Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 341

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 341
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 |              |        |              |                           |        |
|                         | Foreignexchange andcommodity | Interestrate | Equity | Creditspread | Portfoliodiversification2 | Total3 |
|                         |                           $m |           $m |     $m |           $m |                        $m |     $m |
| Balance at 31 Dec 2024  |                         14.6 |         34.9 |   16.3 |          8.2 |                     -35.7 |   38.3 |
| Average                 |                         15.2 |         48.3 |   14.8 |          9.9 |                     -35.1 |   53.1 |
| Maximum                 |                         29.8 |         78.1 |   20.5 |         13.1 |                           |   83.3 |
| Minimum                 |                          6.9 |         24.8 |   12.7 |          6.6 |                           |   37.0 |
| Balance at 31 Dec 2023  |                         13.4 |         55.9 |   15.2 |          7.2 |                     -38.9 |   52.8 |
| Average                 |                         16.2 |         53.9 |   19.0 |         11.6 |                     -40.8 |   59.8 |
| Maximum                 |                         24.6 |         86.0 |   27.8 |         16.5 |                           |   98.2 |
| Minimum                 |                          9.3 |         25.5 |   13.4 |          6.6 |                           |   34.4 |

1 Trading portfolios comprise positions arising from the market-making and warehousing of customer-derived positions.

2 Portfolio diversification is the market risk dispersion effect of holding a portfolio containing different risk types. It represents the reduction in unsystematic

market risk that occurs when combining a number of different risk types – such as interest rate, equity and foreign exchange – together in one portfolio. It is

measured as the difference between the sum of the VaR by individual risk type and the combined total VaR. A negative number represents the benefit of

portfolio diversification. As the maximum and minimum occurs on different days for different risk types, it is not