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Derivatives
 9 Months Ended
Sep. 30, 2025
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, forwards and interest rate swaps.
The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):
September 30, 2025December 31, 2024
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX swaps$540 $680 $819,175 $4,810 $3,679 $635,790 
Forwards386 682 230,244 409 751 185,821 
Interest rate swaps226 — 72,302,677 — — 534,085 
Futures— 388 7,275,005 165 — 8,758,848 
Total$1,152 $1,750 $80,627,101 $5,384 $4,430 $10,114,544 

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.
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 $1.2 million and $5.4 million as of September 30, 2025 and December 31, 2024, respectively.
The following tables present information about the offsetting of derivative instruments as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Gross
Amounts		Gross
Amounts
Offset
Net Amounts Presented in the
Statements of Financial Condition
Assets
FX swaps$862 $(322)$540 
Forwards505 (119)386 
Interest rate swaps8,991 (8,765)226 
Futures36,601 (36,601)— 
Total derivative assets$46,959 $(45,807)$1,152 
Liabilities
Forwards$801 $(119)$682 
FX swaps1,002 (322)680 
Futures36,989 (36,601)388 
Interest rate swaps8,765 (8,765)— 
Total derivative liabilities$47,557 $(45,807)$1,750 
December 31, 2024
Gross
Amounts		Gross
Amounts
Offset		Net Amounts Presented in the
Statements of Financial Condition
Assets
FX swaps$5,993 $(1,183)$4,810 
Forwards465 (56)409 
Futures37,083 (36,918)165 
Interest rate swaps132 (132)— 
Total derivative assets$43,673 $(38,289)$5,384 
Liabilities
FX swaps$4,862 $(1,183)$3,679 
Forwards807 (56)751 
Futures36,918 (36,918)— 
Interest rate swaps132 (132)— 
Total derivative liabilities$42,719 $(38,289)$4,430 
There were no additional balances in gross amounts not offset as of either September 30, 2025 or December 31, 2024.
The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s unaudited Condensed Consolidated Statements of Operations.
The table below summarizes gains and (losses) on derivative contracts for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Derivative contract2025202420252024
Interest rate swaps$3,030 $1,830 $8,406 $5,758 
Futures2,779 4,603 12,710 11,242 
FX swaps694 802 2,723 1,858 
FX/commodities options89 161 324 265 
Gains, net$6,592 $7,396 $24,163 $19,123