | 4,306 |  |  |  |  |  |  |  | 7,320 |  |  |  | 5,445 |
|  |  |  |  |  |  |  |  |  | $ | 8,041 |  |  | $ | 5,153 |  |  |  |  |  |  | $ | 7,730 |  |  | $ | 5,700 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  | $ | 79 |  |  | $ | – |  |  |  |  |  |  | $ | 38 |  |  | $ | 1 |
Hedging derivatives’ market valuation |  |  |  |  |  |  |  |  |  | $ | 10,740 |  |  | $ | 11,514 |  |  |  |  |  |  | $ | 10,712 |  |  | $ | 13,684 |
Total derivative financial instruments as per Statement of Financial Position |  |  |  |  |  |  |  |  |  | $ | 46,531 |  |  | $ | 56,031 |  |  |  |  |  |  | $ | 44,379 |  |  | $ | 51,260 |
(1) | The average fair value of trading derivatives’ market valuation for the year ended October 31, 2024 was: favourable $29,999 and unfavourable $32,133. Average fair value amounts are based on the latest 13 month-end balances.
(e) | Hedging activities
The Bank manages interest rate risk, foreign currency risk and equity risk through hedge accounting transactions. Interest rate risk Single-currency interest rate swaps are used to hedge interest rate risk exposure. In fair value hedges of interest rate risk, the interest rate exposure from fixed rate assets and liabilities is converted from fixed to floating rate exposure. In cash flow hedges of interest rate risk, the interest rate exposure from floating rate assets and liabilities is converted from floating to fixed rate exposure. The Bank generally hedges interest rate risk only to the extent of benchmark interest rates. Foreign currency risk In fair value hedges, cross-currency swaps and single-currency interest rate swaps are used to manage foreign currency exposure in conjunction with interest rate exposure. Cross-currency interest rate swaps or a combination of cross-currency basis swaps and single-currency interest rate swaps are mainly used to convert a foreign currency fixed rate exposure to a functional currency floating rate exposure. In hedges of both foreign currency and interest rate exposure, the interest rate risk is generally hedged only to the extent of the benchmark interest rate. In cash flow hedges, cross-currency interest rate swaps, single-currency interest rate swaps, foreign currency forwards and foreign currency assets or liabilities are used to manage foreign currency exposure, or a combined foreign currency and interest rate exposure. Cross-currency interest rate swaps are used to offset the foreign currency exposure by exchanging the interest cash flows in one currency to another currency. Single-currency interest rate swaps may be used in conjunction with cross-currency swaps to convert the foreign currency exposure or resulting functional currency exposure from floating to fixed. Foreign currency forwards and foreign currency denominated assets and liabilities are used to offset the exposure arising from highly probable future cash flows, including purchase considerations for business acquisitions and sale proceeds for business divestitures that are denominated in a foreign currency. In hedges of both foreign currency and interest rate exposure, the interest rate risk is generally hedged only to the extent of the benchmark interest rate. In net investment hedges, the Bank designates foreign currency liabilities and foreign currency forwards as hedging instruments to manage foreign currency exposure. The designated non-derivative liabilities are denominated in the functional currency of the net investment, such that the foreign currency translation impact from the net investment will be offset by the foreign currency impact from the designated liabilities. The foreign currency forward contracts are structured to sell the functional currency of the net investment in return for the Bank’s functional currency. Equity risk Equity risk is created by the Bank’s share-based compensation plans awarded to employees. In cash flow hedges, total return swaps are mainly used to offset the equity exposure by exchanging interest payments for payments based on the returns on the underlying shares. For all of the risks identified above, the economic relationship and hedge ratio are determined using a qualitative and quantitative assessment. This assessment incorporates comparison of critical terms of the hedged and hedging item, and regression analysis. For regression analysis, a hedging relationship is considered highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8 or greater; slope of the regression is within a 0.8-1.25 range; and confidence level of the slope is at least 95%. The main sources of hedge ineffectiveness include the following:
| • |  | The use of different discount curves to value the hedged item and the hedging derivative in fair value hedges, in order to reflect the reduced credit risk of collateralized derivatives;
| • |  | Differences in key terms such as the underlying reference interest rate tenor, reset/settlement frequency and floating spread between the hedging instruments and the hedged item.
