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Derivative Instruments | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments |
Derivative Instruments | 10. Derivative Instruments The fair value of the Company's derivative instruments on a gross basis consisted of the following at March 31, 2017 and December 31, 2016:
(in thousands) |  |  |  | March 31, 2017 |  | December 31, 2016 |
Derivatives Assets |  | Balance Sheet Classification |  | Fair Value |  | Notional |  | Fair Value |  | Notional |
Equities futures |  | Receivables from broker dealers and clearing organizations |  | $ | 427 |  | $ | 654,155 |  | $ | 2,403 |  | $ | 1,461,286 |
Commodity futures |  | Receivables from broker dealers and clearing organizations |  |  | (23,638) |  |  | 5,612,720 |  |  | 13,964 |  |  | 3,918,778 |
Currency futures |  | Receivables from broker dealers and clearing organizations |  |  | 12,902 |  |  | 3,219,766 |  |  | 1,591 |  |  | 3,264,093 |
Fixed income futures |  | Receivables from broker dealers and clearing organizations |  |  | (71) |  |  | 3,609 |  |  | 31 |  |  | 5,730 |
Options |  | Financial instruments owned |  |  | 266 |  |  | 9,876 |  |  | 141 |  |  | 6,844 |
Currency forwards |  | Financial instruments owned |  |  | 1,756,179 |  |  | 165,982,871 |  |  | 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 |  | $ | (1,632) |  | $ | 220,751 |  | $ | (43) |  | $ | 62,417 |
Commodity futures |  | Payables to broker dealers and clearing organizations |  |  | (3,091) |  |  | 20,879,583 |  |  | 2,842 |  |  | 22,616,170 |
Currency futures |  | Payables to broker dealers and clearing organizations |  |  | (19) |  |  | 1,713,567 |  |  | (6,282) |  |  | 1,137,908 |
Currency forwards |  | Financial instruments sold, not yet purchased |  |  | 228 |  |  | 15,124 |  |  | 80 |  |  | 4,486 |
Interest rate swaps |  | Financial instruments sold, not yet purchased |  |  | 1,792,466 |  |  | 169,531,047 |  |  | 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 for the three months ended March 31, 2017 and 2016.
|  | March 31, |  |
(in thousands) |  | 2017 |  | 2016 |  |
Futures |  | $ | 165,590 |  | $ | 308,480 |  |
Currency forwards |  |  | (51,381) |  |  | (425) |  |
Options |  |  | 1 |  |  | (74) |  |
Interest rate swaps |  |  | — |  |  | 2 |  |
|  | $ | 114,210 |  | $ | 307,983 |  |

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