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Derivatives | 12 Months Ended
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Dec. 31, 2018
Text block1 [abstract] |
Derivatives | Note 6 – Derivatives ITAÚ UNIBANCO HOLDING enters into derivative financial instruments with various counterparties to manage its overall exposures and to assist its customers in managing their own exposures. Futures – Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice), at a future date, at a contracted price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price at the contract date. Daily cash settlements of price movements are made for all instruments. Forwards – Interest forward contracts are agreements to exchange payments on a specified future date, based on a market change in interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed price, at an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at a contracted price and are settled in cash. Swaps – Interest rate and foreign exchange swap contracts are commitments to settle in cash at a future date or dates, based on differentials between specified financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts presented in Other in the table below correspond substantially to inflation rate swap contracts. Options – Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell within a limited time a financial instrument including a flow of interest, foreign currencies, commodities, or financial instruments at a contracted price that may also be settled in cash, based on differentials between specific indices. Credit Derivatives – Credit derivatives are financial instruments with value relating to the credit risk associated to the debt issued by a third party (the reference entity), which permits that one party (the purchaser of the hedge) transfers the risk to the counterparty (the seller of the hedge). The seller of the hedge should make payments as set forth in the contract when the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge, but, on the other hand, assumes the risk that the underlying asset referenced in the contract undergoes a credit event, and the seller would have to make the payment to the purchaser of the hedge, which could be the notional amount of the credit derivative. The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 12,855 (R$ 18,284 at 12/31/2017) and was basically comprised of government securities. I - Derivatives Summary See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value, and by maturity.
|  | 12/31/2018 |
|  | Fair value |  |  | % |  |  | 0-30 days |  |  | 31-90 days |  |  | 91-180 days |  |  | 181-365 days |  |  | 366-720 days |  |  | Over 720 days |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps – difference receivable |  |  | 13,049 |  |  |  | 55.6 |  |  |  | 705 |  |  |  | 187 |  |  |  | 245 |  |  |  | 700 |  |  |  | 2,881 |  |  |  | 8,331 |
Option premiums |  |  | 4,215 |  |  |  | 18.0 |  |  |  | 1,167 |  |  |  | 408 |  |  |  | 610 |  |  |  | 872 |  |  |  | 975 |  |  |  | 183 |
Forwards (onshore) |  |  | 1,835 |  |  |  | 7.8 |  |  |  | 893 |  |  |  | 716 |  |  |  | 145 |  |  |  | 81 |  |  |  | 0 |  |  |  | 0 |
Credit derivatives - financial Institutions |  |  | 120 |  |  |  | 0.5 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 5 |  |  |  | 9 |  |  |  | 105 |
NDF - Non Deliverable Forward |  |  | 3,711 |  |  |  | 15.8 |  |  |  | 1,013 |  |  |  | 968 |  |  |  | 772 |  |  |  | 653 |  |  |  | 178 |  |  |  | 127 |
Check of swap - Companies |  |  | 44 |  |  |  | 0.2 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7 |  |  |  | 0 |  |  |  | 13 |  |  |  | 24 |
Other |  |  | 492 |  |  |  | 2.1 |  |  |  | 209 |  |  |  | 10 |  |  |  | 2 |  |  |  | 2 |  |  |  | 13 |  |  |  | 256 |
Total |  |  | 23,466 |  |  |  | 100.0 |  |  |  | 3,987 |  |  |  | 2,289 |  |  |  | 1,782 |  |  |  | 2,313 |  |  |  | 4,069 |  |  |  | 9,026 |
% per maturity term |  |  |  |  |  |  |  |  |  |  | 17.0 |  |  |  | 9.8 |  |  |  | 7.6 |  |  |  | 9.9 |  |  |  | 17.3 |  |  |  | 38.4 |
|  | 12/31/2018 |
|  | Fair value |  |  | % |  |  | 0-30 days |  |  | 31-90 days |  |  | 91-180 days |  |  | 181-365 days |  |  | 366-720 days |  |  | Over 720 days |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps – difference payable |  |  | (19,354 | ) |  |  | 70.3 |  |  |  | (923 | ) |  |  | (979 | ) |  |  | (606 | ) |  |  | (1,417 | ) |  |  | (4,687 | ) |  |  | (10,742 | )
Option premiums |  |  | (3,929 | ) |  |  | 14.3 |  |  |  | (883 | ) |  |  | (500 | ) |  |  | (604 | ) |  |  | (831 | ) |  |  | (823 | ) |  |  | (288 | )
Forwards (onshore) |  |  | (470 | ) |  |  | 1.7 |  |  |  | (470 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Credit derivatives - financial Institutions |  |  | (140 | ) |  |  | 0.5 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | (4 | ) |  |  | (134 | )
NDF - Non Deliverable Forward |  |  | (3,384 | ) |  |  | 12.3 |  |  |  | (890 | ) |  |  | (772 | ) |  |  | (583 | ) |  |  | (552 | ) |  |  | (150 | ) |  |  | (437 | )
Check of swap - Companies |  |  | (162 | ) |  |  | 0.6 |  |  |  | 0 |  |  |  | 0 |  |  |  | (16 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (146 | )
Other |  |  | (80 | ) |  |  | 0.3 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (8 | ) |  |  | (13 | ) |  |  | (8 | ) |  |  | (47 | )
Total |  |  | (27,519 | ) |  |  | 100.0 |  |  |  | (3,168 | ) |  |  | (2,253 | ) |  |  | (1,817 | ) |  |  | (2,815 | ) |  |  | (5,672 | ) |  |  | (11,794 | )
% per maturity term |  |  |  |  |  |  |  |  |  |  | 11.5 |  |  |  | 8.2 |  |  |  | 6.6 |  |  |  | 10.2 |  |  |  | 20.6 |  |  |  | 42.9 |
See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value, and by maturity.
|  | 12/31/2017 |
|  | Fair value |  |  | % |  |  | 0-30 days |  |  | 31-90 days |  |  | 91-180 days |  |  | 181-365 days |  |  | 366-720 days |  |  | Over 720 days |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  | 158 |  |  |  | 0.7 |  |  |  | 153 |  |  |  | 11 |  |  |  | (2 | ) |  |  | (3 | ) |  |  | 38 |  |  |  | (39 | )
Swaps – difference receivable |  |  | 9,190 |  |  |  | 40.2 |  |  |  | 189 |  |  |  | 187 |  |  |  | 327 |  |  |  | 744 |  |  |  | 1,661 |  |  |  | 6,082 |
Option premiums |  |  | 3,337 |  |  |  | 14.6 |  |  |  | 430 |  |  |  | 440 |  |  |  | 353 |  |  |  | 955 |  |  |  | 865 |  |  |  | 294 |
Forwards (onshore) |  |  | 6,911 |  |  |  | 30.3 |  |  |  | 6,529 |  |  |  | 293 |  |  |  | 46 |  |  |  | 43 |  |  |  | — |  |  |  | — |
Credit derivatives - financial Institutions |  |  | 137 |  |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 8 |  |  |  | 21 |  |  |  | 107 |
NDF - Non Deliverable Forward |  |  | 2,950 |  |  |  | 12.9 |  |  |  | 677 |  |  |  | 717 |  |  |  | 624 |  |  |  | 610 |  |  |  | 166 |  |  |  | 156 |
Check of swap - Companies |  |  | 68 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 62 |
Other |  |  | 92 |  |  |  | 0.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 5 |  |  |  | 84 |
Total |  |  | 22,843 |  |  |  | 100.0 |  |  |  | 7,978 |  |  |  | 1,648 |  |  |  | 1,355 |  |  |  | 2,360 |  |  |  | 2,756 |  |  |  | 6,746 |
% per maturity term |  |  |  |  |  |  |  |  |  |  | 34.9 |  |  |  | 7.2 |  |  |  | 5.9 |  |  |  | 10.3 |  |  |  | 12.1 |  |  |  | 29.6 |
|  | 12/31/2017 |
|  | Fair value |  |  | % |  |  | 0-30 days |  |  | 31-90 days |  |  | 91-180 days |  |  | 181-365 days |  |  | 366-720 days |  |  | Over 720 days |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps – difference receivable |  |  | (13,692 | ) |  |  | 51.2 |  |  |  | (65 | ) |  |  | (202 | ) |  |  | (451 | ) |  |  | (1,711 | ) |  |  | (3,747 | ) |  |  | (7,516 | )
Option premiums |  |  | (2,793 | ) |  |  | 10.4 |  |  |  | (332 | ) |  |  | (174 | ) |  |  | (304 | ) |  |  | (821 | ) |  |  | (889 | ) |  |  | (273 | )
Forwards (onshore) |  |  | (6,272 | ) |  |  | 23.5 |  |  |  | (6,272 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Credit derivatives - financial Institutions |  |  | (58 | ) |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (2 | ) |  |  | (7 | ) |  |  | (48 | )
NDF - Non Deliverable Forward |  |  | (3,745 | ) |  |  | 14.0 |  |  |  | (927 | ) |  |  | (735 | ) |  |  | (547 | ) |  |  | (785 | ) |  |  | (225 | ) |  |  | (526 | )
Check of swap - Companies |  |  | (122 | ) |  |  | 0.5 |  |  |  | — |  |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | — |  |  |  | (49 | )
Other |  |  | (64 | ) |  |  | 0.2 |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (6 | ) |  |  | (9 | ) |  |  | (45 | )
Total |  |  | (26,746 | ) |  |  | 100.0 |  |  |  | (7,596 | ) |  |  | (1,113 | ) |  |  | (1,378 | ) |  |  | (3,325 | ) |  |  | (4,877 | ) |  |  | (8,457 | )
% per maturity term |  |  |  |  |  |  |  |  |  |  | 28.4 |  |  |  | 4.2 |  |  |  | 5.2 |  |  |  | 12.4 |  |  |  | 18.2 |  |  |  | 31.6 |
II - Derivatives by index and Risk Fator The following table shows the composition of derivatives by index:
|  |  |  |  | Off-balance sheet notional amount |  |  | Balance sheet account receivable / (received) (payable) / paid |  |  | Adjustment to market value (in results / stockholders’ equity) |  |  | Fair value |
|  |  |  |  | 12/31/2018 |  |  | 12/31/2018 |  |  | 12/31/2018 |  |  | 12/31/2018 |
Futures contracts |  |  |  |  |  |  | 586,033 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Purchase commitments |  |  |  |  |  |  | 268,228 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Shares |  |  |  |  |  |  | 13,675 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commodities |  |  |  |  |  |  | 194 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Interest |  |  |  |  |  |  | 243,369 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Foreign currency |  |  |  |  |  |  | 10,990 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commitments to sell |  |  |  |  |  |  | 317,805 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Shares |  |  |  |  |  |  | 13,965 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commodities |  |  |  |  |  |  | 155 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Interest |  |  |  |  |  |  | 265,218 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Foreign currency |  |  |  |  |  |  | 38,467 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Swap contracts |  |  |  |  |  |  | 0 |  |  |  | (5,188 | ) |  |  | (1,117 | ) |  |  | (6,305 | )
