Derivatives (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Contracts

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

	June 30, 2019						December 31, 2018
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
Foreign exchange/commodities options	$	30	$	5	$	126,661	$	39	$	88,016	$	4,745,428
Forwards		93		3,757		104,918		236		639		79,008
Foreign exchange swaps		1,156		1,831		1,106,192		1,611		2,072		482,295
Futures		180		—		9,303,093		93		402		13,067,925
Total	$	1,459	$	5,593	$	10,640,864	$	1,979	$	91,129	$	18,374,656

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.

Summary of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments (in thousands):

	June 30, 2019
						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	$	100	$	(7	)	$	93	$	—	$	—	$	93
Foreign exchange/commodities options		4,743		(4,713	)		30		—		—		30
Futures		1,813		(1,633	)		180		—		—		180
Foreign exchange swaps		2,214		(1,058	)		1,156		—		—		1,156
Total derivative assets	$	8,870	$	(7,411	)	$	1,459	$	—	$	—	$	1,459
Liabilities
Foreign exchange/commodities options	$	4,718	$	(4,713	)	$	5	$	—	$	—	$	5
Forwards		3,764		(7	)		3,757		—		—		3,757
Foreign exchange swaps		2,889		(1,058	)		1,831		—		—		1,831
Futures		1,633		(1,633	)		—		—		—		—
Total derivative liabilities	$	13,004	$	(7,411	)	$	5,593	$	—	$	—	$	5,593

	December 31, 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
Foreign exchange/commodities options	$	482,751	$	(482,712	)	$	39	$	—	$	—	$	39
Forwards		253		(17	)		236		—		—		236
Foreign exchange swaps		1,938		(327	)		1,611		—		—		1,611
Futures		57,479		(57,386	)		93		—		—		93
Total derivative assets	$	542,421	$	(540,442	)	$	1,979	$	—	$	—	$	1,979
Liabilities
Foreign exchange/commodities options	$	570,728	$	(482,712	)	$	88,016	$	—	$	—	$	88,016
Foreign exchange swaps		2,399		(327	)		2,072		—		—		2,072
Forwards		656		(17	)		639		—		—		639
Futures		57,788		(57,386	)		402		—		—		402
Total derivative liabilities	$	631,571	$	(540,442	)	$	91,129	$	—	$	—	$	91,129

Summary of Gains and Losses on Derivative Contracts

The table below summarizes gains and losses on derivative contracts (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
Derivative contract	2019			2018		2019			2018
Foreign exchange/commodities options	$	49		$	6,062	$	112		$	10,660
Futures		4,561			5,740		8,809			11,648
Equity options		318			—		318			102
Interest rate swaps		—			—		—			(5	)
Forwards		(2,306	)		2,649		(2,419	)		2,941
Foreign exchange swaps		631			212		1,224			590
Total gain (loss), net	$	3,253		$	14,663	$	8,044		$	25,936