pre_text: jpmorgan chase & co./2009 annual report 173 trading assets and liabilities average balances average trading assets and liabilities were as follows for the periods indicated. .
post_text: ( 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 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 : 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 loans purchased or originated as part of securitization ware- housing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 structured notes issued as part of ib 2019s client-driven activities . ( structured notes are financial instruments that contain embed- ded derivatives. ) 2022 certain tax credits and other equity investments acquired as part of the washington mutual transaction . the cumulative effect on retained earnings of the adoption of the fair value option on january 1 , 2007 , was $ 199 million. .
table: Year ended December 31, (in millions) 2009 2008 2007
table: Trading assets – debt and equity instruments $318,063 $384,102 $381,415
table: Trading assets – derivative receivables 110,457 121,417 65,439
table: Trading liabilities – debt and equityinstruments<sup>(a)</sup> $60,224 $78,841 $94,737
table: Trading liabilities – derivative payables 77,901 93,200 65,198
question: Analyse this data from a financial earnings document. in 2008 what was the ratio of the trading assets derivatives - receivables to the payables