Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):


	June 30, 2021						December 31, 2020
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	—	$	—	$	—	$	74	$	—	$	4,844
Forwards2	690		653		216,829		295		215		302,141
FX swaps	4,553		4,551		610,762		562		319		513,588
Futures	—		1,217		18,307,688		—		926		6,113,220
Total	$	5,243	$	6,421	$	19,135,279	$	931	$	1,460	$	6,933,793

__________________________

1Notional 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.

2Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.

Summary of Offsetting of Derivative Instruments

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


	June 30, 2021
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition1
Assets
Forwards2	$	948	$	(258)	$	690
FX swaps	5,729		(1,176)		4,553
Futures	75,703		(75,703)		—
Total derivative assets	$	82,380	$	(77,137)	$	5,243
Liabilities
FX swaps	5,727		(1,176)		4,551
Forwards2	911		(258)		653
Futures	76,920		(75,703)		1,217
Total derivative liabilities	$	83,558	$	(77,137)	$	6,421


	December 31, 2020
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the 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

__________________________

1There were no additional balances in gross amounts not offset as of June 30, 2021 and December 31, 2020.

2Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.

Summary of Gains and (Losses) on Derivative Contracts

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


	Three Months Ended June 30,				Six Months Ended June 30,
Derivative contract	2021		2020		2021		2020
Futures	$	3,321	$	2,724	$	7,155	$	5,488
FX/commodities options	78		143		164		198
Forwards	(63)		116		(28)		(1,152)
FX swaps	140		89		138		325
Gains	$	3,476	$	3,072	$	7,429	$	4,859