Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.

Text: 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. . <table class='wikitable'><tr><td>1</td><td>year ended december 31 ( in millions )</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>2</td><td>trading assets 2013 debt and equity instruments ( a )</td><td>$ 354441</td><td>$ 318063</td><td>$ 384102</td></tr><tr><td>3</td><td>trading assets 2013 derivative receivables</td><td>84676</td><td>110457</td><td>121417</td></tr><tr><td>4</td><td>trading liabilities 2013 debt and equity instruments ( a ) ( b )</td><td>78159</td><td>60224</td><td>78841</td></tr><tr><td>5</td><td>trading liabilities 2013 derivative payables</td><td>65714</td><td>77901</td><td>93200</td></tr></table> ( 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: in 2010, what was the ratio of trading assets derivative receivables to the derivative payables?
Answer: 1.28855
Question: what was the 2020 net derivative balance, in billions?

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