Derivatives (Tables)

12 Months Ended

Dec. 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):

	December 31, 2021						December 31, 2020
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX/commodities options	$	—	$	—	$	—	$	74	$	—	$	4,844
Forwards	392		419		207,966		295		215		302,141
FX swaps	2,487		1,490		571,280		562		319		513,588
Futures	—		940		3,914,813		—		926		6,113,220
Total	$	2,879	$	2,849	$	4,694,059	$	931	$	1,460	$	6,933,793

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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 as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
Forwards	$	452	$	(60)	$	392
FX swaps	3,025		(538)		2,487
Futures	70,497		(70,497)		—
Total derivative assets	$	73,974	$	(71,095)	$	2,879
Liabilities
FX swaps	$	2,028	$	(538)	$	1,490
Forwards	479		(60)		419
Futures	71,437		(70,497)		940
Total derivative liabilities	$	73,944	$	(71,095)	$	2,849

	December 31, 2020
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
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

Summary of Gains and (Losses) on Derivative Contracts

The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	Year Ended December 31, 2021
Derivative contract	2021		2020		2019
Futures	$	10,902	$	10,100	$	15,316
FX/commodities options	225		293		252
FX swaps	182		381		2,340
Forwards	(43)		97		(3,597)
Equity options	—		—		318
Gains (losses)	$	11,266	$	10,871	$	14,629