Management’s discussion and analysis 164 JPMorgan Chase & Co. /2015 Annual Report Credit ratings The cost and availability of financing are influenced by credit ratings.
Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm.
Additionally, the Firm’s funding requirements for VIEs and other third party commitments may be adversely affected by a decline in credit ratings.
For additional information on the impact of a credit ratings downgrade on the funding requirements for VIEs, and on derivatives and collateral agreements, see Special-purpose entities on page 77, and credit risk, liquidity risk and credit-related contingent features in Note 6.
The credit ratings of the Parent Company and the Firm’s principal bank and nonbank subsidiaries as of December 31, 2015, were as follows.
## Table 0 ##
Downgrades of the Firm’s long-term ratings by one or two notches could result in an increase in its cost of funds, and access to certain funding markets could be reduced as noted above.
The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors (which the Firm believes are incorporated in its liquidity risk and stress testing metrics).
The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
JPMorgan Chase’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios, earnings, or stock price.
Critical factors in maintaining high credit ratings include a stable and diverse earnings stream, strong capital ratios, strong credit quality and risk management controls, diverse funding sources, and disciplined liquidity monitoring procedures.
Rating agencies continue to evaluate economic and geopolitical trends, regulatory developments, future profitability, risk management practices, and litigation matters, as well as their broader ratings methodologies.
Changes in any of these factors could lead to changes in the Firm’s credit ratings.
In May 2015, Moody’s published its new bank rating methodology.
As part of this action, the Firm’s preferred stock, deposits and bank subordinated debt ratings were upgraded by one notch.
Additionally in May 2015, Fitch changed its bank ratings methodology, implementing ratings differentiation between bank holding companies and their bank subsidiaries.
This resulted in a one notch upgrade to the issuer ratings, senior debt ratings and longterm deposit ratings of JPMorgan Chase Bank, N. A. , and certain other subsidiaries.
In December 2015, S&P removed from its ratings for U. S.  GSIBs the uplift assumption due to extraordinary government support.
As a result, the Firm’s short-term and long-term senior unsecured debt ratings and its subordinated unsecured debt ratings were lowered by one notch.
Although the Firm closely monitors and endeavors to manage, to the extent it is able, factors influencing its credit ratings, there is no assurance that its credit ratings will not be changed in the future.
Notes to consolidated financial statements 214 JPMorgan Chase & Co. /2015 Annual Report The following table presents, as of December 31, 2015 and 2014, the gross and net derivative payables by contract and settlement type.
Derivative payables have been netted on the Consolidated balance sheets against derivative receivables and cash collateral receivables from the same counterparty with respect to derivative contracts for which the Firm has obtained an appropriate legal opinion with respect to the master netting agreement.
Where such a legal opinion has not been either sought or obtained, the payables are not eligible under U. S.  GAAP for netting on the Consolidated balance sheets, and are shown separately in the table below.
## Table 1 ##
(a) Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b) Included cash collateral netted of $61.6 billion and $64.2 billion related to OTC and OTC-cleared derivatives at December 31, 2015, and 2014, respectively.
(c) The prior period amounts have been revised to conform with the current period presentation.
These revisions had no impact on Firm’s Consolidated balance sheets or its results of operations.
In addition to the cash collateral received and transferred that is presented on a net basis with net derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash).
These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments but are not eligible for net presentation, because (a) the collateral consists of non-cash financial instruments (generally U. S.  government and agency securities and other Group of Seven Nations (“G7”) government bonds), (b) the amount of collateral held or transferred exceeds the fair value exposure, at the individual counterparty level, as of the date presented, or (c) the collateral relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained.
FIVE-YEAR STOCK PERFORMANCE The following table and graph compare the five-year cumulative total return for JPMorgan Chase & Co.  (“JPMorgan Chase” or the “Firm”) common stock with the cumulative return of the S&P 500 Index, the KBW Bank Index and the S&P Financial Index.
The S&P 500 Index is a commonly referenced United States of America (“U.
S. ”) equity benchmark consisting of leading companies from different economic sectors.
The KBW Bank Index seeks to reflect the performance of banks and thrifts that are publicly traded in the U. S.  and is composed of 24 leading national money center and regional banks and thrifts.
The S&P Financial Index is an index of 87 financial companies, all of which are components of the S&P 500.
The Firm is a component of all three industry indices.
The following table and graph assume simultaneous investments of $100 on December 31, 2010, in JPMorgan Chase common stock and in each of the above indices.
The comparison assumes that all dividends are reinvested.
