jpmorgan chase & co./2010 annual report 187 trading assets and liabilities trading assets include debt and equity instruments held for trading purposes that jpmorgan chase owns ( 201clong 201d positions ) , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or fair value .trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) .the firm is obligated to purchase instruments at a future date to cover the short positions .included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unre- alized losses ) related to derivatives .trading assets and liabilities are carried at fair value on the consolidated balance sheets .bal- ances reflect the reduction of securities owned ( long positions ) by the amount of securities sold but not yet purchased ( short posi- tions ) when the long and short positions have identical committee on uniform security identification procedures ( 201ccusips 201d ) .trading assets and liabilities 2013average balances average trading assets and liabilities were as follows for the periods indicated. .
[['year ended december 31 ( in millions )', '2010', '2009', '2008'], ['trading assets 2013 debt and equity instruments ( a )', '$ 354441', '$ 318063', '$ 384102'], ['trading assets 2013 derivative receivables', '84676', '110457', '121417'], ['trading liabilities 2013 debt and equity instruments ( a ) ( b )', '78159', '60224', '78841'], ['trading liabilities 2013 derivative payables', '65714', '77901', '93200']]
( a ) balances reflect the reduction of securities owned ( long positions ) by the amount of securities sold , but not yet purchased ( short positions ) when the long and short positions have identical cusips .( b ) primarily represent securities sold , not yet purchased .note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan com- mitments not previously carried at fair value .elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , cer- tain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrange- ments are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid in- struments ) ; and 2022 better reflect those instruments that are managed on a fair value basis .elections include the following : 2022 loans purchased or originated as part of securitization ware- housing activity , subject to bifurcation accounting , or man- aged on a fair value basis .2022 securities financing arrangements with an embedded deriva- tive and/or a maturity of greater than one year .2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative in- strument .2022 certain tax credits and other equity investments acquired as part of the washington mutual transaction .2022 structured notes issued as part of ib 2019s client-driven activities .( structured notes are financial instruments that contain em- bedded derivatives. ) 2022 long-term beneficial interests issued by ib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

Question: what is the 2020 net derivative balance in billions?
Answer: 18962