Derivatives (Tables)

9 Months Ended

Sep. 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):


	September 30, 2021						December 31, 2020
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	—	$	—	$	—	$	74	$	—	$	4,844
Forwards	246		1,059		262,526		295		215		302,141
FX swaps	3,923		4,192		675,092		562		319		513,588
Futures	—		1,214		12,471,815		—		926		6,113,220
Total	$	4,169	$	6,465	$	13,409,433	$	931	$	1,460	$	6,933,793

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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.

Summary of Offsetting of Derivative Instruments

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


	September 30, 2021
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition1
Assets
Forwards	$	364	$	(118)	$	246
FX swaps	4,545		(622)		3,923
Futures	116,427		(116,427)		—
Total derivative assets	$	121,336	$	(117,167)	$	4,169
Liabilities
FX swaps	4,814		(622)		4,192
Forwards	1,177		(118)		1,059
Futures	117,641		(116,427)		1,214
Total derivative liabilities	$	123,632	$	(117,167)	$	6,465


	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

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1There were no additional balances in gross amounts not offset as of September 30, 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 September 30,				Nine Months Ended September 30,
Derivative contract	2021		2020		2021		2020
Futures	$	3,102	$	3,478	$	10,258	$	8,966
FX/commodities options	87		30		251		228
Forwards	28		503		—		(649)
FX swaps	28		46		166		371
Gains	$	3,245	$	4,057	$	10,675	$	8,916