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Derivatives (Tables)

6 Months Ended

Jun. 30, 2020

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):

		June 30, 2020												December 31, 2019
Derivative contract		Assets				Liabilities				Notional Amounts1				Assets				Liabilities				Notional Amounts1
FX/commodities options		$	110			$	—			$	5,106			$	26			$	—			$	4,487
Forwards			161				1,889				188,700				564				1,285				110,051
FX swaps			624				315				565,217				1,278				2,244				555,519
Futures			—				617				6,960,550				—				624				11,106,203
Total		$	895			$	2,821			$	7,719,573			$	1,868			$	4,153			$	11,776,260

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 do not represent anticipated losses.

Summary of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments (in thousands):

		June 30, 2020
										Net Amounts Presented in the
		Gross Amounts				Gross Amounts Offset				Statements of Financial Condition1
Assets
FX/commodities options		$	112			$	(2	)		$	110
Forwards			173				(12	)			161
FX swaps			698				(74	)			624
Futures			42,521				(42,521	)			—
Total derivative assets		$	43,504			$	(42,609	)		$	895
Liabilities
FX/commodities options		$	2			$	(2	)		$	—
FX swaps			389				(74	)			315
Forwards			1,901				(12	)			1,889
Futures			43,138				(42,521	)			617
Total derivative liabilities		$	45,430			$	(42,609	)		$	2,821

		December 31, 2019
										Net Amounts Presented in the
		Gross Amounts				Gross Amounts Offset				Statements of Financial Condition1
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 liabilities		$	6,733			$	(2,580	)		$	4,153

^{1 There were no additional balances in gross amounts not offset as of June 30, 2020 and December 31, 2019, respectively.}

Summary of Gains and (Losses) on Derivative Contracts

The table below summarizes gains and (losses) on derivative contracts (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
Derivative contract		2020				2019				2020				2019
Futures		$	2,724			$	4,561			$	5,488			$	8,809
FX/commodities options			143				49				198				112
Forwards			116				(2,306	)			(1,152	)			(2,419	)
FX swaps			89				631				325				1,224
Equity options			—				318				—				318
Gains (losses)		$	3,072			$	3,253			$	4,859			$	8,044

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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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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

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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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