9. Net trading income

 
  Year ended 31 December
  2014 2013
Foreign exchange result 233 048 282 545
Net exchange differences on translation 311 760 239 853
Net transaction gains/(losses) (78 712) 42 692
Other net trading income and result on hedge accounting 136 108 60 433
Interest-bearing instruments 110 045 49 455
Equity instruments (1 524) 145
Market risk instruments (1 810) 2 833
Result on fair value hedge accounting, including: 29 059 8 000
 - Net profit on hedged items (108 241) 7 101
 - Net profit on fair value hedging instruments 137 300 899
Ineffective portion of cash flow hedge 338 -
Total net trading income 369 156 342 978
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“Foreign exchange result” includes profit/(loss) on spot transactions and forward contracts, options, futures and translation of assets and liabilities denominated in foreign currencies. “Interest-bearing instruments” include the profit/(loss) on money market instrument trading, swap contracts for interest rates, options and other derivative instruments. “Equity instruments” include the valuation and profit/(loss) on global trade in equity securities. “Market risk instruments” include profit/(loss) on: bond futures, index futures, security options, stock exchange index options, and options on futures contracts as well as the result from securities forward transactions and commodity swaps and futures.

The Group applies fair value hedge accounting and cash flow hedge accounting. Detailed information on the hedge applied by the Group are included in Note 21 "Hedge accounting"