Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments on a gross basis

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at June 30, 2024 and December 31, 2023:

(in thousands)		June 30, 2024				December 31, 2023
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	$	1,764	$	396,980	$	(741)	$	1,944,872
Commodity futures	Receivables from broker-dealers and clearing organizations	3,273		5,870,516		(7,017)		6,489,328
Currency futures	Receivables from broker-dealers and clearing organizations	4,015		5,785,167		707		6,964,937
Fixed income futures	Receivables from broker-dealers and clearing organizations	311		33,617		1		5,989
Options	Financial instruments owned	2,666		809,403		3,485		1,167,643
Currency forwards	Financial instruments owned	277,367		37,698,989		377,279		33,579,641
Derivative instruments designated as hedging instruments:
Interest rate swap	Receivables from broker-dealers and clearing organizations	5,612		1,075,000		—		—
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	$	(867)	$	2,208,623	$	(558)	$	501,978
Commodity futures	Payables to broker-dealers and clearing organizations	(432)		79,918		(4)		25,462
Currency futures	Payables to broker-dealers and clearing organizations	(181)		57,391		12,031		1,518,087
Fixed income futures	Payables to broker-dealers and clearing organizations	(154)		46,565		165		82,044
Options	Financial instruments sold, not yet purchased	3,373		850,834		3,186		1,173,351
Currency forwards	Financial instruments sold, not yet purchased	304,740		37,712,676		339,085		33,560,544
Derivative instruments designated as hedging instruments:
Interest rate swaps	Payables to broker-dealers and clearing organizations	—		—		7,661		1,525,000

Schedule of net gain (loss) from derivative instruments not designated as hedging instruments

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 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023.

		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Financial Statements Location	2024		2023		2024		2023
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	26,170	$	(4,449)	$	27,702	$	120,017
Currency forwards	Trading income, net	7,520		16,750		1,459		(46,187)
Options	Trading income, net	20,280		(1,510)		33,318		1,145
Interest rate swap on term loan (1)	Other, net	5,686		(469)		5,686		(932)
Terminated interest rate swaps (2)	Financing interest expense on long-term borrowings	(11,380)		—		(23,082)		—
		$	48,276	$	10,322	$	45,083	$	74,043
Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income	$	78	$	9,514	$	13,525	$	(5,879)
		$	78	$	9,514	$	13,525	$	(5,879)

(1) The Company entered into a two-year $1,525 million floating-to-fixed interest rate agreement in December 2023 (the “December 2023 Swap”). The two-year interest rate swap met the criteria to be considered as a qualifying cash flow hedge under ASC 815 as of December 2023, and the mark-to-market gains (losses) on the instrument was deferred within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income. In June 2024, the Company partially terminated and dedesignated a portion of our ongoing December 2023 Swap to an updated notional of $1,075 million, and recorded a gain of $5.7 million in Other, net. See Note 9 “Borrowings” for further details.

(2) The Company records the amortization of AOCI balances related to its previously terminated interest rate swaps in Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. See Note 9 “Borrowings” for further details on the terminated swaps.