10.3 Result from trading activities and the fair value option
Result from trading activities, by sector
Amounts in 1,000 Swiss francs | 2025 | 2024 | Change | |||
Client trading | 27,811 | 26,015 | 1,796 | |||
Proprietary trading | 48,165 | 30,488 | 17,677 | |||
Total result from trading activities and the fair value option | 75,976 | 56,503 | 19,473 |
Result from trading activities, by risk
Amounts in 1,000 Swiss francs | 2025 | 2024 | Change | |||
Foreign currencies / precious metals / cryptocurrencies | 40,302 | 36,215 | 4,088 | |||
Equity securities (incl. funds) | 27,453 | 27,679 | – 226 | |||
Fixed income instruments (including funds) | 9,929 | – 3,294 | 13,223 | |||
Refinancing income | – 1,708 | – 4,097 | 2,388 | |||
Total result from trading activities and the fair value option | 75,976 | 56,503 | 19,473 |
Hedging transactions for self-issued structured products that are measured using the fair value option and entered under ‘Liabilities from other financial instruments at fair value’ are recognised at fair value on the assets side of the trading business. The corresponding result is included in the total ‘Result from trading activities and the fair value option’. Separate recognition of income from applying the fair value option only to liabilities is not meaningful, which is why it is not used.