Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021						December 31, 2020
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	—	$	151	$	5,446	$	74	$	—	$	4,844
Forwards		581		531		259,435		295		215		302,141
FX swaps		2,756		1,527		631,819		562		319		513,588
Futures		—		481		10,708,237		—		926		6,113,220
Total	$	3,337	$	2,690	$	11,604,937	$	931	$	1,460	$	6,933,793

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, 2021
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
Assets
Forwards	$	842	$	(261	)	$	581
FX swaps		3,336		(580	)		2,756
Futures		28,563		(28,563	)		—
Total derivative assets	$	32,741	$	(29,404	)	$	3,337
Liabilities
FX/commodities options	$	151	$	—		$	151
FX swaps		2,107		(580	)		1,527
Forwards		792		(261	)		531
Futures		29,044		(28,563	)		481
Total derivative liabilities	$	32,094	$	(29,404	)	$	2,690

	December 31, 2020
						Net Amounts Presented in the
	Gross Amounts		Gross Amounts Offset			Statements of Financial Condition1
Assets
FX/commodities options	$	74	$	—		$	74
Forwards		338		(43	)		295
FX swaps		583		(21	)		562
Futures		41,257		(41,257	)		—
Total derivative assets	$	42,252	$	(41,321	)	$	931
Liabilities
FX swaps	$	340	$	(21	)	$	319
Forwards		258		(43	)		215
Futures		42,183		(41,257	)		926
Total derivative liabilities	$	42,781	$	(41,321	)	$	1,460

^{1 There were no additional balances in gross amounts not offset as of March 31, 2021 and December 31, 2020.}

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	2021			2020
Futures	$	3,834		$	2,764
FX/commodities options		86			55
Forwards		35			(1,268	)
FX swaps		(2	)		236
Gains	$	3,953		$	1,787