Asset position |  |  |  |  |  |  | 939,510 |  |  |  | 6,263 |  |  |  | 6,786 |  |  |  | 13,049 |
Commodities |  |  |  |  |  |  | 6 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Interest |  |  |  |  |  |  | 925,381 |  |  |  | 5,124 |  |  |  | 6,380 |  |  |  | 11,504 |
Foreign currency |  |  |  |  |  |  | 14,123 |  |  |  | 1,139 |  |  |  | 406 |  |  |  | 1,545 |
Liability position |  |  |  |  |  |  | 939,510 |  |  |  | (11,451 | ) |  |  | (7,903 | ) |  |  | (19,354 | )
Shares |  |  |  |  |  |  | 76 |  |  |  | (5 | ) |  |  | 2 |  |  |  | (3 | )
Commodities |  |  |  |  |  |  | 620 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | )
Interest |  |  |  |  |  |  | 913,745 |  |  |  | (9,410 | ) |  |  | (7,973 | ) |  |  | (17,383 | )
Foreign currency |  |  |  |  |  |  | 25,069 |  |  |  | (2,036 | ) |  |  | 69 |  |  |  | (1,967 | )
Option contracts |  |  |  |  |  |  | 1,262,568 |  |  |  | 324 |  |  |  | (38 | ) |  |  | 286 |
Purchase commitments – long position |  |  |  |  |  |  | 151,179 |  |  |  | 1,935 |  |  |  | (108 | ) |  |  | 1,827 |
Shares |  |  |  |  |  |  | 8,211 |  |  |  | 289 |  |  |  | 100 |  |  |  | 389 |
Commodities |  |  |  |  |  |  | 321 |  |  |  | 10 |  |  |  | (3 | ) |  |  | 7 |
Interest |  |  |  |  |  |  | 100,338 |  |  |  | 183 |  |  |  | (98 | ) |  |  | 85 |
Foreign currency |  |  |  |  |  |  | 42,309 |  |  |  | 1,453 |  |  |  | (107 | ) |  |  | 1,346 |
Commitments to sell – long position |  |  |  |  |  |  | 495,464 |  |  |  | 1,808 |  |  |  | 580 |  |  |  | 2,388 |
Shares |  |  |  |  |  |  | 10,802 |  |  |  | 394 |  |  |  | 500 |  |  |  | 894 |
Commodities |  |  |  |  |  |  | 278 |  |  |  | 11 |  |  |  | 1 |  |  |  | 12 |
Interest |  |  |  |  |  |  | 441,673 |  |  |  | 427 |  |  |  | 460 |  |  |  | 887 |
Foreign currency |  |  |  |  |  |  | 42,711 |  |  |  | 976 |  |  |  | (381 | ) |  |  | 595 |
Purchase commitments – short position |  |  |  |  |  |  | 116,005 |  |  |  | (1,564 | ) |  |  | 153 |  |  |  | (1,411 | )
Shares |  |  |  |  |  |  | 9,716 |  |  |  | (184 | ) |  |  | (98 | ) |  |  | (282 | )
Commodities |  |  |  |  |  |  | 317 |  |  |  | (9 | ) |  |  | 6 |  |  |  | (3 | )
Interest |  |  |  |  |  |  | 69,934 |  |  |  | (147 | ) |  |  | 95 |  |  |  | (52 | )
Foreign currency |  |  |  |  |  |  | 36,038 |  |  |  | (1,224 | ) |  |  | 150 |  |  |  | (1,074 | )
Commitments to sell – short position |  |  |  |  |  |  | 499,920 |  |  |  | (1,855 | ) |  |  | (663 | ) |  |  | (2,518 | )
Shares |  |  |  |  |  |  | 8,898 |  |  |  | (246 | ) |  |  | (503 | ) |  |  | (749 | )
Commodities |  |  |  |  |  |  | 192 |  |  |  | (6 | ) |  |  | (2 | ) |  |  | (8 | )
Interest |  |  |  |  |  |  | 448,029 |  |  |  | (528 | ) |  |  | (497 | ) |  |  | (1,025 | )
Foreign currency |  |  |  |  |  |  | 42,801 |  |  |  | (1,075 | ) |  |  | 339 |  |  |  | (736 | )
Forward operations (onshore) |  |  |  |  |  |  | 2,341 |  |  |  | 1,363 |  |  |  | 2 |  |  |  | 1,365 |
Purchases receivable |  |  |  |  |  |  | 415 |  |  |  | 496 |  |  |  | 0 |  |  |  | 496 |
Shares |  |  |  |  |  |  | 36 |  |  |  | 36 |  |  |  | 0 |  |  |  | 36 |
Interest |  |  |  |  |  |  | 379 |  |  |  | 460 |  |  |  | 0 |  |  |  | 460 |
Purchases payable |  |  |  |  |  |  | 0 |  |  |  | (381 | ) |  |  | 0 |  |  |  | (381 | )
Shares |  |  |  |  |  |  | 0 |  |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
Interest |  |  |  |  |  |  | 0 |  |  |  | (379 | ) |  |  | 0 |  |  |  | (379 | )
Sales receivable |  |  |  |  |  |  | 1,307 |  |  |  | 1,337 |  |  |  | 2 |  |  |  | 1,339 |
Shares |  |  |  |  |  |  | 1,307 |  |  |  | 1,292 |  |  |  | 2 |  |  |  | 1,294 |
Interest |  |  |  |  |  |  | 0 |  |  |  | 45 |  |  |  | 0 |  |  |  | 45 |
Sales deliverable |  |  |  |  |  |  | 619 |  |  |  | (89 | ) |  |  | 0 |  |  |  | (89 | )
Shares |  |  |  |  |  |  | 2 |  |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
Interest |  |  |  |  |  |  | 45 |  |  |  | (87 | ) |  |  | 0 |  |  |  | (87 | )
