Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at March 31, 2024 and December 31, 2023:


(in thousands)		March 31, 2024				December 31, 2023
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	1,003	$	711,468	$	(741)	$	1,944,872
Commodity futures	Receivables from broker-dealers and clearing organizations	4,963		5,207,005		(7,017)		6,489,328
Currency futures	Receivables from broker-dealers and clearing organizations	(7,569)		6,134,373		707		6,964,937
Fixed income futures	Receivables from broker-dealers and clearing organizations	48		62,129		1		5,989

Options	Financial instruments owned	2,888		636,097		3,485		1,167,643
Currency forwards	Financial instruments owned	290,659		27,710,240		377,279		33,579,641


Derivative instruments designated as hedging instruments:
Interest rate swap	Receivables from broker-dealers and clearing organizations	5,753		1,525,000		—		—

Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	3,168	$	3,089,351	$	(558)	$	501,978
Commodity futures	Payables to broker-dealers and clearing organizations	(1,581)		74,062		(4)		25,462
Currency futures	Payables to broker-dealers and clearing organizations	9,344		621,877		12,031		1,518,087
Fixed income futures	Payables to broker-dealers and clearing organizations	(5)		9,311		165		82,044
Options	Financial instruments sold, not yet purchased	3,122		651,941		3,186		1,173,351
Currency forwards	Financial instruments sold, not yet purchased	253,151		27,691,487		339,085		33,560,544

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	—		—		7,661		1,525,000

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps.

The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are initially recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023.


		Three Months Ended March 31,
(in thousands)	Financial Statements Location		2024		2023
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	1,532	$	124,466
Currency forwards	Trading income, net		(6,061)		(62,937)
Options	Trading income, net		13,038		2,655
Interest rate swap on term loan	Other, net		—		(463)
Terminated interest rate swaps	Financing interest expense on long-term borrowings		(11,702)		—
			$	(3,193)	$	63,721

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	13,447	$	(15,393)

			$	13,447	$	(15,393)

(1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in the first quarter of 2020, and as such, the mark-to-market gains (losses) on the instruments were deferred within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020. The two interest rate swaps were terminated and dedesignated as cash flow hedges in December 2023. The Company entered into a two-year $1,525 million floating-to-fixed interest rate agreement in December 2023. The two-year interest rate swap met the criteria to be considered as a qualifying cash flow hedge under ASC 815 as of December 2023, and the mark-to-market gains (losses) on the instrument was deferred within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income.