Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at March 31, 2019 and December 31, 2018:



(in thousands)		March 31, 2019				December 31, 2018
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	$	2,950	$	2,523	$	(15,382	)	$	2,891,606
Commodity futures	Receivables from broker-dealers and clearing organizations	6,660		9,712,453		69,235			11,595,215
Currency futures	Receivables from broker-dealers and clearing organizations	4,185		2,855,717		(9,432		)	3,756,914
Fixed income futures	Receivables from broker-dealers and clearing organizations	2		6,888		(28		)	18,694
Options	Financial instruments owned	3,914		435,244		11,899			659,101
Currency forwards	Financial instruments owned	1,212,911		134,607,800		2,792,373			171,288,432

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	$	181	$	165,238	$	468		$	106,487
Commodity futures	Payables to broker-dealers and clearing organizations	1,872		4,674,521		(375		)	54,782
Currency futures	Payables to broker-dealers and clearing organizations	4,911		2,554,681		(30,643		)	6,239,725
Fixed income futures	Payables to broker-dealers and clearing organizations	—		—		93			8,591
Options	Financial instruments sold, not yet purchased	4,359		459,274		11,051			608,756
Currency forwards	Financial instruments sold, not yet purchased	1,219,684		134,611,187		2,720,749			171,252,224

Derivative instruments designated as hedging instruments:
Currency forwards	Financial instruments sold, not yet purchased	—		—		(792		)	13,501

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 instruments 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, 2019 and 2018.



		Three Months Ended March 31,
(in thousands)	Financial Statements Location	2019			2018
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	72,385		$	(436,414	)
Currency forwards	Trading income, net	(24,173		)	85,910
Options	Trading income, net	663			1,102
		$	48,875		$	(349,402	)

Derivative instruments designated as hedging instruments:
Foreign exchange - forward contract	Accumulated other comprehensive income	$	—		$	150