Foreign currency |  |  |  |  |  |  | 572 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Credit derivatives |  |  |  | 8,324 |  |  |  | (243 | ) |  |  | 223 |  |  |  | (20 | )
Asset position |  |  |  |  |  |  | 3,825 |  |  |  | (87 | ) |  |  | 207 |  |  |  | 120 |
Shares |  |  |  |  |  |  | 1,576 |  |  |  | (44 | ) |  |  | 136 |  |  |  | 92 |
Interest |  |  |  |  |  |  | 2,249 |  |  |  | (43 | ) |  |  | 71 |  |  |  | 28 |
Liability position |  |  |  |  |  |  | 4,499 |  |  |  | (156 | ) |  |  | 16 |  |  |  | (140 | )
Shares |  |  |  |  |  |  | 1,316 |  |  |  | (55 | ) |  |  | (14 | ) |  |  | (69 | )
Interest |  |  |  |  |  |  | 3,183 |  |  |  | (101 | ) |  |  | 30 |  |  |  | (71 | )
NDF - Non Deliverable Forward |  |  |  | 225,355 |  |  |  | 99 |  |  |  | 228 |  |  |  | 327 |
Asset position |  |  |  |  |  |  | 122,495 |  |  |  | 3,378 |  |  |  | 333 |  |  |  | 3,711 |
Commodities |  |  |  |  |  |  | 167 |  |  |  | 16 |  |  |  | 1 |  |  |  | 17 |
Foreign currency |  |  |  |  |  |  | 122,328 |  |  |  | 3,362 |  |  |  | 332 |  |  |  | 3,694 |
Liability position |  |  |  |  |  |  | 102,860 |  |  |  | (3,279 | ) |  |  | (105 | ) |  |  | (3,384 | )
Commodities |  |  |  |  |  |  | 96 |  |  |  | (6 | ) |  |  | 1 |  |  |  | (5 | )
Foreign currency |  |  |  |  |  |  | 102,764 |  |  |  | (3,273 | ) |  |  | (106 | ) |  |  | (3,379 | )
Check of swap |  |  |  |  |  |  | 1,334 |  |  |  | (71 | ) |  |  | (47 | ) |  |  | (118 | )
Asset position |  |  |  |  |  |  | 115 |  |  |  | 7 |  |  |  | 37 |  |  |  | 44 |
Interest |  |  |  |  |  |  | 115 |  |  |  | 2 |  |  |  | 21 |  |  |  | 23 |
Foreign currency |  |  |  |  |  |  | 0 |  |  |  | 5 |  |  |  | 16 |  |  |  | 21 |
Liability position |  |  |  |  |  |  | 1,219 |  |  |  | (78 | ) |  |  | (84 | ) |  |  | (162 | )
Interest |  |  |  |  |  |  | 1,219 |  |  |  | (17 | ) |  |  | (6 | ) |  |  | (23 | )
Foreign currency |  |  |  |  |  |  | 0 |  |  |  | (61 | ) |  |  | (78 | ) |  |  | (139 | )
Other derivative financial instruments |  |  |  |  |  |  | 5,304 |  |  |  | 198 |  |  |  | 214 |  |  |  | 412 |
Asset position |  |  |  |  |  |  | 4,296 |  |  |  | 205 |  |  |  | 287 |  |  |  | 492 |
Shares |  |  |  |  |  |  | 217 |  |  |  | (8 | ) |  |  | 10 |  |  |  | 2 |
Interest |  |  |  |  |  |  | 4,074 |  |  |  | 213 |  |  |  | 65 |  |  |  | 278 |
Foreign currency |  |  |  |  |  |  | 5 |  |  |  | 0 |  |  |  | 212 |  |  |  | 212 |
Liability position |  |  |  |  |  |  | 1,008 |  |  |  | (7 | ) |  |  | (73 | ) |  |  | (80 | )
Shares |  |  |  |  |  |  | 842 |  |  |  | (4 | ) |  |  | (42 | ) |  |  | (46 | )
Interest |  |  |  |  |  |  | 158 |  |  |  | (2 | ) |  |  | (21 | ) |  |  | (23 | )
Foreign currency |  |  |  |  |  |  | 8 |  |  |  | (1 | ) |  |  | (10 | ) |  |  | (11 | )
|  |  |  |  |  |  | Asset |  |  |  | 15,342 |  |  |  | 8,124 |  |  |  | 23,466 |
|  |  |  |  |  |  | Liability |  |  |  | (18,860 | ) |  |  | (8,659 | ) |  |  | (27,519 | )
|  |  |  |  |  |  | Total |  |  |  | (3,518 | ) |  |  | (535 | ) |  |  | (4,053 | )
Derivative contracts mature as follows (in days): |
Off-balance sheet – notional amount |  | 0 - 30 |  |  | 31 - 180 |  |  | 181 - 365 |  |  | Over 365 |  |  | 12/31/2018 |
Futures contracts |  |  | 217,836 |  |  |  | 193,637 |  |  |  | 33,969 |  |  |  | 140,591 |  |  |  | 586,033 |
Swaps contracts |  |  | 70,403 |  |  |  | 96,913 |  |  |  | 96,090 |  |  |  | 676,104 |  |  |  | 939,510 |
Options |  |  | 595,515 |  |  |  | 131,147 |  |  |  | 329,834 |  |  |  | 206,072 |  |  |  | 1,262,568 |
Forwards (onshore) |  |  | 1,412 |  |  |  | 844 |  |  |  | 85 |  |  |  | — |  |  |  | 2,341 |
Credit derivatives |  |  | — |  |  |  | 1,188 |  |  |  | 680 |  |  |  | 6,456 |  |  |  | 8,324 |
NDF - Non Deliverable Forward |  |  | 76,032 |  |  |  | 102,024 |  |  |  | 30,212 |  |  |  | 17,087 |  |  |  | 225,355 |
Check of swap |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | 1,219 |  |  |  | 1,334 |
Other derivative financial instruments |  |  | 8 |  |  |  | 405 |  |  |  | 357 |  |  |  | 4,534 |  |  |  | 5,304 |
The following table shows the composition of derivatives by index:
|  |  |  |  | Off-balance sheet notional amount |  |  | Balance sheet account receivable / (received) (payable) paid |  |  | Adjustment to market value (in results / stockholders’ equity) |  |  | Fair value |
