Derivatives (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):

	June 30, 2018						December 31, 2017
Derivative contract	Assets		Liabilities		Notional Amounts¹		Assets		Liabilities		Notional Amounts¹
Forwards	$	35,917	$	1,647	$	1,835,242	$	4,262	$	1,483	$	642,802
Rate lock commitments		14,448		13,945		959,295		2,923		2,390		180,918
Foreign exchange swaps		896		2,075		577,988		801		2,846		407,600
Futures		159		632		9,866,559		25		1,066		13,023,030
Foreign exchange/commodities options		137		33,849		3,704,117		4,416		130		2,442,200
Interest rate swaps		—		—		—		242		—		12,092
Equity options		—		—		—		—		18		961,000
Total	$	51,557	$	52,148	$	16,943,201	$	12,669	$	7,933	$	17,669,642

¹Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity and does not represent anticipated losses.

Summary of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments as of June 30, 2018 and December 31, 2017 (in thousands):

	June 30, 2018
						Net Amounts Presented in the		Gross Amounts Not Offset
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amounts
Assets
Forwards	$	36,022	$	(105	)	$	35,917	$	—	$	—	$	35,917
Rate lock commitments		14,448		—			14,448		—		—		14,448
Foreign exchange swaps		1,399		(503	)		896		—		—		896
Futures		14,310		(14,151	)		159		—		—		159
Foreign exchange/commodities options		192,311		(192,174	)		137		—		—		137
Total	$	258,490	$	(206,933	)	$	51,557	$	—	$	—	$	51,557
Liabilities
Foreign exchange/commodities options	$	226,023	$	(192,174	)	$	33,849	$	—	$	—	$	33,849
Rate lock commitments		13,945		—			13,945		—		—		13,945
Foreign exchange swaps		2,578		(503	)		2,075		—		—		2,075
Forwards		1,752		(105	)		1,647		—		—		1,647
Futures		14,783		(14,151	)		632		—		—		632
Total	$	259,081	$	(206,933	)	$	52,148	$	—	$	—	$	52,148

	December 31, 2017
						Net Amounts Presented in the		Gross Amounts Not Offset
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amounts
Assets
Foreign exchange/commodities options	$	31,834	$	(27,418	)	$	4,416	$	—	$	—	$	4,416
Forwards		4,363		(101	)		4,262		—		—		4,262
Rate lock commitments		2,923		—			2,923		—		—		2,923
Foreign exchange swaps		1,135		(334	)		801		—		—		801
Interest rate swaps		242		—			242		—		—		242
Futures		78,969		(78,944	)		25		—		—		25
Total	$	119,466	$	(106,797	)	$	12,669	$	—	$	—	$	12,669
Liabilities
Foreign exchange swaps	$	3,180	$	(334	)	$	2,846	$	—	$	—	$	2,846
Rate lock commitments		2,390		—			2,390		—		—		2,390
Forwards		1,584		(101	)		1,483		—		—		1,483
Futures		80,010		(78,944	)		1,066		—		—		1,066
Foreign exchange/commodities options		27,548		(27,418	)		130		—		—		130
Equity options		18		—			18		—		—		18
Total	$	114,730	$	(106,797	)	$	7,933	$	—	$	—	$	7,933

Summary of Gains and Losses on Derivative Contracts

The table below summarizes gains and losses on derivative contracts for the three and six months ended June 30, 2018 and 2017 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Derivative contract	2018		2017		2018			2017
Rate lock commitments and forwards	$	11,918	$	8,104	$	19,245		$	10,566
Foreign exchange/commodities options		6,062		3,025		10,660			6,628
Futures		5,740		1,749		11,648			3,698
Foreign exchange swaps		212		342		590			969
Equity options		—		—		102			—
Interest rate swaps		—		3		(5	)		31
Gain	$	23,932	$	13,223	$	42,240		$	21,892