Derivative Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2020 and December 31, 2019:


(in thousands)		December 31, 2020				December 31, 2019
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	$	4,669	$	2,208,899	$	(1,366)	$	4,502,017
Commodity futures	Receivables from broker-dealers and clearing organizations	173,889		6,237,389		40,656		7,758,974
Currency futures	Receivables from broker-dealers and clearing organizations	(11,736)		2,823,277		(2,860)		1,116,246
Fixed income futures	Receivables from broker-dealers and clearing organizations	42		102,476		47		155,697

Options	Financial instruments owned	9,080		746,723		8,538		442,808
Currency forwards	Financial instruments owned	341,360		30,596,681		242,552		24,369,818
Interest rate swap	Other assets	—		—		8,976		525,000

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	$	31	$	90,219	$	751	$	83,803


Commodity futures	Payables to broker-dealers and clearing organizations	(5,397)	27,287	(45,175)	3,604,979
Currency futures	Payables to broker-dealers and clearing organizations	3,598	2,269,898	(23,223)	6,594,991
Fixed income futures	Payables to broker-dealers and clearing organizations	—	1,566	94	190,938
Options	Financial instruments sold, not yet purchased	9,241	736,997	3,087	436,422
Currency forwards	Financial instruments sold, not yet purchased	292,965	30,572,490	196,554	24,346,818

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	63,513	1,525,000	—	—

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps.

The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are recorded in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018.


		Years Ended December 31,
(in thousands)	Financial Statements Location		2020		2019		2018
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	(6,217)	$	247,619	$	(309,598)
Currency forwards	Trading income, net		249,856		(44,293)		174,310
Options	Trading income, net		84,695		19,692		(6,161)
Interest rate swap on term loan	Other, net		(1,890)		8,976		—
			$	326,444	$	231,994	$	(141,449)

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	(69,462)	$	—	—
Foreign exchange - forward contract	Other comprehensive income		—		—		63
			$	(69,462)	$	—	$	63

(1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in 2020, and as such, the mark-to-market gains (losses) on the instruments were recorded within Other comprehensive income on the Consolidated Statements of Comprehensive Income for the year ended December 31, 2020.