Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022						December 31, 2021
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX swaps	$	3,134	$	5,796	$	586,020	$	2,487	$	1,490	$	571,280
Forwards	603		569		197,278		392		419		207,966
Interest rate swaps	25		—		2,114,412		—		—		—
Futures	—		1,268		4,253,088		—		940		3,914,813
Total	$	3,762	$	7,633	$	7,150,798	$	2,879	$	2,849	$	4,694,059

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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, 2022 and 2021 (in thousands):

	December 31, 2022
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	3,623	$	(489)	$	3,134
Forwards	746		(143)		603
Interest rate swaps	895		(870)		25
Futures	64,769		(64,769)		—
Total derivative assets	$	70,033	$	(66,271)	$	3,762
Liabilities
FX swaps	$	6,285	$	(489)	$	5,796
Futures	66,037		(64,769)		1,268
Forwards	712		(143)		569
Interest rate swaps	870		(870)		—
Total derivative liabilities	$	73,904	$	(66,271)	$	7,633

	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

Summary of Gains and (Losses) on Derivative Contracts

The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2022, 2021 and 2020 (in thousands):

	Year Ended December 31, 2022
Derivative contract	2022		2021		2020
Futures	$	16,388	$	10,902	$	10,100
FX swaps	2,466		182		381
FX/commodities options	331		225		293
Interest rate swaps	25		—		—
Forwards	—		(43)		97
Gains, net	$	19,210	$	11,266	$	10,871