Derivatives (Tables)

9 Months Ended

Sep. 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):

	September 30, 2018						December 31, 2017
Derivative contract	Assets		Liabilities		Notional Amounts¹		Assets		Liabilities		Notional Amounts¹
Forwards²	$	85,464	$	574	$	1,899,666	$	4,262	$	1,483	$	642,802
Rate lock commitments		6,219		12,089		391,293		2,923		2,390		180,918
Foreign exchange swaps		2,956		2,300		499,536		801		2,846		407,600
Futures		104		—		10,838,152		25		1,066		13,023,030
Foreign exchange/commodities options		1		48,833		3,694,701		4,416		130		2,442,200
Interest rate swaps		—		—		—		242		—		12,092
Equity options		—		—		—		—		18		961,000
Total	$	94,744	$	63,796	$	17,323,348	$	12,669	$	7,933	$	17,669,642

¹	Notional 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.

On June 28, 2018 and September 26, 2018 the Company entered into separate postpaid forward transactions with RBC related to the monetization of the Nasdaq shares the Company expects to receive as part of Company’s sale of its eSpeed business to Nasdaq. See Note 1—“Organization and Basis of Presentation” for additional information.

Summary of Offsetting of Derivative Instruments

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

	September 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	$	85,464	$	—		$	85,464	$	—	$	—	$	85,464
Rate lock commitments		6,219		—			6,219		—		—		6,219
Foreign exchange swaps		3,586		(630	)		2,956		—		—		2,956
Futures		34,405		(34,301	)		104		—		—		104
Foreign exchange/commodities options		210,086		(210,085	)		1		—		—		1
Total	$	339,760	$	(245,016	)	$	94,744	$	—	$	—	$	94,744
Liabilities
Foreign exchange/commodities options	$	258,918	$	(210,085	)	$	48,833	$	—	$	—	$	48,833
Rate lock commitments		12,089		—			12,089		—		—		12,089
Foreign exchange swaps		2,930		(630	)		2,300		—		—		2,300
Forwards		574		—			574		—		—		574
Futures		34,301		(34,301	)		—		—		—		—
Total	$	308,812	$	(245,016	)	$	63,796	$	—	$	—	$	63,796

	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 nine months ended September 30, 2018 and 2017 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Derivative contract	2018		2017		2018			2017
Foreign exchange/commodities options	$	8,491	$	3,004	$	19,152		$	9,632
Rate lock commitments and forwards		7,257		10,236		20,885			10,236
Futures		3,230		2,091		14,878			5,790
Foreign exchange swaps		283		142		873			1,111
Equity options		—		—		102			—
Interest rate swaps		—		8		(5	)		39
Gain	$	19,261	$	15,481	$	55,885		$	26,808