The Bank has elected to continue to apply the hedge accounting requirements of IAS 39. However, the Bank has implemented the additional hedge accounting disclosures that are required by the IFRS 9 related amendments to IFRS 7 “ Financial Instruments: Disclosures ”. The following table summarizes the notional amounts of derivatives and carrying amounts of cash and deposit liabilities designated as hedging instruments.
|  | 2025 |  |  | 2024 |
|  | Notional amounts (1) |  |  | Notional amounts (1) |
|  | Remaining term to maturity |  |  |  |  |  | Remaining term to maturity |  |  |  |
As at October 31 ($ millions) |  | Within one year |  |  | One to five years |  |  | Over five years |  |  | Total |  |  | Within one year |  |  | One to five years |  |  | Over five years |  |  | Total |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  | $ | 53,192 |  |  | $ | 155,430 |  |  | $ | 31,966 |  |  | $ | 240,588 |  |  | $ | 32,689 |  |  | $ | 137,123 |  |  | $ | 25,427 |  |  | $ | 195,239 |
Foreign currency/interest rate risk – swaps |  |  | – |  |  |  | 420 |  |  |  | – |  |  |  | 420 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  |  | 57,151 |  |  |  | 73,038 |  |  |  | 9,315 |  |  |  | 139,504 |  |  |  | 29,411 |  |  |  | 72,802 |  |  |  | 13,160 |  |  |  | 115,373 |
Foreign currency/interest rate risk – swaps |  |  | 6,542 |  |  |  | 16,892 |  |  |  | 5,485 |  |  |  | 28,919 |  |  |  | 5,516 |  |  |  | 19,291 |  |  |  | 4,359 |  |  |  | 29,166 |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 44,824 |  |  |  | 88,035 |  |  |  | 15,142 |  |  |  | 148,001 |  |  |  | 50,198 |  |  |  | 93,095 |  |  |  | 19,808 |  |  |  | 163,101 |
Foreign currency forwards |  |  | 266 |  |  |  | – |  |  |  | – |  |  |  | 266 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Cash |  |  | 92 |  |  |  | – |  |  |  | – |  |  |  | 92 |  |  |  | 74 |  |  |  | – |  |  |  | – |  |  |  | 74 |
Equity risk – total return swaps |  |  | 576 |  |  |  | 708 |  |  |  | – |  |  |  | 1,284 |  |  |  | 278 |  |  |  | 687 |  |  |  | – |  |  |  | 965 |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  | 20,604 |  |  |  | – |  |  |  | – |  |  |  | 20,604 |  |  |  | 21,156 |  |  |  | – |  |  |  | – |  |  |  | 21,156 |
Deposit liabilities |  |  | 6,287 |  |  |  | – |  |  |  | – |  |  |  | 6,287 |  |  |  | 7,571 |  |  |  | – |  |  |  | – |  |  |  | 7,571 |
Total |  | $ | 189,534 |  |  | $ | 334,523 |  |  | $ | 61,908 |  |  | $ | 585,965 |  |  | $ | 146,893 |  |  | $ | 322,998 |  |  | $ | 62,754 |  |  | $ | 532,645 |
(1) | Notional amounts relating to derivatives that are hedging multiple risks in both assets and liabilities are included in more than one category.
The following table shows the average rate or price of significant hedging instruments.
|  | 2025 |  |  | 2024 |
|  | Average rate or price (1) |  |  | Average rate or price (1) |
As at October 31 |  | Fixed interest rate |  |  | FX rate |  |  | Price |  |  | Fixed interest rate |  |  | FX rate |  |  | Price |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  |  | 2.98 | % |  |  | n/a |  |  |  | n/a |  |  |  | 3.16 | % |  |  | n/a |  |  |  | n/a |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  |  | 3.26 | % |  |  | n/a |  |  |  | n/a |  |  |  | 3.16 | % |  |  | n/a |  |  |  | n/a |
Foreign currency/interest rate risk – swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD-CAD |  |  | 2.00 | % |  |  | 1.31 |  |  |  | n/a |  |  |  | 1.89 | % |  |  | 1.30 |  |  |  | n/a |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD-CAD |  |  | n/a |  |  |  | 1.34 |  |  |  | n/a |  |  |  | n/a |  |  |  | 1.31 |  |  |  | n/a |
EUR-CAD |  |  | n/a |  |  |  | 1.47 |  |  |  | n/a |  |  |  | n/a |  |  |  | 1.46 |  |  |  | n/a |
GBP-CAD |  |  | n/a |  |  |  | 1.74 |  |  |  | n/a |  |  |  | n/a |  |  |  | 1.70 |  |  |  | n/a |
Equity price risk – total return swaps |  |  | n/a |  |  |  | n/a |  |  | $ | 68.85 |  |  |  | n/a |  |  |  | n/a |  |  | $ | 69.11 |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency risk – foreign currency forwards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD-CAD |  |  | n/a |  |  |  | 1.37 |  |  |  | n/a |  |  |  | n/a |  |  |  | 1.35 |  |  |  | n/a |
CLP-CAD |  |  | n/a |  |  |  | 0.0014 |  |  |  | n/a |  |  |  | n/a |  |  |  | 0.0014 |  |  |  | n/a |
MXN-CAD |  |  | n/a |  |  |  | 0.07 |  |  |  | n/a |  |  |  | n/a |  |  |  | 0.07 |  |  |  | n/a |
PEN-CAD |  |  | n/a |  |  |  | 0.38 |  |  |  | n/a |  |  |  | n/a |  |  |  | 0.36 |  |  |  | n/a |
(1) | The notional weighted average rate or price is calculated in aggregate for all of the Bank’s hedge relationships, including hedges of assets and liabilities.
