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. .
in millions for 2013 , what were net trading assets 2013 debt and equity instruments?
( 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. .