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Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023																		December 31, 2022
Derivative contract						Assets						Liabilities						Notional Amounts1						Assets						Liabilities						Notional Amounts1
FX swaps						$	4,386					$	2,534					$	712,985					$	3,134					$	5,796					$	586,020
Forwards						598						1,109						300,046						603						569						197,278
Interest rate swaps						217						—						343,360,180						25						—						2,114,412
Futures						—						357						7,165,070						—						1,268						4,253,088
Total						$	5,201					$	4,000					$	351,538,281					$	3,762					$	7,633					$	7,150,798

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):

			June 30, 2023
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
Assets
FX swaps			$	4,642					$	(256)					$	4,386
Forwards			649						(51)						598
Interest rate swaps			15,693						(15,476)						217
Futures			70,092						(70,092)						—
Total derivative assets			$	91,076					$	(85,875)					$	5,201
Liabilities
FX swaps			$	2,790					$	(256)					$	2,534
Forwards			1,160						(51)						1,109
Futures			70,449						(70,092)						357
Interest rate swaps			15,476						$	(15,476)					—
Total derivative liabilities			$	89,875					$	(85,875)					$	4,000

			December 31, 2022
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
Assets
FX swaps			$	3,623					$	(489)					$	3,134
Forwards			746						(143)						603
Interest Rate Swaps			895						(870)						25
Futures			64,769						(64,769)						—
Total derivative assets			$	70,033					$	(66,271)					$	3,762
Liabilities
FX swaps			$	6,285					$	(489)					$	5,796
Futures			66,037						(64,769)						1,268
Forwards			712						(143)						569
Interest Rate Swaps			870						(870)						—
Total derivative liabilities			$	73,904					$	(66,271)					$	7,633

1There were no additional balances in gross amounts not offset as of either June 30, 2023 or December 31, 2022.

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						2023						2022						2023						2022
Futures						$	3,356					$	3,832					$	6,777					$	8,241
Interest rate swaps						189						—						217						—
FX swaps						126						601						896						930
FX/commodities options						41						48						82						148
Gains						$	3,712					$	4,481					$	7,972					$	9,319

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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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-Name Accounting Standards Codification
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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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