For fair value hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness.
|  | Carrying amount of the hedging instruments (1) |  |  |  |  |  | Hedge Ineffectiveness (2) |  |  |  |  |  | Accumulated amount of fair value hedge adjustment gains/ (losses) on the hedged item (4) |
For the year ended October 31, 2025 ($ millions) |  | Assets |  |  | Liabilities |  |  |  |  |  | Gains/ (losses) on hedging instrument used to calculate hedge ineffectiveness |  |  | Gains/ (losses) on hedged item used to calculate hedge ineffectiveness |  |  | Ineffectiveness recorded in non-interest income  – other |  |  | Carrying amount of the hedged item (3) |  |  | Active hedges |  |  | Discontinued hedges |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  | $ | 1,542 |  |  | $ | (2,408 | ) |  |  |  |  |  | $ | 73 |  |  | $ | (95 | ) |  | $ | (22 | ) |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (493 | ) |  |  | 481 |  |  |  | (12 | ) |  | $ | 79,836 |  |  | $ | 1,519 |  |  | $ | (679 | )
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (402 | ) |  |  | 388 |  |  |  | (14 | ) |  |  | 109,149 |  |  |  | 287 |  |  |  | 112 |
Deposit liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 906 |  |  |  | (902 | ) |  |  | 4 |  |  |  | (72,001 | ) |  |  | 90 |  |  |  | 212 |
Subordinated debentures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62 |  |  |  | (62 | ) |  |  | – |  |  |  | (4,131 | ) |  |  | (41 | ) |  |  | – |
Foreign currency/interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
rate risk – swaps |  |  | – |  |  |  | (23 | ) |  |  |  |  |  |  | 6 |  |  |  | (6 | ) |  |  | – |  |  |  | (432 | ) |  |  | (6 | ) |  |  | – |
Deposit liabilities |  |  | – |  |  |  | (23 | ) |  |  |  |  |  |  | 6 |  |  |  | (6 | ) |  |  | – |  |  |  | (432 | ) |  |  | (6 | ) |  |  | – |
Total |  | $ | 1,542 |  |  | $ | (2,431 | ) |  |  |  |  |  | $ | 79 |  |  | $ | (101 | ) |  | $ | (22 | ) |  | $ | 112,421 |  |  | $ | 1,849 |  |  | $ | (355 | )
(1) | Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.
(2) | Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2025.
(3) | This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value.
(4) | This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item, except for investment securities which are carried at fair value.
|  | Carrying amount of the hedging instruments (1) |  |  |  |  |  | Hedge Ineffectiveness (2) |  |  |  |  |  | Accumulated amount of fair value hedge adjustment gains/ (losses) on the hedged item (4) |
For the year ended October 31, 2024 ($ millions) |  | Assets |  |  | Liabilities |  |  |  |  |  | Gains/ (losses) on hedging instrument used to calculate hedge ineffectiveness |  |  | Gains/ (losses) on hedged item used to calculate hedge ineffectiveness |  |  | Ineffectiveness recorded in non-interest income – other |  |  | Carrying amount of the hedged item (3) |  |  | Active hedges |  |  | Discontinued hedges |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  | $ | 2,064 |  |  | $ | (2,672 | ) |  |  |  |  |  | $ | (197 | ) |  | $ | 160 |  |  | $ | (37 | ) |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,493 | ) |  |  | 1,484 |  |  |  | (9 | ) |  | $ | 72,595 |  |  | $ | 1,274 |  |  | $ | (1,392 | )
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (876 | ) |  |  | 851 |  |  |  | (25 | ) |  |  | 91,354 |  |  |  | (35 | ) |  |  | (268 | )
Deposit liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,955 |  |  |  | (1,959 | ) |  |  | (4 | ) |  |  | (71,363 | ) |  |  | 986 |  |  |  | 446 |
Subordinated debentures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 217 |  |  |  | (216 | ) |  |  | 1 |  |  |  | (4,293 | ) |  |  | 21 |  |  |  | (1 | )
Total |  | $ | 2,064 |  |  | $ | (2,672 | ) |  |  |  |  |  | $ | (197 | ) |  | $ | 160 |  |  | $ | (37 | ) |  | $ | 88,293 |  |  | $ | 2,246 |  |  | $ | (1,215 | )
(1) | Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.
