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Derivative Instruments
 3 Months Ended
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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