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Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Contracts

The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):

						September 30, 2024																		December 31, 2023
Derivative contract						Assets						Liabilities						Notional Amounts1						Assets						Liabilities						Notional Amounts1
FX swaps						$	3,753					$	5,938					$	674,116					$	2,674					$	5,119					$	545,669
Forwards						1,264						703						375,108						805						609						310,880
Interest rate swaps						87						—						66,810,254						128						—						34,272,592
Futures						—						49						7,325,976						—						28						6,703,624
Total						$	5,104					$	6,690					$	75,185,454					$	3,607					$	5,756					$	41,832,765

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.

Schedule of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments (in thousands):

			September 30, 2024
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
Assets
FX swaps			$	4,477					$	(724)					$	3,753
Forwards			1,341						(77)						1,264
Interest rate swaps			6,127						(6,040)						87
Futures			55,742						(55,742)						—
Total derivative assets			$	67,687					$	(62,583)					$	5,104
Liabilities
FX swaps			$	6,662					$	(724)					$	5,938
Forwards			780						(77)						703
Futures			55,791						(55,742)						49
Interest rate swaps			6,040						$	(6,040)					—
Total derivative liabilities			$	69,273					$	(62,583)					$	6,690

			December 31, 2023
			Gross Amounts						Gross Amounts Offset						Net Amounts Presented in the Statements of Financial Condition1
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

1There were no additional balances in gross amounts not offset as of either September 30, 2024 or December 31, 2023.

Schedule 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						2024						2023						2024						2023
Futures						$	4,603					$	3,379					$	11,242					$	10,156
Interest rate swaps						1,830						330						5,758						547
FX swaps						802						1,046						1,858						1,942
FX/commodities options						161						61						265						143
Gains						$	7,396					$	4,816					$	19,123					$	12,788

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Offsetting derivative instruments.

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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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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