(2) | Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2024.
(3) | This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value.
(4) | This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item, except for investment securities which are carried at fair value.
For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness.
|  | Carrying amount of the hedging instruments (1) |  |  |  |  |  | Hedge Ineffectiveness (2) |
For the year ended October 31, 2025 ($ millions) |  | Assets |  |  | Liabilities |  |  |  |  |  | Gains/(losses) on hedging instrument used to calculate hedge ineffectiveness |  |  | Gains/(losses) on hypothetical derivative used to calculate hedge ineffectiveness (3) |  |  | Ineffectiveness recorded in non-interest income – other (4) |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  | $ | 1,969 |  |  | $ | (3,746 | ) |  |  |  |  |  | $ | 171 |  |  | $ | 169 |  |  | $ | (5 | )
Foreign currency/interest rate risk – swaps |  |  | 200 |  |  |  | (1,949 | ) |  |  |  |  |  |  | 173 |  |  |  | 166 |  |  |  | 5 |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 6,904 |  |  |  | (2,541 | ) |  |  |  |  |  |  | 3,242 |  |  |  | 3,259 |  |  |  | (9 | )
Foreign currency forwards |  |  | – |  |  |  | (7 | ) |  |  |  |  |  |  | (3 | ) |  |  | (3 | ) |  |  | – |
Cash |  |  | 92 |  |  |  | – |  |  |  |  |  |  |  | (12 | ) |  |  | (12 | ) |  |  | – |
Equity risk – total return swaps |  |  | 79 |  |  |  | – |  |  |  |  |  |  |  | 357 |  |  |  | 357 |  |  |  | – |
|  |  | 9,244 |  |  |  | (8,243 | ) |  |  |  |  |  |  | 3,928 |  |  |  | 3,936 |  |  |  | (9 | )
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  | 46 |  |  |  | (840 | ) |  |  |  |  |  |  | (1,294 | ) |  |  | (1,294 | ) |  |  | – |
Deposit liabilities |  |  | n/a |  |  |  | (6,287 | ) |  |  |  |  |  |  | (67 | ) |  |  | (66 | ) |  |  | – |
|  |  | 46 |  |  |  | (7,127 | ) |  |  |  |  |  |  | (1,361 | ) |  |  | (1,360 | ) |  |  | – |
Total |  | $ | 9,290 |  |  | $ | (15,370 | ) |  |  |  |  |  | $ | 2,567 |  |  | $ | 2,576 |  |  | $ | (9 | )
(1) | Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.
(2) | Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2025.
(3) | For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness.
(4) | For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative.
|  | Carrying amount of the hedging instruments (1) |  |  |  |  |  | Hedge Ineffectiveness (2) |
For the year ended October 31, 2024 ($ millions) |  | Assets |  |  | Liabilities |  |  |  |  |  | Gains/(losses) on hedging instrument used to calculate hedge ineffectiveness |  |  | Gains/(losses) on hypothetical derivative used to calculate hedge ineffectiveness (3) |  |  | Ineffectiveness recorded in non-interest income – other (4) |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk – swaps |  | $ | 1,865 |  |  | $ | (4,699 | ) |  |  |  |  |  | $ | 1,775 |  |  | $ | 1,774 |  |  | $ | 29 |
Foreign currency/interest rate risk – swaps |  |  | 245 |  |  |  | (2,407 | ) |  |  |  |  |  |  | 1,363 |  |  |  | 1,369 |  |  |  | 7 |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 6,090 |  |  |  | (3,650 | ) |  |  |  |  |  |  | 1,826 |  |  |  | 1,787 |  |  |  | 10 |
Foreign currency forwards |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 5 |  |  |  | 5 |  |  |  | – |
Cash |  |  | 74 |  |  |  | – |  |  |  |  |  |  |  | 9 |  |  |  | 9 |  |  |  | – |
Equity risk – total return swaps |  |  | 38 |  |  |  | (1 | ) |  |  |  |  |  |  | 263 |  |  |  | 263 |  |  |  | – |
|  |  | 8,312 |  |  |  | (10,757 | ) |  |  |  |  |  |  | 5,241 |  |  |  | 5,207 |  |  |  | 46 |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  | 410 |  |  |  | (255 | ) |  |  |  |  |  |  | 178 |  |  |  | 178 |  |  |  | – |
Deposit liabilities |  |  | n/a |  |  |  | (7,571 | ) |  |  |  |  |  |  | (62 | ) |  |  | (62 | ) |  |  | – |
|  |  | 410 |  |  |  | (7,826 | ) |  |  |  |  |  |  | 116 |  |  |  | 116 |  |  |  | – |
Total |  | $ | 8,722 |  |  | $ | (18,583 | ) |  |  |  |  |  | $ | 5,357 |  |  | $ | 5,323 |  |  | $ | 46 |
(1) | Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.
