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 – debt and equity instruments<sup>(a)</sup>
$354,441
$318,063
$384,102
Trading assets – derivative receivables
84,676
110,457
121,417
Trading liabilities – debt and equity instruments<sup>(a)(b)</sup>
78,159
60,224
78,841
Trading liabilities – derivative payables
65,714
77,901
93,200

( 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: Analyse this data from a financial earnings document. what is the 2020 net derivative balance in billions?
Choices:
-233387
18962.0
84656
6775
1.3
Correct choice index: 1