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. .

Table:
$ 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%
Calculation: divide(7322, 15151)