|  |  |  |  | 12/31/2017 |  |  | 12/31/2017 |  |  | 12/31/2017 |  |  | 12/31/2017 |
Futures contracts |  |  |  |  |  |  | 607,980 |  |  |  | 8 |  |  |  | 150 |  |  |  | 158 |
Purchase commitments |  |  |  |  |  |  | 323,102 |  |  |  | 8 |  |  |  | 150 |  |  |  | 158 |
Shares |  |  |  |  |  |  | 18,149 |  |  |  | — |  |  |  | — |  |  |  | — |
Commodities |  |  |  |  |  |  | 187 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest |  |  |  |  |  |  | 275,155 |  |  |  | 7 |  |  |  | (3 | ) |  |  | 4 |
Foreign currency |  |  |  |  |  |  | 29,611 |  |  |  | 1 |  |  |  | 153 |  |  |  | 154 |
Commitments to sell |  |  |  |  |  |  | 284,878 |  |  |  | — |  |  |  | — |  |  |  | — |
Shares |  |  |  |  |  |  | 11,359 |  |  |  | — |  |  |  | — |  |  |  | — |
Commodities |  |  |  |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest |  |  |  |  |  |  | 245,230 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency |  |  |  |  |  |  | 28,121 |  |  |  | — |  |  |  | — |  |  |  | — |
Swap contracts |  |  |  |  |  |  | 837,299 |  |  |  | (4,770 | ) |  |  | 268 |  |  |  | (4,502 | )
Asset position |  |  |  |  |  |  | 837,299 |  |  |  | 3,630 |  |  |  | 5,560 |  |  |  | 9,190 |
Shares |  |  |  |  |  |  | 350 |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Interest |  |  |  |  |  |  | 825,811 |  |  |  | 2,937 |  |  |  | 5,314 |  |  |  | 8,251 |
Foreign currency |  |  |  |  |  |  | 11,138 |  |  |  | 693 |  |  |  | 245 |  |  |  | 938 |
Liability position |  |  |  |  |  |  | 837,299 |  |  |  | (8,400 | ) |  |  | (5,292 | ) |  |  | (13,692 | )
Shares |  |  |  |  |  |  | 1,088 |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Interest |  |  |  |  |  |  | 814,141 |  |  |  | (8,244 | ) |  |  | (5,275 | ) |  |  | (13,519 | )
Foreign currency |  |  |  |  |  |  | 22,070 |  |  |  | (155 | ) |  |  | (17 | ) |  |  | (172 | )
Option contracts |  |  |  |  |  |  | 1,847,829 |  |  |  | 452 |  |  |  | 92 |  |  |  | 544 |
Purchase commitments – long position |  |  |  |  |  |  | 245,514 |  |  |  | 1,256 |  |  |  | 392 |  |  |  | 1,648 |
Shares |  |  |  |  |  |  | 8,655 |  |  |  | 396 |  |  |  | 618 |  |  |  | 1,014 |
Commodities |  |  |  |  |  |  | 367 |  |  |  | 11 |  |  |  | 18 |  |  |  | 29 |
Interest |  |  |  |  |  |  | 204,674 |  |  |  | 202 |  |  |  | (44 | ) |  |  | 158 |
Foreign currency |  |  |  |  |  |  | 31,818 |  |  |  | 647 |  |  |  | (200 | ) |  |  | 447 |
Commitments to sell – long position |  |  |  |  |  |  | 736,856 |  |  |  | 1,457 |  |  |  | 232 |  |  |  | 1,689 |
Shares |  |  |  |  |  |  | 11,795 |  |  |  | 358 |  |  |  | 34 |  |  |  | 392 |
Commodities |  |  |  |  |  |  | 269 |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Interest |  |  |  |  |  |  | 700,658 |  |  |  | 416 |  |  |  | 348 |  |  |  | 764 |
Foreign currency |  |  |  |  |  |  | 24,134 |  |  |  | 679 |  |  |  | (150 | ) |  |  | 529 |
Purchase commitments – short position |  |  |  |  |  |  | 88,688 |  |  |  | (1,008 | ) |  |  | (229 | ) |  |  | (1,237 | )
Shares |  |  |  |  |  |  | 9,159 |  |  |  | (128 | ) |  |  | (527 | ) |  |  | (655 | )
Commodities |  |  |  |  |  |  | 278 |  |  |  | (6 | ) |  |  | (14 | ) |  |  | (20 | )
Interest |  |  |  |  |  |  | 51,477 |  |  |  | (155 | ) |  |  | 65 |  |  |  | (90 | )
Foreign currency |  |  |  |  |  |  | 27,774 |  |  |  | (719 | ) |  |  | 247 |  |  |  | (472 | )
Commitments to sell – short position |  |  |  |  |  |  | 776,771 |  |  |  | (1,253 | ) |  |  | (303 | ) |  |  | (1,556 | )
Shares |  |  |  |  |  |  | 10,241 |  |  |  | (261 | ) |  |  | (33 | ) |  |  | (294 | )
Commodities |  |  |  |  |  |  | 222 |  |  |  | (8 | ) |  |  | 4 |  |  |  | (4 | )
Interest |  |  |  |  |  |  | 742,475 |  |  |  | (435 | ) |  |  | (378 | ) |  |  | (813 | )
Foreign currency |  |  |  |  |  |  | 23,833 |  |  |  | (549 | ) |  |  | 104 |  |  |  | (445 | )
Forward operations (onshore) |  |  |  | 9,954 |  |  |  | 639 |  |  |  | — |  |  |  | 639 |
Purchases receivable |  |  |  |  |  |  | 1,654 |  |  |  | 1,861 |  |  |  | — |  |  |  | 1,861 |
Shares |  |  |  |  |  |  | 25 |  |  |  | 25 |  |  |  | — |  |  |  | 25 |
Interest |  |  |  |  |  |  | 1,629 |  |  |  | 1,836 |  |  |  | — |  |  |  | 1,836 |
Purchases payable - Interest |  |  |  |  |  |  | — |  |  |  | (1,644 | ) |  |  | — |  |  |  | (1,644 | )
