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Derivatives
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
In the normal course of operations, the Company enters into derivative contracts to facilitate client transactions, hedge principal positions and facilitate hedging activities of affiliated companies. These derivative contracts primarily consist of FX swaps, FX/commodities options, futures, forwards and interest rate swaps.
The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):
June 30, 2024December 31, 2023
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX swaps$3,924 $1,230 $814,972 $2,674 $5,119 $545,669 
Forwards330 310 197,015 805 609 310,880 
Futures275 — 6,342,606 — 28 6,703,624 
Interest rate swaps63 — 124,080,418 128 — 34,272,592 
Total$4,592 $1,540 $131,435,011 $3,607 $5,756 $41,832,765 

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.
Certain of the Company’s FX swaps are with Cantor. See Note 13—“Related Party Transactions,” for additional information related to these transactions.
The replacement costs of contracts in a gain position were $4.6 million and $3.6 million, as of June 30, 2024 and December 31, 2023, respectively.                                            
The following tables present information about the offsetting of derivative instruments (in thousands):
June 30, 2024
Gross
Amounts		Gross
Amounts
Offset
Net Amounts Presented in the
Statements of Financial Condition1
Assets
FX swaps$4,485 $(561)$3,924 
Forwards398 (68)330 
Futures52,329 (52,054)275 
Interest rate swaps2,691 (2,628)63 
Total derivative assets$59,903 $(55,311)$4,592 
Liabilities
FX swaps$1,791 $(561)$1,230 
Forwards378 (68)310 
Futures52,054 (52,054)— 
Interest rate swaps2,628 $(2,628)— 
Total derivative liabilities$56,851 $(55,311)$1,540 
December 31, 2023
Gross
Amounts		Gross
Amounts
Offset
Net Amounts
Presented in the
Statements
of Financial
Condition1
Assets
FX swaps$3,467 $(793)$2,674 
Forwards855 (50)805 
Interest rate swaps12,310 (12,182)128 
Futures62,693 (62,693)— 
Total derivative assets$79,325 $(75,718)$3,607 
Liabilities
FX swaps$5,912 $(793)$5,119 
Forwards659 (50)609 
Futures62,721 (62,693)28 
Interest rate swaps12,182 (12,182)— 
Total derivative liabilities$81,474 $(75,718)$5,756 

1There were no additional balances in gross amounts not offset as of either June 30, 2024 or December 31, 2023.
The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s unaudited Condensed Consolidated Statements of Operations.
The table below summarizes gains and (losses) on derivative contracts (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Derivative contract2024202320242023
Futures$2,833 $3,356 $6,639 $6,777 
Interest rate swaps1,832 189 3,928 217 
FX swaps558 126 1,056 896 
FX/commodities options57 41 104 82 
Gains$5,280 $3,712 $11,727 $7,972