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Derivatives (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Contracts

The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):

		March 31, 2019												December 31, 2018
Derivative contract		Assets				Liabilities				Notional Amounts1				Assets				Liabilities				Notional Amounts1
Foreign exchange/commodities options		$	—			$	42			$	4,557			$	39			$	88,016			$	4,745,428
Forwards			28				171				93,470				236				639				79,008
Foreign exchange swaps			2,594				2,092				1,001,289				1,611				2,072				482,295
Futures			331				231				13,048,985				93				402				13,067,925
Total		$	2,953			$	2,536			$	14,148,301			$	1,979			$	91,129			$	18,374,656

¹ Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity and does not represent anticipated losses.

Summary of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments as of March 31, 2019 and December 31, 2018 (in thousands):

		March 31, 2019
										Net Amounts Presented in the				Gross Amounts Not Offset
		Gross Amounts				Gross Amounts Offset				Statements of Financial Condition				Financial Instruments				Cash Collateral Received				Net Amounts
Assets
Forwards		$	33			$	(5	)		$	28			$	—			$	—			$	28
Foreign exchange swaps			3,555				(961	)			2,594				—				—				2,594
Futures			9,736				(9,405	)			331				—				—				331
Total		$	13,324			$	(10,371	)		$	2,953			$	—			$	—			$	2,953
Liabilities
Foreign exchange/commodities options		$	42			$	—			$	42			$	—			$	—			$	42
Forwards			176				(5	)			171				—				—				171
Foreign exchange swaps			3,053				(961	)			2,092				—				—				2,092
Futures			9,636				(9,405	)			231				—				—				231
Total		$	12,907			$	(10,371	)		$	2,536			$	—			$	—			$	2,536

		December 31, 2018
										Net Amounts Presented in the				Gross Amounts Not Offset
		Gross Amounts				Gross Amounts Offset				Statements of Financial Condition				Financial Instruments				Cash Collateral Received				Net Amounts
Assets
Foreign exchange/commodities options		$	482,751			$	(482,712	)		$	39			$	—			$	—			$	39
Forwards			253				(17	)			236				—				—				236
Foreign exchange swaps			1,938				(327	)			1,611				—				—				1,611
Futures			57,479				(57,386	)			93				—				—				93
Total		$	542,421			$	(540,442	)		$	1,979			$	—			$	—			$	1,979
Liabilities
Foreign exchange/commodities options		$	570,728			$	(482,712	)		$	88,016			$	—			$	—			$	88,016
Foreign exchange swaps			2,399				(327	)			2,072				—				—				2,072
Forwards			656				(17	)			639				—				—				639
Futures			57,788				(57,386	)			402				—				—				402
Total		$	631,571			$	(540,442	)		$	91,129			$	—			$	—			$	91,129

Summary of Gains and Losses on Derivative Contracts

The table below summarizes gains and losses on derivative contracts for the three months ended March 31, 2019 and 2018 (in thousands):

		Three Months Ended March 31,
Derivative contract		2019				2018
Foreign exchange/commodities options		$	63			$	4,599
Futures			4,248				5,908
Forwards			(113	)			292
Foreign exchange swaps			594				378
Equity options			—				102
Interest rate swaps			—				(5	)
Gain (loss)		$	4,792			$	11,274

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Offsetting derivative instruments.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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