Derivatives (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2020						December 31, 2019
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	271	$	—	$	5,064	$	26	$	—	$	4,487
Forwards		62		892		191,512		564		1,285		110,051
FX swaps		198		309		589,009		1,278		2,244		555,519
Futures		—		642		9,278,281		—		624		11,106,203
Total	$	531	$	1,843	$	10,063,866	$	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):

	September 30, 2020
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
Assets
FX/commodities options	$	273	$	(2	)	$	271
Forwards		71		(9	)		62
FX swaps		222		(24	)		198
Futures		27,092		(27,092	)		—
Total derivative assets	$	27,658	$	(27,127	)	$	531
Liabilities
FX/commodities options	$	2	$	(2	)	$	—
FX swaps		333		(24	)		309
Forwards		901		(9	)		892
Futures		27,734		(27,092	)		642
Total derivative liabilities	$	28,970	$	(27,127	)	$	1,843

	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 September 30, 2020 and December 31, 2019.}

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	2020		2019			2020			2019
Futures	$	3,478	$	3,720		$	8,966		$	12,529
Forwards		503		(2,351	)		(649	)		(4,770	)
FX/commodities options		30		114			228			226
FX swaps		46		670			371			1,894
Equity options		—		—			—			318
Gains (losses)	$	4,057	$	2,153		$	8,916		$	10,197