Derivative Instruments

9 Months Ended

Sep. 30, 2017

Derivative Instruments

Derivative Instruments

11. Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2017 and December 31, 2016:

(in thousands)		September 30, 2017				December 31, 2016
Derivatives Assets	Balance Sheet Classification	Fair Value		Notional		Fair Value		Notional
Equities futures	Receivables from broker dealers and clearing organizations	$	(2,729)	$	951,330	$	2,403	$	1,461,286
Commodity futures	Receivables from broker dealers and clearing organizations		50,258		18,078,494		13,964		3,918,778
Currency futures	Receivables from broker dealers and clearing organizations		41,826		3,789,287		1,591		3,264,093
Fixed income futures	Receivables from broker dealers and clearing organizations		(54)		32,723		31		5,730
Options	Financial instruments owned		11,220		1,122,415		141		6,844
Currency forwards	Financial instruments owned		3,459,340		159,559,280		1,147,261		94,192,414

Derivatives Liabilities	Balance Sheet Classification	Fair Value		Notional		Fair Value		Notional
Equities futures	Payables to broker dealers and clearing organizations	$	(731)	$	107,774	$	(43)	$	62,417
Commodity futures	Payables to broker dealers and clearing organizations		(35,301)		724,829		2,842		22,616,170
Currency futures	Payables to broker dealers and clearing organizations		(14,425)		2,988,821		(6,282)		1,137,908
Treasury futures	Payables to broker dealers and clearing organizations		11		7,906		—		—
Options	Financial instruments sold, not yet purchased		10,264		1,108,920		80		4,486
Currency forwards	Financial instruments sold, not yet purchased		3,492,928		159,585,203		1,009,038		85,874,684

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent variation margin on long and short futures contracts.

The following table summarizes the net gain from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in trading income, net in the accompanying condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2017 and 2016.

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(in thousands)	2017		2016		2017		2016
Futures	$	35,097	$	197,650	$	249,274	$	618,245
Currency forwards		8,950		(52,796)		3,135		(37,076)
Options		21,120		(65)		21,119		(411)
Others		125		(2)		125		2
	$	65,292	$	144,787	$	273,653	$	580,760