The following table presents gross notional amount and fair value of derivative instruments by the underlying risk exposure. As at December 31, 2022 2021 Notional Fair value Notional Fair value Type of hedge Instrument type amount Assets Liabilities amount Assets Liabilities Derivatives in qualifying hedge accounting relationships Fair value hedges Foreign currency swaps $48$5$–$ 57$ 1$ 1 Cash flow hedges Foreign currency swaps 1,155 40 203 1,251 5 379 Equity contracts 173 3 – 145 10 – Net investment hedges Forward contracts 626 – 28 671 9 – Total derivatives in qualifying hedge accounting relationships 2,002 48 231 2,124 25 380 Derivatives not designated in qualifying hedge accounting relationships Interest rate swaps 268,081 5,751 7,557 300,556 11,832 7,347 Interest rate futures 11,772 – – 11,944 – – Interest rate options 6,090 98 – 10,708 514 – Foreign currency swaps 39,667 2,029 1,579 36,405 790 1,722 Currency rate futures 2,319 – – 3,086 – – Forward contracts 45,124 295 4,697 45,295 2,674 562 Equity contracts 16,930 363 225 18,577 1,667 27 Credit default swaps 159 4 – 44 1 – Equity futures 3,813 – – 11,359 – – Total derivatives not designated in qualifying hedge accounting relationships 393,955 8,540 14,058 437,974 17,478 9,658 Total derivatives $ 395,957 $ 8,588 $ 14,289 $ 440,098 $ 17,503 $ 10,038 The total notional amount above includes $211 billion (2021 – $258 billion) of derivative instruments which reference rates that are impacted under the interest rate benchmark reform, with a significant majority to USD LIBOR, and CDOR. Exposures indexed to USD LIBOR and CDOR represent derivatives with maturity dates beyond June 30, 2023 and June 28, 2024, respectively. The exposure in the Company’s hedge accounting programs is primarily to USD LIBOR and CDOR benchmarks. Compared to the overall risk exposure, the effect of interest rate benchmark reform on existing accounting hedges is not significant. The Company continues to apply high probability and high effectiveness expectation assumptions for cash flows and there would be no automatic de-designation of qualifying hedge relationships due to the impact from interest rate benchmark reform. The following table presents the fair values of the derivative instruments by the remaining term to maturity. Fair values disclosed below do not incorporate the impact of master netting agreements (refer to note 9). Remaining term to maturity Lessthan 1to3 3to5 Over5 As at December 31, 2022 1 year years years years Total Derivative assets $ 580 $ 556 $ 556 $ 6,896 $ 8,588 Derivative liabilities 2,656 1,956 1,146 8,531 14,289 Remaining term to maturity Less than 1to 3 3to 5 Over 5 As at December 31, 2021 1 year years years years Total Derivative assets $ 2,500 $ 1,803 $ 1,000 $ 12,200 $ 17,503 Derivative liabilities 294 387 379 8,978 10,038 169