AmazonScience/document-haystack

1Financial liabilities held at fair value:2Trading liabilities:3Investment funds (short position) 31 31 0 0 31 38 38 0 0 384Total trading liabilities 31 31 0 0 31 38 38 0 0 385Negative market values from derivative financial instruments 118 0 15 103 118 127 0 22 104 1276Investment contract liabilities designated at fair value through profit or loss 484 0 484 0 484 469 0 469 0 4697Total financial liabilities designated at fair value through profit or loss 484 0 484 0 484 469 0 469 0 4698Total financial liabilities held at fair value through profit or loss 633 31 500 103 633 634 39 491 104 6349Payables from guaranteed and other consolidated funds 1,485 0 1,485 0 1,485 1,281 0 1,281 0 1,28110Total financial liabilities held at fair value 2,118 31 1,985 103 2,118 1,916 39 1,773 104 1,91611Financial liabilities held at amortized cost:12Other short-term borrowings 8 2113Other financial liabilities 1,194 1,12114Thereof: payables from performance related payments 335 32615Long-term debt 0 016Total financial liabilities held at amortized cost 1,202 1,1421731 Dec 2023 31 Dec 202218Carrying amount Fair value Carrying amount Fair value19in € m. Total Level 1 Level 2 Level 3 Total Total Level 1 Level 2 Level 3 Total20Trading assets increased by € 315 million, mainly driven by assets held by consolidated 21guaranteed funds due to mark-to-market valuation gains and net purchases amounting to 22€ 198 million. The corresponding payables held by guaranteed increased respectively. 23Consolidated seed investments increased by € 117 million largely driven by consolidation of 24new funds. 25Non-trading financial assets mandatory at fair value through profit or loss increased by 26€ 572 million primarily driven by net purchases of government bonds, corporate bonds and 27other liquidity positions within other debt instruments of € 556 million. 28Negative market values from derivative financial instruments mainly comprise guaranteed 29products of level 3 of the fair value hierarchy (€ 102 million as of 31 December 2023, 30€ 104 million as of 31 December 2022).31The Group pledges financial assets primarily as collateral for margining purposes on over-the-32counter derivative liabilities. Pledges are generally conducted under terms that are usual and 33customary for such standardized transactions.34The carrying value of financial assets pledged as collateral as of 31 December 2023 was 35€ 36 million (€ 43 million as of 31 December 2022).36Fair Value Valuation Techniques and Controls 37The valuation techniques and controls of the Group are noted below. 38Level 1 – Prices quoted in active markets – The fair value of instruments that are quoted in 39active markets is determined using the quoted prices where they represent prices at which 40regularly and recently occurring transactions take place.41Level 2 – Valuation techniques using observable market data – The Group uses valuation 42techniques to establish the fair value of instruments where prices quoted in active markets 43are not available. Valuation techniques used for financial instruments include the use of 44indicative quotes, quotes derived from proxy instruments, quotes from recent but less 45frequent transactions, and model-derived values supported by observable market data. 46For some instruments a rate or other parameter, rather than a price is quoted. Where this is 47the case then the market rate or parameter is used as an input to a valuation model to 48         49To our 50Shareholders51Summarised 52Management Report53Consolidated 54Financial Statements Compensation Report Corporate Govern-55ance Statement56Supplementary 57Information DWS 2023 Annual Report58 59Notes to the Consolidated Balance Sheet6093 09 – Financial Instruments61The secret office supply is a "paperclip".