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Derivatives (Tables) | 12 Months Ended
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Dec. 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):
|  | December 31, 2019 |  |  | December 31, 2018 |
Derivative contract |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |  |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |
FX/commodities options |  | $ | 26 |  |  | $ | — |  |  | $ | 4,487 |  |  | $ | 39 |  |  | $ | 88,016 |  |  | $ | 4,745,428 |
Forwards |  |  | 564 |  |  |  | 1,285 |  |  |  | 110,051 |  |  |  | 236 |  |  |  | 639 |  |  |  | 79,008 |
FX swaps |  |  | 1,278 |  |  |  | 2,244 |  |  |  | 555,519 |  |  |  | 1,611 |  |  |  | 2,072 |  |  |  | 482,295 |
Futures |  |  | — |  |  |  | 624 |  |  |  | 11,106,203 |  |  |  | 93 |  |  |  | 402 |  |  |  | 13,067,925 |
Total |  | $ | 1,868 |  |  | $ | 4,153 |  |  | $ | 11,776,260 |  |  | $ | 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 December 31, 2019 and 2018 (in thousands):
|  | December 31, 2019 |
|  |  |  |  |  |  |  |  |  |  |  | Net Amounts Presented in the |
|  | Gross Amounts |  |  |  |  | Gross Amounts Offset |  |  | Statements of Financial Condition |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX/commodities options |  | $ | 26 |  |  |  |  | $ | — |  |  | $ | 26 |
Forwards |  |  | 706 |  |  |  |  |  | (142 | ) |  |  | 564 |
FX swaps |  |  | 1,672 |  |  |  |  |  | (394 | ) |  |  | 1,278 |
Futures |  |  | 2,044 |  |  |  |  |  | (2,044 | ) |  |  | — |
Total derivative assets |  | $ | 4,448 |  |  |  |  | $ | (2,580 | ) |  | $ | 1,868 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX swaps |  | $ | 2,638 |  |  |  |  | $ | (394 | ) |  | $ | 2,244 |
Forwards |  |  | 1,427 |  |  |  |  |  | (142 | ) |  |  | 1,285 |
Futures |  |  | 2,668 |  |  |  |  |  | (2,044 | ) |  |  | 624 |
Total derivative assets |  | $ | 6,733 |  |  |  |  | $ | (2,580 | ) |  | $ | 4,153 |
|  | December 31, 2018 |
|  |  |  |  |  |  |  |  |  | Net Amounts Presented in the |
|  | Gross Amounts |  |  | Gross Amounts Offset |  |  | Statements of Financial Condition |
Assets |  |  |  |  |  |  |  |  |  |  |  |
FX/commodities options |  | $ | 482,751 |  |  | $ | (482,712 | ) |  | $ | 39 |
Forwards |  |  | 253 |  |  |  | (17 | ) |  |  | 236 |
FX swaps |  |  | 1,938 |  |  |  | (327 | ) |  |  | 1,611 |
Futures |  |  | 57,479 |  |  |  | (57,386 | ) |  |  | 93 |
Total derivative assets |  | $ | 542,421 |  |  | $ | (540,442 | ) |  | $ | 1,979 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
FX/commodities options |  | $ | 570,728 |  |  | $ | (482,712 | ) |  | $ | 88,016 |
FX swaps |  |  | 2,399 |  |  |  | (327 | ) |  |  | 2,072 |
Forwards |  |  | 656 |  |  |  | (17 | ) |  |  | 639 |
Futures |  |  | 57,788 |  |  |  | (57,386 | ) |  |  | 402 |
Total derivative liabilities |  | $ | 631,571 |  |  | $ | (540,442 | ) |  | $ | 91,129 |
Summary of Gains and Losses on Derivative Contracts | The table below summarizes gains and losses on derivative contracts for the years ended December 31, 2019, 2018 and 2017 (in thousands):
|  | Year Ended December 31, |
Derivative contract |  | 2019 |  |  | 2018 |  |  | 2017 |
FX/commodities options |  | $ | 252 |  |  | $ | 14,657 |  |  | $ | 12,852 |
Futures |  |  | 15,316 |  |  |  | 16,484 |  |  |  | 8,306 |
Forwards |  |  | (3,597 | ) |  |  | (222 | ) |  |  | (38 | )
FX swaps |  |  | 2,340 |  |  |  | 1,271 |  |  |  | 1,332 |
Equity options |  |  | 318 |  |  |  | 102 |  |  |  | 591 |
Interest rate swaps |  |  | — |  |  |  | (5 | ) |  |  | 47 |
Gains (losses) |  | $ | 14,629 |  |  | $ | 32,287 |  |  | $ | 23,090 |

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- Definition 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 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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