Sales receivable |  |  |  |  |  |  | 737 |  |  |  | 5,049 |  |  |  | 1 |  |  |  | 5,050 |
Shares |  |  |  |  |  |  | 737 |  |  |  | 729 |  |  |  | 1 |  |  |  | 730 |
Interest |  |  |  |  |  |  | — |  |  |  | 4,320 |  |  |  | — |  |  |  | 4,320 |
Sales deliverable |  |  |  |  |  |  | 7,563 |  |  |  | (4,627 | ) |  |  | (1 | ) |  |  | (4,628 | )
Shares |  |  |  |  |  |  | 3,261 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Interest |  |  |  |  |  |  | 4,302 |  |  |  | (4,628 | ) |  |  | (1 | ) |  |  | (4,629 | )
Credit derivatives |  |  |  | 10,110 |  |  |  | (30 | ) |  |  | 109 |  |  |  | 79 |
Asset position |  |  |  |  |  |  | 5,831 |  |  |  | 38 |  |  |  | 99 |  |  |  | 137 |
Shares |  |  |  |  |  |  | 1,955 |  |  |  | 22 |  |  |  | 69 |  |  |  | 91 |
Interest |  |  |  |  |  |  | 3,876 |  |  |  | 16 |  |  |  | 30 |  |  |  | 46 |
Liability position |  |  |  |  |  |  | 4,279 |  |  |  | (68 | ) |  |  | 10 |  |  |  | (58 | )
Shares |  |  |  |  |  |  | 769 |  |  |  | (21 | ) |  |  | 4 |  |  |  | (17 | )
Interest |  |  |  |  |  |  | 3,510 |  |  |  | (47 | ) |  |  | 6 |  |  |  | (41 | )
NDF - Non Deliverable Forward |  |  |  | 252,628 |  |  |  | (948 | ) |  |  | 153 |  |  |  | (795 | )
Asset position |  |  |  |  |  |  | 119,312 |  |  |  | 2,781 |  |  |  | 169 |  |  |  | 2,950 |
Commodities |  |  |  |  |  |  | 80 |  |  |  | 6 |  |  |  | 1 |  |  |  | 7 |
Foreign currency |  |  |  |  |  |  | 119,232 |  |  |  | 2,775 |  |  |  | 168 |  |  |  | 2,943 |
Liability position |  |  |  |  |  |  | 133,316 |  |  |  | (3,729 | ) |  |  | (16 | ) |  |  | (3,745 | )
Commodities |  |  |  |  |  |  | 175 |  |  |  | (14 | ) |  |  | — |  |  |  | (14 | )
Foreign currency |  |  |  |  |  |  | 133,141 |  |  |  | (3,715 | ) |  |  | (16 | ) |  |  | (3,731 | )
Check of swap |  |  |  |  |  |  | 955 |  |  |  | (73 | ) |  |  | 19 |  |  |  | (54 | )
Asset position - Foreign currency |  |  |  |  |  |  | 514 |  |  |  | — |  |  |  | 68 |  |  |  | 68 |
Liability position - Interest |  |  |  |  |  |  | 441 |  |  |  | (73 | ) |  |  | (49 | ) |  |  | (122 | )
Other financial instruments |  |  |  | 4,225 |  |  |  | 90 |  |  |  | (62 | ) |  |  | 28 |
Asset position |  |  |  |  |  |  | 2,464 |  |  |  | 100 |  |  |  | (8 | ) |  |  | 92 |
Shares |  |  |  |  |  |  | 191 |  |  |  | (9 | ) |  |  | 5 |  |  |  | (4 | )
Interest |  |  |  |  |  |  | 2,147 |  |  |  | 109 |  |  |  | (15 | ) |  |  | 94 |
Foreign currency |  |  |  |  |  |  | 126 |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Liability position |  |  |  |  |  |  | 1,761 |  |  |  | (10 | ) |  |  | (54 | ) |  |  | (64 | )
Shares |  |  |  |  |  |  | 1,404 |  |  |  | (1 | ) |  |  | (57 | ) |  |  | (58 | )
Interest |  |  |  |  |  |  | 327 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (4 | )
Foreign currency |  |  |  |  |  |  | 30 |  |  |  | (7 | ) |  |  | 5 |  |  |  | (2 | )
|  |  |  |  |  |  | Asset |  |  |  | 16,180 |  |  |  | 6,663 |  |  |  | 22,843 |
|  |  |  |  |  |  | Liability |  |  |  | (20,812 | ) |  |  | (5,934 | ) |  |  | (26,746 | )
|  |  |  |  |  |  | Total |  |  |  | (4,632 | ) |  |  | 729 |  |  |  | (3,903 | )
Derivative contracts mature as follows (in days): |
Off-balance sheet – notional amount |  | 0 - 30 |  |  | 31 - 180 |  |  | 181 - 365 |  |  | Over 365 |  |  | 12/31/2017 |
Futures contracts |  |  | 187,771 |  |  |  | 152,660 |  |  |  | 87,819 |  |  |  | 179,730 |  |  |  | 607,980 |
Swaps contracts |  |  | 37,526 |  |  |  | 135,791 |  |  |  | 115,296 |  |  |  | 548,686 |  |  |  | 837,299 |
Options |  |  | 418,679 |  |  |  | 290,491 |  |  |  | 457,164 |  |  |  | 681,495 |  |  |  | 1,847,829 |
Forwards (onshore) |  |  | 6,997 |  |  |  | 1,933 |  |  |  | 1,024 |  |  |  | — |  |  |  | 9,954 |
Credit derivatives |  |  | — |  |  |  | 510 |  |  |  | 1,230 |  |  |  | 8,370 |  |  |  | 10,110 |
NDF - Non Deliverable Forward |  |  | 63,446 |  |  |  | 136,650 |  |  |  | 39,109 |  |  |  | 13,423 |  |  |  | 252,628 |
Check of swap |  |  | — |  |  |  | 293 |  |  |  | — |  |  |  | 662 |  |  |  | 955 |
Other derivative financial instruments |  |  | — |  |  |  | 474 |  |  |  | 851 |  |  |  | 2,900 |  |  |  | 4,225 |
III - Derivatives by notional amount See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties.
