Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

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):

	March 31, 2020						December 31, 2019
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	—	$	59	$	3,392	$	26	$	—	$	4,487
Forwards		145		2,431		81,842		564		1,285		110,051
FX swaps		1,047		1,018		473,440		1,278		2,244		555,519
Futures		—		589		4,081,039		—		624		11,106,203
Total	$	1,192	$	4,097	$	4,639,713	$	1,868	$	4,153	$	11,776,260

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 do not represent anticipated losses.

Summary of Offsetting of Derivative Instruments

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

	March 31, 2020
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
Assets
Forwards	$	151	$	(6	)	$	145
FX swaps		1,221		(174	)		1,047
Futures		74,974		(74,974	)		—
Total derivative assets	$	76,346	$	(75,154	)	$	1,192
Liabilities
FX/commodities options	$	59	$	—		$	59
FX swaps		1,192		(174	)		1,018
Forwards		2,437		(6	)		2,431
Futures		75,563		(74,974	)		589
Total derivative liabilities	$	79,251	$	(75,154	)	$	4,097

	December 31, 2019
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
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 liabilities	$	6,733	$	(2,580	)	$	4,153

^{1 There were no additional balances in gross amounts not offset as of March 31, 2020 and December 31, 2019, respectively.}

Summary of Gains and (Losses) on Derivative Contracts

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

	Three Months Ended March 31,
Derivative contract	2020			2019
FX/commodities options	$	55		$	63
Futures		2,764			4,248
Forwards		(1,268	)		(113	)
FX swaps		236			594
Gains (losses)	$	1,787		$	4,792