the goldman sachs group , inc .and subsidiaries management 2019s discussion and analysis equities .includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions .equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees .the table below presents the operating results of our institutional client services segment. .
[['$ in millions', 'year ended december 2015', 'year ended december 2014', 'year ended december 2013'], ['fixed income currency and commodities client execution', '$ 7322', '$ 8461', '$ 8651'], ['equities client execution1', '3028', '2079', '2594'], ['commissions and fees', '3156', '3153', '3103'], ['securities services', '1645', '1504', '1373'], ['total equities', '7829', '6736', '7070'], ['total net revenues', '15151', '15197', '15721'], ['operating expenses', '13938', '10880', '11792'], ['pre-tax earnings', '$ 1213', '$ 4317', '$ 3929']]
1 .net revenues related to the americas reinsurance business were $ 317 million for 2013 .in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .2015 versus 2014 .net revenues in institutional client services were $ 15.15 billion for 2015 , essentially unchanged compared with 2014 .net revenues in fixed income , currency and commodities client execution were $ 7.32 billion for 2015 , 13% ( 13 % ) lower than 2014 .excluding a gain of $ 168 million in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in fixed income , currency and commodities client execution were 12% ( 12 % ) lower than 2014 , reflecting significantly lower net revenues in mortgages , credit products and commodities .the decreases in mortgages and credit products reflected challenging market-making conditions and generally low levels of activity during 2015 .the decline in commodities primarily reflected less favorable market-making conditions compared with 2014 , which included a strong first quarter of 2014 .these decreases were partially offset by significantly higher net revenues in interest rate products and currencies , reflecting higher volatility levels which contributed to higher client activity levels , particularly during the first quarter of 2015 .net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 .excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads .commissions and fees were essentially unchanged compared with 2014 .the firm elects the fair value option for certain unsecured borrowings .the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 .during 2015 , the operating environment for institutional client services was positively impacted by diverging central bank monetary policies in the united states and the euro area in the first quarter , as increased volatility levels contributed to strong client activity levels in currencies , interest rate products and equity products , and market- making conditions improved .however , during the remainder of the year , concerns about global growth and uncertainty about the u.s .federal reserve 2019s interest rate policy , along with lower global equity prices , widening high-yield credit spreads and declining commodity prices , contributed to lower levels of client activity , particularly in mortgages and credit , and more difficult market-making conditions .if macroeconomic concerns continue over the long term and activity levels decline , net revenues in institutional client services would likely be negatively impacted .operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses .pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 .62 goldman sachs 2015 form 10-k .

Question: what percentage of total net revenues in the institutional client services segment was due to fixed income currency and commodities client execution in 2015?
Answer: 48%