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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 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):
|  | December 31, 2020 |  |  | December 31, 2019 |
Derivative contract |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |  |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |
FX/commodities options |  | $ | 74 |  |  | $ | — |  |  | $ | 4,844 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 4,487 |
Forwards |  |  | 295 |  |  |  | 215 |  |  |  | 302,141 |  |  |  | 564 |  |  |  | 1,285 |  |  |  | 110,051 |
FX swaps |  |  | 562 |  |  |  | 319 |  |  |  | 513,588 |  |  |  | 1,278 |  |  |  | 2,244 |  |  |  | 555,519 |
Futures |  |  | — |  |  |  | 926 |  |  |  | 6,113,220 |  |  |  | — |  |  |  | 624 |  |  |  | 11,106,203 |
Total |  | $ | 931 |  |  | $ | 1,460 |  |  | $ | 6,933,793 |  |  | $ | 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 as of December 31, 2020 and 2019 (in thousands):
|  | December 31, 2020 |
|  |  |  |  |  |  |  |  |  |  |  | Net Amounts Presented in the |
|  | Gross Amounts |  |  |  |  | Gross Amounts Offset |  |  | Statements of Financial Condition |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX/commodities options |  | $ | 74 |  |  |  |  | $ | — |  |  | $ | 74 |
Forwards |  |  | 338 |  |  |  |  |  | (43 | ) |  |  | 295 |
FX swaps |  |  | 583 |  |  |  |  |  | (21 | ) |  |  | 562 |
Futures |  |  | 41,257 |  |  |  |  |  | (41,257 | ) |  |  | — |
Total derivative assets |  | $ | 42,252 |  |  |  |  | $ | (41,321 | ) |  | $ | 931 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX swaps |  | $ | 340 |  |  |  |  | $ | (21 | ) |  |  | 319 |
Forwards |  |  | 258 |  |  |  |  |  | (43 | ) |  |  | 215 |
Futures |  |  | 42,183 |  |  |  |  |  | (41,257 | ) |  |  | 926 |
Total derivative liabilities |  | $ | 42,781 |  |  |  |  | $ | (41,321 | ) |  | $ | 1,460 |
|  | 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 liabilities |  | $ | 6,733 |  |  | $ | (2,580 | ) |  | $ | 4,153 |
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2020, 2019 and 2018 (in thousands):
|  | Year Ended December 31, |
Derivative contract |  | 2020 |  |  | 2019 |  |  | 2018 |
Futures |  | $ | 10,100 |  |  | $ | 15,316 |  |  | $ | 16,484 |
FX swaps |  |  | 381 |  |  |  | 2,340 |  |  |  | 1,271 |
FX/commodities options |  |  | 293 |  |  |  | 252 |  |  |  | 14,657 |
Forwards |  |  | 97 |  |  |  | (3,597 | ) |  |  | (222 | )
Equity options |  |  | — |  |  |  | 318 |  |  |  | 102 |
Interest rate swaps |  |  | — |  |  |  | — |  |  |  | (5 | )
Gains (losses) |  | $ | 10,871 |  |  | $ | 14,629 |  |  | $ | 32,287 |

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