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Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022																		December 31, 2021
Derivative contract						Assets						Liabilities						Notional Amounts1						Assets						Liabilities						Notional Amounts1
Forwards						$	476					$	525					$	591,618					$	392					$	419					$	207,966
FX swaps						4,344						5,813						1,276,929						2,487						1,490						571,280
Futures						—						794						5,819,331						—						940						3,914,813
Total						$	4,820					$	7,132					$	7,687,878					$	2,879					$	2,849					$	4,694,059

____________________________

1Notional 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):

			March 31, 2022
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
Assets
Forwards			$	595					$	(119)					$	476
FX swaps			4,584						(240)						4,344
Futures			115,645						(115,645)						—
Total derivative assets			$	120,824					$	(116,004)					$	4,820
Liabilities
FX swaps			$	6,053					$	(240)					$	5,813
Forwards			644						(119)						525
Futures			116,439						(115,645)						794
Total derivative liabilities			$	123,136					$	(116,004)					$	7,132

			December 31, 2021
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
Assets
Forwards			$	452					$	(60)					$	392
FX swaps			3,025						(538)						2,487
Futures			70,497						(70,497)						—
Total derivative assets			$	73,974					$	(71,095)					$	2,879
Liabilities
FX swaps			$	2,028					$	(538)					$	1,490
Forwards			479						(60)						419
Futures			71,437						(70,497)						940
Total derivative liabilities			$	73,944					$	(71,095)					$	2,849

____________________________

1There were no additional balances in gross amounts not offset as of March 31, 2022 and December 31, 2021.

Summary of Gains and (Losses) on Derivative Contracts

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

						Three Months Ended March 31,
Derivative contract						2022						2021
Futures						$	4,409					$	3,834
FX swaps						329						(2)
FX/commodities options						100						86
Forwards						—						35
Gains						$	4,838					$	3,953

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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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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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