|  | 12/31/2018 |
|  | Futures |  |  | Swaps |  |  | Options |  |  | Forwards (onshore) |  |  | Credit derivatives |  |  | NDF - Non Deliverable Forward |  |  | Target flow of swap |  |  | Other derivative financial instruments |
B3 |  |  | 480,950 |  |  |  | 20,209 |  |  |  | 1,106,794 |  |  |  | 1,912 |  |  |  | 0 |  |  |  | 47,628 |  |  |  | 0 |  |  |  | 0 |
Over-the-counter market |  |  | 105,083 |  |  |  | 919,301 |  |  |  | 155,774 |  |  |  | 429 |  |  |  | 8,324 |  |  |  | 177,727 |  |  |  | 1,334 |  |  |  | 5,304 |
Financial institutions |  |  | 104,297 |  |  |  | 702,848 |  |  |  | 110,859 |  |  |  | 0 |  |  |  | 7,742 |  |  |  | 103,172 |  |  |  | 0 |  |  |  | 3,602 |
Companies |  |  | 786 |  |  |  | 150,639 |  |  |  | 44,464 |  |  |  | 429 |  |  |  | 582 |  |  |  | 73,811 |  |  |  | 1,334 |  |  |  | 1,702 |
Individuals |  |  | 0 |  |  |  | 65,814 |  |  |  | 451 |  |  |  | 0 |  |  |  | 0 |  |  |  | 744 |  |  |  | 0 |  |  |  | 0 |
Total |  |  | 586,033 |  |  |  | 939,510 |  |  |  | 1,262,568 |  |  |  | 2,341 |  |  |  | 8,324 |  |  |  | 225,355 |  |  |  | 1,334 |  |  |  | 5,304 |
|  | 12/31/2017 |
|  | Futures |  |  | Swaps |  |  | Options |  |  | Forwards (onshore) |  |  | Credit derivatives |  |  | NDF - Non Deliverable Forward |  |  | Target flow of swap |  |  | Other derivative financial instruments |
B3 |  |  | 476,031 |  |  |  | 24,339 |  |  |  | 1,746,729 |  |  |  | 4,023 |  |  |  | — |  |  |  | 76,838 |  |  |  | — |  |  |  | — |
Over-the-counter market |  |  | 131,949 |  |  |  | 812,960 |  |  |  | 101,100 |  |  |  | 5,931 |  |  |  | 10,110 |  |  |  | 175,790 |  |  |  | 955 |  |  |  | 4,225 |
Financial institutions |  |  | 131,525 |  |  |  | 525,855 |  |  |  | 69,460 |  |  |  | — |  |  |  | 10,110 |  |  |  | 118,743 |  |  |  | — |  |  |  | 1,792 |
Companies |  |  | 424 |  |  |  | 173,129 |  |  |  | 31,340 |  |  |  | 5,931 |  |  |  | — |  |  |  | 56,905 |  |  |  | 955 |  |  |  | 2,433 |
Individuals |  |  | — |  |  |  | 113,976 |  |  |  | 300 |  |  |  | — |  |  |  | — |  |  |  | 142 |  |  |  | — |  |  |  | — |
Total |  |  | 607,980 |  |  |  | 837,299 |  |  |  | 1,847,829 |  |  |  | 9,954 |  |  |  | 10,110 |  |  |  | 252,628 |  |  |  | 955 |  |  |  | 4,225 |
IV - Credit derivatives
a) | Information on credit derivatives
ITAÚ UNIBANCO HOLDING buys and sells credit protection mainly related to securities of Brazilian listed companies in order to meet the needs of its customers. When ITAÚ UNIBANCO HOLDING sells contracts for credit protection, the exposure for a given reference entity may be partially or totally offset by a credit protection purchase contract of another counterparty for the same reference entity or similar entity. The credit derivatives for which ITAÚ UNIBANCO HOLDING is protection seller are credit default swaps. Credit Default Swaps – CDS CDS are credit derivatives in which, upon a credit event related to the reference entity pursuant to the terms of the contract, the protection buyer is entitled to receive, from the protection seller, the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the debt instrument of the reference entity for it to receive the amounts due pursuant to the CDS contract terms when a credit event occurs.
