XML 32 R19.htm IDEA: XBRL DOCUMENT v3.25.1
Derivatives
 3 Months Ended
Mar. 31, 2025
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):
March 31, 2025December 31, 2024
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX swaps$1,141 $454 $686,908 $4,810 $3,679 $635,790 
Forwards96 160 67,710 409 751 185,821 
Futures— 43 9,181,705 165 — 8,758,848 
Interest rate swaps56 — 23,919,894 — — 534,085 
Total$1,293 $657 $33,856,217 $5,384 $4,430 $10,114,544 

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 $1.3 million and $5.4 million as of March 31, 2025 and December 31, 2024, respectively.
The following tables present information about the offsetting of derivative instruments as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Gross
Amounts		Gross
Amounts
Offset
Net Amounts Presented in the
Statements of Financial Condition
Assets
FX swaps$1,231 $(90)$1,141 
Forwards124 (28)96 
Futures37,564 (37,564)— 
Interest rate swaps8,633 (8,577)56 
Total derivative assets$47,552 $(46,259)$1,293 
Liabilities
FX swaps$544 $(90)$454 
Forwards188 (28)160 
Futures37,607 (37,564)43 
Interest rate swaps8,577 (8,577)— 
Total derivative liabilities$46,916 $(46,259)$657 
December 31, 2024
Gross
Amounts		Gross
Amounts
Offset		Net 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 
There were no additional balances in gross amounts not offset as of either March 31, 2025 or December 31, 2024.
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 for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
Derivative contract20252024
Futures$4,577 $3,806 
Interest rate swaps2,382 2,096 
FX swaps821 498 
FX/commodities options94 47 
Gains, net$7,874 $6,447