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Derivatives
 12 Months Ended
Dec. 31, 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):
December 31, 2024December 31, 2023
Derivative contractAssetsLiabilities
Notional Amounts1
AssetsLiabilities
Notional Amounts1
FX swaps$4,810 $3,679 $635,790 $2,674 $5,119 $545,669 
Forwards409 751 185,821 805 609 310,880 
Futures165 — 8,758,848 — 28 6,703,624 
Interest rate swaps— — 534,085 128 — 34,272,592 
Total$5,384 $4,430 $10,114,544 $3,607 $5,756 $41,832,765 
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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.
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 $5.4 million and $3.6 million, as of December 31, 2024 and 2023, respectively.
The following tables present information about the offsetting of derivative instruments as of December 31, 2024 and 2023 (in thousands):
December 31, 2024
Gross AmountsGross Amounts OffsetNet Amounts Presented in the Statements of Financial Condition
Assets
FX swaps$5,993 $(1,183)$4,810 
Forwards465 (56)409 
Futures37,083 (36,918)165 
Interest rate swaps132 (132)— 
Total derivative assets$43,673 $(38,289)$5,384 
Liabilities
FX swaps$4,862 $(1,183)$3,679 
Forwards807 (56)751 
Futures36,918 (36,918)— 
Interest rate swaps132 (132)— 
Total derivative liabilities$42,719 $(38,289)$4,430 
December 31, 2023
Gross AmountsGross Amounts OffsetNet Amounts Presented in the Statements of Financial Condition
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 
There were no additional balances in gross amounts not offset as of either December 31, 2024 or 2023.
The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s Consolidated Statements of Operations.
The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
Derivative contract202420232022
Futures$12,371 $13,139 $16,388 
Interest rate swaps6,965 3,454 25 
FX swaps2,581 2,619 2,466 
FX/commodities options317 230 331 
Gains, net$22,234 $19,442 $19,210