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Derivative Instruments
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Derivative Instruments
 
The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2018 and December 31, 2017:
(in thousands)
 
 
 
September 30, 2018
 
December 31, 2017
Derivatives Assets        
 
Financial Statements Location
 
Fair Value
 
Notional
 
Fair Value
 
Notional
Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Equities futures
 
Receivables from broker dealers and clearing organizations
 
$
16,357

 
$
3,398,419

 
$
(505
)
 
$
1,985,770

Commodity futures       
 
Receivables from broker dealers and clearing organizations
 
225,449

 
12,830,011

 
971

 
21,231,001

Currency futures
 
Receivables from broker dealers and clearing organizations
 
21,986

 
2,672,739

 
26,548

 
3,994,412

Fixed income futures
 
Receivables from broker dealers and clearing organizations
 
—

 
34,186

 
73

 
44,395

Options
 
Financial instruments owned
 
799

 
139,046

 
7,045

 
682,369

Currency forwards
 
Financial instruments owned
 
1,929,452

 
138,790,533

 
2,045,487

 
124,000,221

 
 
 
 
 
 
 
 
 
 
 
Derivatives Liabilities
 
Financial Statements Location
 
Fair Value
 
Notional
 
Fair Value
 
Notional
Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Equities futures
 
Payables to broker dealers and clearing organizations
 
$
(1,687
)
 
$
127,500

 
$
(575
)
 
$
142,658

Commodity futures
 
Payables to broker dealers and clearing organizations
 
(276,827
)
 
6,058,850

 
(1,602
)
 
130,042

Currency futures
 
Payables to broker dealers and clearing organizations
 
359

 
2,566,892

 
(13,947
)
 
7,756,958

Fixed income futures
 
Payables to broker dealers and clearing organizations
 
1,039

 
54,534

 
(1
)
 
2,584

Options
 
Financial instruments sold, not yet purchased
 
693

 
140,079

 
5,839

 
681,147

Currency forwards
 
Financial instruments sold, not yet purchased
 
1,942,686

 
138,797,150

 
2,032,017

 
123,993,234

 
 
 
 
 
 
 
 
 
 
 
Derivative instruments designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Currency forwards
 
Financial instruments sold, not yet purchased
 
—

 
—

 
(514
)
 
16,115

 
 
Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts.
 
The following table summarizes the net gain from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in trading income, net, and from those designated as hedging instrument under ASC 815, which are recorded in accumulated other comprehensive income in the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017.
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
 
Financial Statements Location
 
2018
 
2017
 
2018
 
2017
Derivative instruments not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Futures
 
Trading income, net
 
$
103,950

 
$
35,097

 
$
(325,556
)
 
$
249,274

Currency forwards
 
Trading income, net
 
(47,882
)
 
8,950

 
148,706

 
3,135

Options
 
Trading income, net
 
1,161

 
21,120

 
(7,575
)
 
21,119

Others
 
Trading income, net
 
—

 
125

 
—

 
—

 
 
 
 
$
57,229

 
$
65,292

 
$
(184,425
)
 
$
273,528

 
 
 
 
 
 
 
 
 
 
 
Derivative instruments designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Foreign exchange - forward contract
 
Accumulated other comprehensive income
 
$
699

 
$
19

 
$
855

 
$
19