Derivatives (Tables)

12 Months Ended

Dec. 31, 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):

	December 31, 2019						December 31, 2018
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	26	$	—	$	4,487	$	39	$	88,016	$	4,745,428
Forwards		564		1,285		110,051		236		639		79,008
FX swaps		1,278		2,244		555,519		1,611		2,072		482,295
Futures		—		624		11,106,203		93		402		13,067,925
Total	$	1,868	$	4,153	$	11,776,260	$	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 as of December 31, 2019 and 2018 (in thousands):

	December 31, 2019
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition
Assets
FX/commodities options	$	26	$	—		$	26
Forwards		706		(142	)		564
FX swaps		1,672		(394	)		1,278
Futures		2,044		(2,044	)		—
Total derivative assets	$	4,448	$	(2,580	)	$	1,868
Liabilities
FX swaps	$	2,638	$	(394	)	$	2,244
Forwards		1,427		(142	)		1,285
Futures		2,668		(2,044	)		624
Total derivative assets	$	6,733	$	(2,580	)	$	4,153

	December 31, 2018
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition
Assets
FX/commodities options	$	482,751	$	(482,712	)	$	39
Forwards		253		(17	)		236
FX swaps		1,938		(327	)		1,611
Futures		57,479		(57,386	)		93
Total derivative assets	$	542,421	$	(540,442	)	$	1,979
Liabilities
FX/commodities options	$	570,728	$	(482,712	)	$	88,016
FX 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 for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Year Ended December 31,
Derivative contract	2019			2018			2017
FX/commodities options	$	252		$	14,657		$	12,852
Futures		15,316			16,484			8,306
Forwards		(3,597	)		(222	)		(38	)
FX swaps		2,340			1,271			1,332
Equity options		318			102			591
Interest rate swaps		—			(5	)		47
Gains (losses)	$	14,629		$	32,287		$	23,090