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Derivative Instruments
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024:

(in thousands) September 30, 2025December 31, 2024
Derivatives AssetsFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresReceivables from broker-dealers and clearing organizations$2,736 $2,707,806 $(541)$1,069,167 
Commodity futuresReceivables from broker-dealers and clearing organizations114,691 9,827,911 5,096 5,610,161 
Currency futuresReceivables from broker-dealers and clearing organizations2,551 3,176,060 (6,093)5,211,677 
Fixed income futuresReceivables from broker-dealers and clearing organizations1 154,658 (3,890)110,748 
OptionsFinancial instruments owned10,222 1,894,562 55,423 808,189 
Currency forwardsFinancial instruments owned181,185 33,226,454 716,970 42,202,047 
Derivatives LiabilitiesFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresPayables to broker-dealers and clearing organizations$7,065 $900,540 $527 $1,774,043 
Commodity futuresPayables to broker-dealers and clearing organizations(2,542)91,061 (277)56,331 
Currency futuresPayables to broker-dealers and clearing organizations(175)21,969 7,382 2,232,543 
Fixed income futuresPayables to broker-dealers and clearing organizations(179)681,692 (74)21,077 
OptionsFinancial instruments sold, not yet purchased11,588 1,850,945 5,240 820,023 
Currency forwardsFinancial instruments sold, not yet purchased179,075 33,225,399 681,878 42,184,501 
Derivative instruments designated as hedging instruments:
Interest rate swapsPayables to broker-dealers and clearing organizations487 1,075,000 2,572 1,075,000 

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 and nine months ended September 30, 2025 and 2024.
  Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)Financial Statements Location2025202420252024
Derivative instruments not designated as hedging instruments:  
FuturesTrading income, net$52,183 $170,492 $78,568 $198,194 
Currency forwardsTrading income, net(14,985)(145,529)146,979 (144,070)
OptionsTrading income, net(57,011)8,894 (30,024)42,212 
Interest rate swap on term loans (1)Other, net— — — 5,686 
Terminated interest rate swaps (2)Financing interest expense on long-term borrowings(126)(9,841)(3,161)(32,923)
$(19,939)$24,016 $192,362 $69,099 
Derivative instruments designated as hedging instruments:
Interest rate swaps (1)Other comprehensive income$430 $(12,918)$2,252 $607 
$430 $(12,918)$2,252 $607 
(1) The Company entered into a two-year $1,525 million floating-to-fixed interest rate agreement in December 2023 (the “December 2023 Swap”). 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. In June 2024, the Company partially terminated and dedesignated a portion of our ongoing December 2023 Swap to an updated notional of $1,075 million, and recorded a gain of $5.7 million in Other, net. See Note 9 “Borrowings” for further details.
(2) The Company records the amortization of AOCI balances related to its previously terminated interest rate swaps in Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. See Note 9 “Borrowings” for further details on the terminated swaps.