|  | 12/31/2018 |
|  | Maximum potential of future payments, gross |  |  | Before 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 years |
By instrument |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CDS |  |  | 6,853 |  |  |  | 1,685 |  |  |  | 1,913 |  |  |  | 3,203 |  |  |  | 52 |
Total by instrument |  |  | 6,853 |  |  |  | 1,685 |  |  |  | 1,913 |  |  |  | 3,203 |  |  |  | 52 |
By risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 1,361 |  |  |  | 300 |  |  |  | 510 |  |  |  | 539 |  |  |  | 12 |
Below investment grade |  |  | 5,492 |  |  |  | 1,385 |  |  |  | 1,403 |  |  |  | 2,664 |  |  |  | 40 |
Total by risk |  |  | 6,853 |  |  |  | 1,685 |  |  |  | 1,913 |  |  |  | 3,203 |  |  |  | 52 |
By reference entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazilian government |  |  | 3,772 |  |  |  | 1,167 |  |  |  | 1,118 |  |  |  | 1,487 |  |  |  | 0 |
Government – abroad |  |  | 314 |  |  |  | 71 |  |  |  | 85 |  |  |  | 156 |  |  |  | 2 |
Private entities |  |  | 2,767 |  |  |  | 447 |  |  |  | 710 |  |  |  | 1,560 |  |  |  | 50 |
Total by entity |  |  | 6,853 |  |  |  | 1,685 |  |  |  | 1,913 |  |  |  | 3,203 |  |  |  | 52 |
|  | 12/31/2017 |
|  | Maximum potential of future payments, gross |  |  | Before 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 years |
By instrument |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CDS |  |  | 6,416 |  |  |  | 1,200 |  |  |  | 2,412 |  |  |  | 2,804 |  |  |  | — |
Total by instrument |  |  | 6,416 |  |  |  | 1,200 |  |  |  | 2,412 |  |  |  | 2,804 |  |  |  | — |
By risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 1,416 |  |  |  | 449 |  |  |  | 347 |  |  |  | 620 |  |  |  | — |
Below investment grade |  |  | 5,000 |  |  |  | 751 |  |  |  | 2,065 |  |  |  | 2,184 |  |  |  | — |
Total by risk |  |  | 6,416 |  |  |  | 1,200 |  |  |  | 2,412 |  |  |  | 2,804 |  |  |  | — |
By reference entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazilian government |  |  | 3,597 |  |  |  | 406 |  |  |  | 1,671 |  |  |  | 1,520 |  |  |  | — |
Government – abroad |  |  | 329 |  |  |  | 144 |  |  |  | 90 |  |  |  | 95 |  |  |  | — |
Private entities |  |  | 2,490 |  |  |  | 650 |  |  |  | 651 |  |  |  | 1,189 |  |  |  | — |
Total by entity |  |  | 6,416 |  |  |  | 1,200 |  |  |  | 2,412 |  |  |  | 2,804 |  |  |  | — |
ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade are those entities for which credit risk is rated as Baa3 or higher, as rated by Moody’s, and BBB- or higher, according to the ratings of Standard & Poor’s and Fitch Ratings. The maximum potential loss that may be incurred with the credit derivative is based on the notional amount of the derivative. ITAÚ UNIBANCO HOLDING believes, based on its historical experience, that the amount of the maximum potential loss does not represent the actual level of loss. This is so because, should there be an event of loss, the amount of maximum potential loss should be reduced from the notional amount by the recoverable amount. The credit derivatives sold are not covered by guarantees, and during this period, ITAÚ UNIBANCO HOLDING has not incurred any loss related to credit derivative contracts. The following table presents the notional amount of purchased credit derivatives whose underlying amounts are identical to those for which ITAÚ UNIBANCO HOLDING operates as seller of the credit protection.
|  | 12/31/2018 |
|  | Notional amount of credit protection sold |  |  | Notional amount of credit protection purchased with identical underlying amount |  |  | Net position |
CDS |  |  | (6,853 | ) |  |  | 1,471 |  |  |  | (5,382 | )
Total |  |  | (6,853 | ) |  |  | 1,471 |  |  |  | (5,382 | )
|  | 12/31/2017 |
|  | Notional amount of credit protection sold |  |  | Notional amount of credit protection purchased with identical underlying amount |  |  | Net position |
CDS |  |  | (6,416 | ) |  |  | 3,694 |  |  |  | (2,722 | )
Total |  |  | (6,416 | ) |  |  | 3,694 |  |  |  | (2,722 | )
b) Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING’s consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:
|  | 12/31/2018 |
|  | Gross amount of recognized financial assets (1) |  |  | Gross amount offset in the statement of financial position |  |  | Net amount of financial assets presented in the statement of financial position |  |  | Related amounts not offset in the statement of financial position (2) |  |  | Net amount |
| Financial instruments (3) |  |  | Cash collateral received |
Securities purchased under agreements to resell |  |  | 280,126 |  |  |  | 0 |  |  |  | 280,126 |  |  |  | (2,822 | ) |  |  | 0 |  |  |  | 277,304 |
Derivatives |  |  | 23,466 |  |  |  | 0 |  |  |  | 23,466 |  |  |  | (3,091 | ) |  |  | 0 |  |  |  | 20,375 |
|  | 12/31/2017 |
|  | Gross amount of recognized financial assets (1) |  |  | Gross amount offset in the statement of financial position |  |  | Net amount of financial assets presented in the statement of financial position |  |  | Related amounts not offset in the statement of financial position (2) |  |  | Net amount |
| Financial instruments (3) |  |  | Cash collateral received |
Securities purchased under agreements to resell |  |  | 244,699 |  |  |  | — |  |  |  | 244,699 |  |  |  | (575 | ) |  |  | — |  |  |  | 244,124 |
Derivatives |  |  | 22,843 |  |  |  | — |  |  |  | 22,843 |  |  |  | (3,138 | ) |  |  | — |  |  |  | 19,705 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: |
|  | 12/31/2018 |
|  | Gross amount of recognized financial liabilities (1) |  |  | Gross amount offset in the statement of financial position |  |  | Net amount of financial liabilities presented in the statement of financial position |  |  | Related amounts not offset in the statement of financial position (2) |  |  | Net amount |
| Financial instruments (3) |  |  | Cash collateral pledged |
Securities sold under repurchase agreements |  |  | 330,237 |  |  |  | 0 |  |  |  | 330,237 |  |  |  | (23,079 | ) |  |  | 0 |  |  |  | 307,158 |
Derivatives |  |  | 27,519 |  |  |  | 0 |  |  |  | 27,519 |  |  |  | (3,091 | ) |  |  | (333 | ) |  |  | 24,095 |
|  | 12/31/2017 |
|  | Gross amount of recognized financial liabilities (1) |  |  | Gross amount offset in the statement of financial position |  |  | Net amount of financial liabilities presented in the statement of financial position |  |  | Related amounts not offset in the statement of financial position (2) |  |  | Net amount |
| Financial instruments (3) |  |  | Cash collateral pledged |
Securities sold under repurchase agreements |  |  | 312,634 |  |  |  | — |  |  |  | 312,634 |  |  |  | (14,489 | ) |  |  | — |  |  |  | 298,145 |
Derivatives |  |  | 26,746 |  |  |  | — |  |  |  | 26,746 |  |  |  | (3,138 | ) |  |  | (452 | ) |  |  | 23,156 |
(1) | Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable;
(2) | Limited to amounts subject to enforceable master offset agreements and other such agreements;
(3) | Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments.
Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Derivatives and repurchase agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

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