Derivatives (Tables)

9 Months Ended

Sep. 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):

	September 30, 2019						December 31, 2018
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
Foreign exchange/commodities options	$	2	$	71	$	36,647	$	39	$	88,016	$	4,745,428
Forwards		338		2,604		189,935		236		639		79,008
Foreign exchange swaps		3,348		2,282		487,643		1,611		2,072		482,295
Futures		127		404		9,693,783		93		402		13,067,925
Total	$	3,815	$	5,361	$	10,408,008	$	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):

	September 30, 2019
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
Assets
Foreign exchange/commodities options	$	1,022	$	(1,020	)	$	2
Forwards		349		(11	)		338
Foreign exchange swaps		3,569		(221	)		3,348
Futures		779		(652	)		127
Total derivative assets	$	5,719	$	(1,904	)	$	3,815
Liabilities
Foreign exchange/commodities options	$	1,091	$	(1,020	)	$	71
Foreign exchange swaps		2,503		(221	)		2,282
Forwards		2,615		(11	)		2,604
Futures		1,056		(652	)		404
Total derivative liabilities	$	7,265	$	(1,904	)	$	5,361

	December 31, 2018
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
Assets
Foreign exchange/commodities options	$	482,751	$	(482,712	)	$	39
Forwards		253		(17	)		236
Foreign exchange swaps		1,938		(327	)		1,611
Futures		57,479		(57,386	)		93
Total derivative assets	$	542,421	$	(540,442	)	$	1,979
Liabilities
Foreign exchange/commodities options	$	570,728	$	(482,712	)	$	88,016
Foreign exchange swaps		2,399		(327	)		2,072
Forwards		656		(17	)		639
Futures		57,788		(57,386	)		402
Total derivative liabilities	$	631,571	$	(540,442	)	$	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 September 30,					Nine Months Ended September 30,
Derivative contract	2019			2018		2019			2018
Foreign exchange/commodities options	$	114		$	8,491	$	226		$	19,152
Futures		3,720			3,230		12,529			14,878
Forwards		(2,351	)		8,953		(4,770	)		6,277
Foreign exchange swaps		670			283		1,894			873
Equity options		—			—		318			102
Interest rate swaps		—			—		—			(5	)
Total gain (loss), net	$	2,153		$	20,957	$	10,197		$	41,277