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Derivative Instruments | 3 Months Ended
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Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The fair value of the Company’s derivative instruments on a gross basis consisted of the following at March 31, 2018 and December 31, 2017:
(in thousands) |  |  |  | March 31, 2018 |  | December 31, 2017
Derivatives Assets |  | Financial Statements Location |  | Fair Value |  | Notional |  | Fair Value |  | Notional
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Equities futures |  | Receivables from broker dealers and clearing organizations |  | $ | 183 |  |  | $ | 4,836,630 |  |  | $ | (505 | ) |  | $ | 1,985,770 |
Commodity futures |  | Receivables from broker dealers and clearing organizations |  | 39,965 |  |  | 20,971,297 |  |  | 971 |  |  | 21,231,001 |
Currency futures |  | Receivables from broker dealers and clearing organizations |  | 32,042 |  |  | 2,075,544 |  |  | 26,548 |  |  | 3,994,412 |
Fixed income futures |  | Receivables from broker dealers and clearing organizations |  | 23 |  |  | 10,096 |  |  | 73 |  |  | 44,395 |
Options |  | Financial instruments owned |  | 9,210 |  |  | 793,423 |  |  | 7,045 |  |  | 682,369 |
Currency forwards |  | Financial instruments owned |  | 702,889 |  |  | 100,689,302 |  |  | 2,045,487 |  |  | 124,000,221 |
Derivatives Liabilities |  | Financial Statements Location |  | Fair Value |  | Notional |  | Fair Value |  | Notional
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Equities futures |  | Payables to broker dealers and clearing organizations |  | $ | 208 |  |  | $ | 139,033 |  |  | $ | (575 | ) |  | $ | 142,658 |
Commodity futures |  | Payables to broker dealers and clearing organizations |  | 645 |  |  | 118,427 |  |  | (1,602 | ) |  | 130,042 |
Currency futures |  | Payables to broker dealers and clearing organizations |  | (3,279 | ) |  | 2,531,734 |  |  | (13,947 | ) |  | 7,756,958 |
Fixed income futures |  | Payables to broker dealers and clearing organizations |  | (169 | ) |  | 13,016 |  |  | (1 | ) |  | 2,584 |
Options |  | Financial instruments sold, not yet purchased |  | 15,548 |  |  | 769,273 |  |  | 5,839 |  |  | 681,147 |
Currency forwards |  | Financial instruments sold, not yet purchased |  | 725,058 |  |  | 100,700,387 |  |  | 2,032,017 |  |  | 123,993,234 |
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Currency forwards |  | Financial instruments sold, not yet purchased |  | (364 | ) |  | 15,964 |  |  | (514 | ) |  | 16,115 |
Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net 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, and from those designated as hedging instrument under ASC 815, which are recorded in accumulated other comprehensive income in the accompanying condensed consolidated statements of comprehensive income for the three months ended March 31, 2018 and 2017.
|  |  |  | March 31,
(in thousands) |  | Financial Statements Location |  | 2018 |  | 2017 |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |
Futures |  | Trading income, net |  | $ | (436,414 | ) |  | $ | 165,590 |  |
Currency forwards |  | Trading income, net |  | 85,910 |  |  | (51,381 | ) |
Options |  | Trading income, net |  | 1,102 |  |  | 1 |  |
|  |  |  | $ | (349,402 | ) |  | $ | 114,210 |  |
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange - forward contract |  | Accumulated other comprehensive income |  | $ | 150 |  |  | $ | — |  |

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