Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments

Summary of Fair Values of Derivative Instruments

	Asset		Liability
	Derivatives*		Derivatives*
	6/30/2013		6/30/2013			Fair Value
Agricultural contracts	$	1,530,399	$	(1,158,760	)	$	371,639
Currencies contracts	6,101,506		(5,096,404		)	1,005,102
Energy contracts	723,192		(1,113,068		)	(389,876		)
Interest rates contracts	2,542,602		(2,084,372		)	458,230
Meats contracts	161,464		(92,240		)	69,224
Metals contracts	12,909,763		(7,895,353		)	5,014,410
Soft commodities contracts	263,079		(328,655		)	(65,576		)
Stock indices contracts	920,213		(2,839,381		)	(1,919,168		)
	$	25,152,218	$	(20,608,233	)	$	4,543,985

* The fair values of all asset and liability derivatives, including agriculturals, currencies, energy, interest rates, meats, metals, soft commodities and stock indices contracts, are included in unrealized gain (loss) on open contracts within equity in broker trading accounts in the consolidated statement of financial condition.

	Asset		Liability
	Derivatives*		Derivatives*
	12/31/2012		12/31/2012			Fair Value
Agricultural contracts	$	1,010,073	$	(846,892	)	$	163,181
Currencies contracts	12,045,469		(7,703,776		)	4,341,693
Energy contracts	1,028,505		(400,364		)	628,141
Interest rates contracts	2,816,093		(2,237,432		)	578,661
Meats contracts	11,264		(73,450		)	(62,186		)
Metals contracts	4,252,379		(6,777,973		)	(2,525,594		)
Soft commodities contracts	745,230		(333,162		)	412,068
Stock indices contracts	2,679,422		(2,534,167		)	145,255
	$	24,588,435	$	(20,907,216	)	$	3,681,219

* The fair values of all asset and liability derivatives, including agriculturals, currencies, energy, interest rates, meats, metals, soft commodities and stock indices contracts, are included in unrealized gain (loss) on open contracts within equity in broker trading accounts in the consolidated statement of financial condition.

Schedule of Effect of Derivative Instruments on the Consolidated Statement of Operations

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
Type of Contract	June 30, 2013*			June 30, 2012*			June 30, 2013*			June 30, 2012*
Agriculturals contracts	$	1,298,274		$	(1,707,697	)	$	(1,477,013	)	$	(5,347,854	)
Currencies contracts	(10,146,933		)	(98,876		)	(4,853,407		)	(15,409,354		)
Energy contracts	(13,322,470		)	(8,170,645		)	(16,662,161		)	8,312,452
Interest rates contracts	(9,170,129		)	43,835,597			(15,046,385		)	27,840,667
Meats contracts	1,203,369			(482,758		)	1,232,878			(377,806		)
Metals contracts	13,357,594			2,045,251			12,038,152			(3,670,013		)
Soft commodities contracts	(1,086,681		)	4,261,334			1,253,762			3,462,588
Stock indices	353,796			(12,904,602		)	16,981,353			18,118,924
	$	(17,513,180	)	$	26,777,604		$	(6,532,821	)	$	32,929,604

* The gains or losses on derivatives, including agriculturals, currencies, energy, interest rates, meats, metals, soft commodities and stock indices contracts are included in the realized and change in unrealized gains (loss) from futures and forward trading in the consolidated statement of operations.

Schedule of Line Item in Consolidated Statement of Operations

Line Item in Consolidated Statement of	Three Months Ended						Six Months Ended
Operations	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Net gain (loss) from futures and forward trading
Realized	$	(15,812,188	)	$	27,684,339		$	(7,305,220	)	$	41,476,447
Change in unrealized	(1,700,992		)	(906,735		)	772,399			(8,546,843		)
Total realized and changed in unrealized net gain (loss) from futures and forward trading	$	(17,513,180	)	$	26,777,604		(6,532,821		)	32,929,604

Schedule of gross and net information related to derivatives eligible for offset in the Consolidated Statement of Financial Condition

Offsetting of Derivative Assets

As of June 30, 2013

						Net amount of
			Gross Amounts			Unrealized Gain
			Offset in the			Presented in
	Gross Amount of		Consolidated			the Consolidated
	Recognized		Statement of			Statement of
Type of Instrument	Assets		Financial Condition			Financial Condition
U.S. and foreign futures contracts	$	21,171,155	$	(16,780,675	)	$	4,390,480
Forward contracts	3,871,540		(3,586,158		)	285,382
Options on futures and forward contracts	109,523		(241,400		)	(131,877		)
Total derivatives	$	25,152,218	$	(20,608,233	)	$	4,543,985

Offsetting of Derivative Assets

As of December 31, 2012

						Net amount of
			Gross Amounts			Unrealized Gain
			Offset in the			Presented in
	Gross Amount of		Consolidated			the Consolidated
	Recognized		Statement of			Statement of
Type of Instrument	Assets		Financial Condition			Financial Condition
U.S. and foreign futures contracts	$	17,323,529	$	(15,097,793	)	$	2,225,736
Forward contracts	7,254,268		(5,809,423		)	1,444,845
Options on futures and forward contracts	10,638		—			10,638
Total derivatives	$	24,588,435	$	(20,907,216	)	$	3,681,219

Schedule of derivative assets and collateral received by counterparty

Derivatives Assets and Collateral Received by Counterparty

As of June 30, 2013

	Net amount of
	Unrealized Gain
	Presented in			Gross Amounts Not Offset in the Consolidated
	the Consolidated			Statement of Financial Condition
	Statement of			Financial		Cash Collateral
Counterparty	Financial Condition			Instruments		Received		Net Amount
Bank of America N.A.	$	169,273		$	—	$	—	$	169,273
Deutsche Bank AG	(90,004		)	—		—		(90,004		)
Jefferies Bache, LLC	116,301			—		—		116,301
Newedge USA, LLC	1,106,192			—		—		1,106,192
R.J. O’Brien & Associates, LLC	834,300			—		—		834,300
UBS Securities LLC	2,407,923			—		—		2,407,923
Total	$	4,543,985		$	—	$	—	$	4,543,985

    Derivatives Assets and Collateral Received by Counterparty

    As of December 31, 2013

	Net amount of
	Unrealized Gain
	Presented in			Gross Amounts Not Offset in the Consolidated
	the Consolidated			Statement of Financial Condition
	Statement of			Financial		Cash Collateral
Counterparty	Financial Condition			Instruments		Received		Net Amount
Bank of America N.A.	$	1,327,621		$	—	$	—	$	1,327,621
Deutsche Bank AG	(178,677		)	—		—		(178,677		)
Jefferies Bache, LLC	724,791			—		—		724,791
Newedge USA, LLC	1,098,091			—		—		1,098,091
R.J. O’Brien & Associates, LLC	1,714,310			—		—		1,714,310
UBS Securities LLC	(1,004,917		)	—		—		(1,004,917		)
Total	$	3,681,219		$	—	$	—	$	3,681,219