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:

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Financial Assets and Liabilities Held-for-Trading	Millions of euros
	2015	2014	2013
ASSETS-
Loans and advances to customers	65	128	107
Debt securities	32,825	33,883	29,602
Equity instruments	4,534	5,017	4,766
Trading derivatives	40,902	44,229	37,638
Total Assets	78,326	83,258	72,112
LIABILITIES-
Trading derivatives	42,149	45,052	38,119
Short positions	13,053	11,747	7,529
Total Liabilities	55,203	56,798	45,648

10.2 Debt securities

The breakdown by type of issuer of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Debt Securities Held-for-Trading Breakdown by issuer	Millions of euros
	2015	2014	2013
Issued by Central Banks	214	193	291
Spanish government bonds	7,419	6,332	5,251
Foreign government bonds	21,821	21,688	19,154
Issued by Spanish financial institutions	328	879	596
Issued by foreign financial institutions	1,438	2,169	2,138
Other debt securities	1,606	2,623	2,172
Total	32,825	33,883	29,602

10.3 Equity instruments

The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Equity Instruments Held-for-Trading Breakdown by Issuer	Millions of euros
	2015	2014	2013
Shares of Spanish companies
Credit institutions	804	865	497
Other sectors	1,234	1,677	2,255
Subtotal	2,038	2,541	2,752
Shares of foreign companies
Credit institutions	255	107	80
Other sectors	2,241	2,368	1,934
Subtotal	2,497	2,476	2,015
Total	4,534	5,017	4,766

10.4 Trading derivatives

The trading 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 certain products amongst the Group’s customers. As of December 31, 2015, 2014 and 2013, trading derivatives were mainly contracted in over-the-counter (OTC) markets, with counterparties which are mainly foreign credit institutions, and related to foreign-exchange, interest-rate and equity risk.

Below is a breakdown of the net positions by transaction type of the fair value and notional amounts of trading derivatives recognized in the accompanying consolidated balance sheets, divided into organized and OTC markets:

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Trading derivatives by type of risk / by product or by type of market December 2015	Millions of euros
	Assets	Liabilities	Notional amount - Total
Interest rate	22,425	23,152	1,289,986
OTC options	3,291	3,367	208,175
OTC other	19,134	19,785	1,069,909
Organized market options	-	-	-
Organized market other	-	-	11,902
Equity	3,223	3,142	108,108
OTC options	1,673	2,119	65,951
OTC other	112	106	4,535
Organized market options	1,437	918	34,475
Organized market other	1	-	3,147
Foreign exchange and gold	14,706	15,367	439,546
OTC options	387	458	41,706
OTC other	14,305	14,894	395,327
Organized market options	1	-	109
Organized market other	13	16	2,404
Credit	500	441	33,939
Credit default swap	436	412	30,283
Credit spread option	-	-	300
Total return swap	-	28	1,831
Other	64	-	1,526
Commodity	31	37	118
Other	16	10	675
DERIVATIVES	40,902	42,149	1,872,373
of which: OTC - credit institutions	23,385	28,343	974,604
of which: OTC - other financial corporations	9,938	8,690	688,880
of which: OTC - other	6,122	4,177	156,828

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Trading derivatives by type of risk / by product or by type of market December 2014	Millions of euros
	Assets	Liabilities	Notional amount - Total
Interest rate	29,504	28,770	1,160,445
OTC options	3,919	4,301	214,621
OTC other	25,578	24,283	936,281
Organized market options	1	25	1,470
Organized market other	6	162	8,073
Equity	2,752	3,980	108,327
OTC options	1,229	1,874	64,552
OTC other	169	1,068	3,382
Organized market options	1,353	1,038	38,185
Organized market other	1	-	2,209
Foreign exchange and gold	11,409	11,773	360,573
OTC options	243	372	33,119
OTC other	10,862	11,098	323,275
Organized market options	1	-	10
Organized market other	303	304	4,170
Credit	548	504	45,066
Credit default swap	545	335	43,406
Credit spread option	3	1	1,650
Total return swap	-	-	-
Other	-	167	10
Commodity	14	24	378
Other	1	1	247
DERIVATIVES	44,229	45,052	1,675,036
of which: OTC - credit institutions	29,041	32,807	931,198
of which: OTC - other financial corporations	6,557	7,455	556,090
of which: OTC - other	6,966	3,261	133,631

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Trading derivatives by type of risk / by product or by type of market December 2013	Millions of euros
	Assets	Liabilities	Notional amount - Total
Interest rate	27,719	27,797	1,318,532
OTC options	2,806	3,021	238,809
OTC other	24,913	24,776	1,052,562
Organized market options	-	-	4,415
Organized market other	-	-	22,747
Equity	3,073	3,279	93,996
OTC options	1,746	2,073	60,328
OTC other	175	126	2,688
Organized market options	1,151	1,080	29,110
Organized market other	1	-	1,870
Foreign exchange and gold	6,389	6,585	318,594
OTC options	329	145	26,160
OTC other	6,059	6,440	288,807
Organized market options	2	-	83
Organized market other	-	-	3,544
Credit	430	436	41,044
Credit default swap	430	436	41,044
Credit spread option	-	-	-
Total return swap	-	-	-
Other	-	-	-
Commodity	21	18	903
Other	6	4	275
DERIVATIVES	37,638	38,119	1,773,344
of which: OTC - credit institutions	22,660	24,968	950,342
of which: OTC - other financial corporations	9,994	10,463	638,596
of which: OTC - other	3,828	1,607	122,472