jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments .in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law .for a further discussion of the valuation of lending-related commitments , see page 198 of this note .trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , 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 market ( market approximates 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 ( unrealized losses ) related to derivatives .trading assets and liabilities are carried at fair value on the consolidated balance sheets .balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) .trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. .
[['year ended december 31 ( in millions )', '2013', '2012', '2011'], ['trading assets 2013 debt and equity instruments', '$ 340449', '$ 349337', '$ 393890'], ['trading assets 2013 derivative receivables', '72629', '85744', '90003'], ['trading liabilities 2013 debt and equity instruments ( a )', '77706', '69001', '81916'], ['trading liabilities 2013 derivative payables', '64553', '76162', '71539']]
( a ) 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 commitments 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 , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements 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 instruments ) ; and/or 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 warehousing activity , subject to bifurcation accounting , or managed on a fair value basis .2022 securities financing arrangements with an embedded derivative 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 instrument .2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction .2022 structured notes issued as part of cib 2019s client-driven activities .( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

Question: in millions for 2013 , what were net trading assets 2013 debt and equity instruments?
Answer: 262743
Explanation: net - assets minus liab .