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Derivatives (Tables)

9 Months Ended

Sep. 30, 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):

						September 30, 2022																		December 31, 2021
Derivative contract						Assets						Liabilities						Notional Amounts1						Assets						Liabilities						Notional Amounts1
FX swaps						$	10,109					$	7,510					$	878,294					$	2,487					$	1,490					$	571,280
Futures						826						—						7,803,533						—						940						3,914,813
Forwards						28						617						52,278						392						419						207,966
Interest rate swaps						5						—						7,214,691						—						—						—
Total						$	10,968					$	8,127					$	15,948,796					$	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):

			September 30, 2022
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
Assets
FX swaps			$	13,257					$	(3,148)					$	10,109
Futures			107,721						(106,895)						826
Forwards			29						(1)						28
Interest rate swaps			483						(478)						5
Total derivative assets			$	121,490					$	(110,522)					$	10,968
Liabilities
FX swaps			$	10,658					$	(3,148)					$	7,510
Forwards			618						(1)						617
Futures			106,895						(106,895)						—
Interest rate swaps			478						(478)						—
Total derivative liabilities			$	118,649					$	(110,522)					$	8,127

			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 September 30, 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 September 30,												Nine Months Ended September 30,
Derivative contract						2022						2021						2022						2021
Futures						$	4,054					$	3,102					$	12,295					$	10,258
FX swaps						750						28						1,680						166
FX/commodities options						55						87						203						251
Interest rate swaps						5						—						5						—
Forwards						—						28						—						—
Gains, net						$	4,864					$	3,245					$	14,183					$	10,675

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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
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&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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