Derivative Instruments

12 Months Ended

Dec. 31, 2021

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, 2021 and December 31, 2020:


(in thousands)		December 31, 2021				December 31, 2020
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	1,619	$	406,420	$	4,669	$	2,208,899
Commodity futures	Receivables from broker-dealers and clearing organizations	(24,405)		5,285,216		173,889		6,237,389
Currency futures	Receivables from broker-dealers and clearing organizations	(8,205)		4,760,173		(11,736)		2,823,277
Fixed income futures	Receivables from broker-dealers and clearing organizations	147		8,489		42		102,476

Options	Financial instruments owned	8,543		1,063,686		9,080		746,723
Currency forwards	Financial instruments owned	206,258		21,445,374		341,360		30,596,681


Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	791	$	1,362,684	$	31	$	90,219
Commodity futures	Payables to broker-dealers and clearing organizations	(49)		27,224		(5,397)		27,287
Currency futures	Payables to broker-dealers and clearing organizations	1,671		725,162		3,598		2,269,898
Fixed income futures	Payables to broker-dealers and clearing organizations	(161)		120,212		—		1,566
Options	Financial instruments sold, not yet purchased	5,208		1,066,801		9,241		736,997
Currency forwards	Financial instruments sold, not yet purchased	208,357		21,446,422		292,965		30,572,490

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	21,037		1,525,000		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 initially recorded in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019.


		Years Ended December 31,
(in thousands)	Financial Statements Location		2021		2020		2019
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	283,482	$	(6,217)	$	247,619
Currency forwards	Trading income, net		1,077		249,856		(44,293)
Options	Trading income, net		95,828		84,695		19,692
Interest rate swap on term loan	Other, net		(1,871)		(1,890)		8,976
			$	378,516	$	326,444	$	231,994

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	44,541	$	(69,462)	—

			$	44,541	$	(69,462)	$	—

(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 the first quarter of 2020, and as such, the mark-to-market gains (losses) on the instruments were deferred within Other comprehensive income on the Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020.