## Table 2 ##

<table><tr><td></td><td colspan="3">JPMorgan Chase & Co.</td><td colspan="3">JPMorgan Chase Bank, N.A.Chase Bank USA, N.A.</td><td colspan="3">J.P. Morgan Securities LLC</td></tr><tr><td>December 31, 2015</td><td>Long-term issuer</td><td>Short-term issuer</td><td>Outlook</td><td>Long-term issuer</td><td>Short-term issuer</td><td>Outlook</td><td>Long-term issuer</td><td>Short-term issuer</td><td>Outlook</td></tr><tr><td>Moody’s Investors Service</td><td>A3</td><td>P-2</td><td>Stable</td><td>Aa3</td><td>P-1</td><td>Stable</td><td>Aa3</td><td>P-1</td><td>Stable</td></tr><tr><td>Standard & Poor’s</td><td>A-</td><td>A-2</td><td>Stable</td><td>A+</td><td>A-1</td><td>Stable</td><td>A+</td><td>A-1</td><td>Stable</td></tr><tr><td>Fitch Ratings</td><td>A+</td><td>F1</td><td>Stable</td><td>AA-</td><td>F1+</td><td>Stable</td><td>AA-</td><td>F1+</td><td>Stable</td></tr></table>
<table><tr><td></td><td colspan="4">2015</td><td colspan="5">2014</td></tr><tr><td>December 31, (in millions)</td><td>Gross derivative payables</td><td colspan="2">Amounts netted on the Consolidated balance sheets</td><td>Net derivative payables</td><td>Gross derivative payables</td><td></td><td colspan="2">Amounts netted on the Consolidated balance sheets</td><td>Net derivative payables</td></tr><tr><td>U.S. GAAP nettable derivative payables</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>$393,709</td><td>$-384,576</td><td></td><td>$9,133</td><td>$515,904</td><td><sup>(c)</sup></td><td>$-503,384</td><td><sup>(c)</sup></td><td>$12,520</td></tr><tr><td>OTC–cleared</td><td>240,398</td><td>-240,369</td><td></td><td>29</td><td>398,518</td><td></td><td>-397,250</td><td></td><td>1,268</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td></td><td>—</td><td></td><td>—</td></tr><tr><td>Total interest rate contracts</td><td>634,107</td><td>-624,945</td><td></td><td>9,162</td><td>914,422</td><td><sup>(c)</sup></td><td>-900,634</td><td><sup>(c)</sup></td><td>13,788</td></tr><tr><td>Credit contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>44,379</td><td>-43,019</td><td></td><td>1,360</td><td>65,432</td><td></td><td>-64,904</td><td></td><td>528</td></tr><tr><td>OTC–cleared</td><td>5,969</td><td>-5,969</td><td></td><td>—</td><td>9,398</td><td></td><td>-9,398</td><td></td><td>—</td></tr><tr><td>Total credit contracts</td><td>50,348</td><td>-48,988</td><td></td><td>1,360</td><td>74,830</td><td></td><td>-74,302</td><td></td><td>528</td></tr><tr><td>Foreign exchange contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>185,178</td><td>-170,830</td><td></td><td>14,348</td><td>217,998</td><td><sup>(c)</sup></td><td>-201,578</td><td><sup>(c)</sup></td><td>16,420</td></tr><tr><td>OTC–cleared</td><td>301</td><td>-301</td><td></td><td>—</td><td>66</td><td></td><td>-66</td><td></td><td>—</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td></td><td>—</td><td></td><td>—</td></tr><tr><td>Total foreign exchange contracts</td><td>185,479</td><td>-171,131</td><td></td><td>14,348</td><td>218,064</td><td><sup>(c)</sup></td><td>-201,644</td><td><sup>(c)</sup></td><td>16,420</td></tr><tr><td>Equity contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>23,458</td><td>-19,589</td><td></td><td>3,869</td><td>27,908</td><td></td><td>-23,036</td><td></td><td>4,872</td></tr><tr><td>OTC–cleared</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td></td><td>—</td><td></td><td>—</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>10,998</td><td>-9,891</td><td></td><td>1,107</td><td>12,864</td><td><sup>(c)</sup></td><td>-11,486</td><td><sup>(c)</sup></td><td>1,378</td></tr><tr><td>Total equity contracts</td><td>34,456</td><td>-29,480</td><td></td><td>4,976</td><td>40,772</td><td><sup>(c)</sup></td><td>-34,522</td><td><sup>(c)</sup></td><td>6,250</td></tr><tr><td>Commodity contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>16,953</td><td>-6,256</td><td></td><td>10,697</td><td>25,129</td><td></td><td>-13,211</td><td></td><td>11,918</td></tr><tr><td>OTC–cleared</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td></td><td>—</td><td></td><td>—</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>9,374</td><td>-9,322</td><td></td><td>52</td><td>18,486</td><td></td><td>-15,344</td><td></td><td>3,142</td></tr><tr><td>Total commodity contracts</td><td>26,327</td><td>-15,578</td><td></td><td>10,749</td><td>43,615</td><td></td><td>-28,555</td><td></td><td>15,060</td></tr><tr><td>Derivative payables with appropriate legal opinions</td><td>$930,717</td><td>$-890,122</td><td><sup>(b)</sup></td><td>$40,595</td><td>$1,291,703</td><td><sup>(c)</sup></td><td>$-1,239,657</td><td><sup>(b)(c)</sup></td><td>$52,046</td></tr><tr><td>Derivative payables where an appropriate legal opinion has not been either sought or obtained</td><td>12,195</td><td></td><td></td><td>12,195</td><td>19,070</td><td></td><td></td><td></td><td>19,070</td></tr><tr><td>Total derivative payables recognized on the Consolidated balance sheets</td><td>$942,912</td><td></td><td></td><td>$52,790</td><td>$1,310,773</td><td><sup>(c)</sup></td><td></td><td></td><td>$71,116</td></tr></table>
<table><tr><td>December 31,(in dollars)</td><td>2010</td><td>2011</td><td>2012</td><td>2013</td><td>2014</td><td>2015</td></tr><tr><td>JPMorgan Chase</td><td>$100.00</td><td>$80.03</td><td>$108.98</td><td>$148.98</td><td>$163.71</td><td>$177.40</td></tr><tr><td>KBW Bank Index</td><td>100.00</td><td>76.82</td><td>102.19</td><td>140.77</td><td>153.96</td><td>154.71</td></tr><tr><td>S&P Financial Index</td><td>100.00</td><td>82.94</td><td>106.78</td><td>144.79</td><td>166.76</td><td>164.15</td></tr><tr><td>S&P 500 Index</td><td>100.00</td><td>102.11</td><td>118.44</td><td>156.78</td><td>178.22</td><td>180.67</td></tr></table>

Question: Which year does the value of Total interest rate contracts in terms of Gross derivative payables rank first?