XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivatives | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives In the normal course of operations, the Company enters into derivative contracts to facilitate client transactions, hedge principal positions and facilitate hedging activities of affiliated companies. These derivative contracts primarily consist of FX swaps, FX/commodities options, futures and forwards. The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):
| December 31, 2023 |  | December 31, 2022
Derivative contract | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps | $ | 2,674 |  |  | $ | 5,119 |  |  | $ | 545,669 |  |  | $ | 3,134 |  |  | $ | 5,796 |  |  | $ | 586,020 |
Forwards | 805 |  |  | 609 |  |  | 310,880 |  |  | 603 |  |  | 569 |  |  | 197,278 |
Interest rate swaps | 128 |  |  | — |  |  | 34,272,592 |  |  | 25 |  |  | — |  |  | 2,114,412 |
Futures | — |  |  | 28 |  |  | 6,703,624 |  |  | — |  |  | 1,268 |  |  | 4,253,088 |
Total | $ | 3,607 |  |  | $ | 5,756 |  |  | $ | 41,832,765 |  |  | $ | 3,762 |  |  | $ | 7,633 |  |  | $ | 7,150,798 |
____________________________________ 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. Certain of the Company’s FX swaps are with Cantor. See Note 13—“Related Party Transactions” for additional information related to these transactions. The replacement costs of contracts in a gain position were $3.6 million and $3.8 million, as of December 31, 2023 and 2022, respectively. The following tables present information about the offsetting of derivative instruments as of December 31, 2023 and 2022 (in thousands):
| December 31, 2023
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
Assets |  |  |  |  |
FX swaps | $ | 3,467 |  |  | $ | (793) |  |  | $ | 2,674 |
Forwards | 855 |  |  | (50) |  |  | 805 |
Interest rate swaps | 12,310 |  |  | (12,182) |  |  | 128 |
Futures | 62,693 |  |  | (62,693) |  |  | — |
Total derivative assets | $ | 79,325 |  |  | $ | (75,718) |  |  | $ | 3,607 |
Liabilities |  |  |  |  |
FX swaps | $ | 5,912 |  |  | $ | (793) |  |  | $ | 5,119 |
Forwards | 659 |  |  | (50) |  |  | 609 |
Futures | 62,721 |  |  | (62,693) |  |  | 28 |
Interest rate swaps | 12,182 |  |  | (12,182) |  |  | — |
Total derivative liabilities | $ | 81,474 |  |  | $ | (75,718) |  |  | $ | 5,756 |
| December 31, 2022
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
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 |
There were no additional balances in gross amounts not offset as of either December 31, 2023 or 2022. The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s Consolidated Statements of Operations. The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2023, 2022 and 2021 (in thousands):
|  | Year Ended December 31, 2023
Derivative contract |  | 2023 |  | 2022 |  | 2021
Futures |  | $ | 13,139 |  |  | $ | 16,388 |  |  | $ | 10,902 |
Interest rate swaps |  | 3,454 |  |  | 25 |  |  | — |
FX swaps |  | 2,619 |  |  | 2,466 |  |  | 182 |
FX/commodities options |  | 230 |  |  | 331 |  |  | 225 |
Forwards |  | — |  |  | — |  |  | (43) |
Gains, net |  | $ | 19,442 |  |  | $ | 19,210 |  |  | $ | 11,266 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration