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Derivatives
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX swaps$901 $1,217 $1,332,685 $4,810 $3,679 $635,790 
Forwards397 216 1,280,782 409 751 185,821 
Interest rate swaps18 — 52,266,392 — — 534,085 
Futures— 826 7,758,139 165 — 8,758,848 
Total$1,316 $2,259 $62,637,998 $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 June 30, 2025 and December 31, 2024, respectively.
The following tables present information about the offsetting of derivative instruments as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Gross
Amounts		Gross
Amounts
Offset
Net Amounts Presented in the
Statements of Financial Condition
Assets
FX swaps$1,042 $(141)$901 
Forwards491 (94)397 
Interest rate swaps1,602 (1,584)18 
Futures59,242 (59,242)— 
Total derivative assets$62,377 $(61,061)$1,316 
Liabilities
FX swaps$1,358 $(141)$1,217 
Futures60,068 (59,242)826 
Forwards310 (94)216 
Interest rate swaps1,584 (1,584)— 
Total derivative liabilities$63,320 $(61,061)$2,259 
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 June 30, 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 and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Derivative contract2025202420252024
Futures$5,354 $2,833 $9,931 $6,639 
Interest rate swaps2,994 1,832 5,376 3,928 
FX swaps1,208 558 2,029 1,056 
FX/commodities options141 57 235 104 
Gains, net$9,697 $5,280 $17,571 $11,727