(2) | Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2024.
(3) | For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness.
(4) | For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative.
For cash flow hedges and net investment hedges, the following table contains information regarding the impacts on the Consolidated Statement of Other Comprehensive Income on a pre-tax basis.
|  | AOCI gains/ (losses) as at November 1, 2024 |  |  | Net gains/ (losses) recognized in OCI |  |  | Amount reclassified to net income as the hedged item affects net income (1) |  |  | AOCI gains/ (losses) as at October 31, 2025 |  |  | Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2025 |
For the year ended October 31, 2025 ($ millions) |  | Active hedges |  |  | Discontinued hedges |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk |  | $ | (1,176 | ) |  | $ | 176 |  |  | $ | 742 |  |  | $ | (258 | ) |  | $ | 332 |  |  | $ | (590 | )
Foreign currency/interest rate risk |  |  | (699 | ) |  |  | 168 |  |  |  | 249 |  |  |  | (282 | ) |  |  | (296 | ) |  |  | 14 |
Foreign currency risk |  |  | (1,197 | ) |  |  | 3,236 |  |  |  | (3,165 | ) |  |  | (1,126 | ) |  |  | (1,102 | ) |  |  | (24 | )
Equity risk |  |  | 57 |  |  |  | 357 |  |  |  | (319 | ) |  |  | 95 |  |  |  | 95 |  |  |  | – |
|  |  | (3,015 | ) |  |  | 3,937 |  |  |  | (2,493 | ) |  |  | (1,571 | ) |  |  | (971 | ) |  |  | (600 | )
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency risk |  |  | (3,175 | ) |  |  | (1,361 | ) |  |  | 139 |  |  |  | (4,397 | ) |  |  | (4,326 | ) |  |  | (71 | )
Total |  | $ | (6,190 | ) |  | $ | 2,576 |  |  | $ | (2,354 | ) |  | $ | (5,968 | ) |  | $ | (5,297 | ) |  | $ | (671 | )
(1) | Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other except for amortization, which is recorded in interest income.
|  | AOCI gains/ (losses) as at November 1, 2023 |  |  | Net gains/ (losses) recognized in OCI |  |  | Amount reclassified to net income as the hedged item affects net income (1) |  |  | AOCI gains/ (losses) as at October 31, 2024 |  |  | Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2024 |
For the year ended October 31, 2024 ($ millions) |  | Active hedges |  |  | Discontinued hedges |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate risk |  | $ | (3,480 | ) |  | $ | 1,746 |  |  | $ | 558 |  |  | $ | (1,176 | ) |  | $ | (490 | ) |  | $ | (686 | )
Foreign currency/interest rate risk |  |  | (2,007 | ) |  |  | 1,356 |  |  |  | (48) |  |  |  | (699 | ) |  |  | (733 | ) |  |  | 34 |
Foreign currency risk |  |  | (703 | ) |  |  | 1,830 |  |  |  | (2,324 | ) |  |  | (1,197 | ) |  |  | (1,158 | ) |  |  | (39 | )
Equity risk |  |  | (20 | ) |  |  | 263 |  |  |  | (186 | ) |  |  | 57 |  |  |  | 57 |  |  |  | – |
|  |  | (6,210 | ) |  |  | 5,195 |  |  |  | (2,000 | ) |  |  | (3,015 | ) |  |  | (2,324 | ) |  |  | (691 | )
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency risk |  |  | (4,061 | ) |  |  | 116 |  |  |  | 770 |  |  |  | (3,175 | ) |  |  | (3,102 | ) |  |  | (73 | )
Total |  | $ | (10,271 | ) |  | $ | 5,311 |  |  | $ | (1,230 | ) |  | $ | (6,190 | ) |  | $ | (5,426 | ) |  | $ | (764 | )
(1) | Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other except for amortization, which is recorded in interest income.

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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