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Derivative Instruments
 12 Months Ended
Dec. 31, 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 December 31, 2025 and December 31, 2024:

(in thousands) December 31, 2025December 31, 2024
Derivatives AssetsFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresReceivables from broker-dealers and clearing organizations$(60)$1,017,174 $(541)$1,069,167 
Commodity futuresReceivables from broker-dealers and clearing organizations(20,294)11,492,904 5,096 5,610,161 
Currency futuresReceivables from broker-dealers and clearing organizations4,418 4,575,259 (6,093)5,211,677 
Fixed income futuresReceivables from broker-dealers and clearing organizations(25)11,711 (3,890)110,748 
OptionsFinancial instruments owned97,459 2,565,169 55,423 808,189 
Currency forwardsFinancial instruments owned211,856 28,015,291 716,970 42,202,047 
Derivatives LiabilitiesFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresPayables to broker-dealers and clearing organizations$1,399 $940,143 $527 $1,774,043 
Commodity futuresPayables to broker-dealers and clearing organizations(4,409)171,504 (277)56,331 
Currency futuresPayables to broker-dealers and clearing organizations216 212,120 7,382 2,232,543 
Fixed income futuresPayables to broker-dealers and clearing organizations(199)383,154 (74)21,077 
OptionsFinancial instruments sold, not yet purchased216,992 2,637,691 5,240 820,023 
Currency forwardsFinancial instruments sold, not yet purchased198,463 28,008,595 681,878 42,184,501 
Derivative instruments designated as hedging instruments:
Interest rate swapsPayables to broker-dealers and clearing organizations— — 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 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023.
  Years Ended December 31,
(in thousands)Financial Statements Location202520242023
Derivative instruments not designated as hedging instruments:
FuturesTrading income, net$145,847 $218,016 $297,345 
Currency forwardsTrading income, net176,339 (93,647)(150,071)
OptionsTrading income, net(13,756)100,174 21,224 
Interest rate swap on term loans (1)Other, net— 5,686 (1,720)
Terminated interest rate swaps (2)Financing interest expense on long-term borrowings(3,216)(39,782)(3,994)
$305,214 $190,447 $162,784 
Derivative instruments designated as hedging instruments:
Interest rate swaps (1)Other comprehensive income$2,613 $5,842 $(35,990)
$2,613 $5,842 $(35,990)
(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 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. In November 2025, the cash flow hedge was discontinued upon the termination of the December 2023 Swap in accordance with its contractual terms, and no further gains or losses related to this instrument are recorded in Other comprehensive income. 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 Consolidated Statements of Comprehensive Income. See Note 9 “Borrowings” for further details on the previously terminated swaps.