v3.26.1
Derivative Instruments
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025:

(in thousands) June 30, 2026December 31, 2025
Derivatives AssetsFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresReceivables from broker-dealers and clearing organizations$6,545 $4,001,895 $(60)$1,017,174 
Commodity futuresReceivables from broker-dealers and clearing organizations5,977 11,235,551 (20,294)11,492,904 
Currency futuresReceivables from broker-dealers and clearing organizations5,071 3,484,123 4,418 4,575,259 
Fixed income futuresReceivables from broker-dealers and clearing organizations(857)370,746 (25)11,711 
OptionsFinancial instruments owned19,359 1,671,837 97,459 2,565,169 
Currency forwardsFinancial instruments owned438,928 43,056,133 211,856 28,015,291 
Derivatives LiabilitiesFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresPayables to broker-dealers and clearing organizations$(730)$623,681 $1,399 $940,143 
Commodity futuresPayables to broker-dealers and clearing organizations(1,707)49,248 (4,409)171,504 
Currency futuresPayables to broker-dealers and clearing organizations86 8,394 216 212,120 
Fixed income futuresPayables to broker-dealers and clearing organizations(11)49,454 (199)383,154 
OptionsFinancial instruments sold, not yet purchased18,022 1,711,286 216,992 2,637,691 
Currency forwardsFinancial instruments sold, not yet purchased442,864 43,058,101 198,463 28,008,595 

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 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025.
  Three Months Ended June 30,Six Months Ended June 30,
(in thousands)Financial Statements Location2026202520262025
Derivative instruments not designated as hedging instruments:  
FuturesTrading income, net$210,924 $56,616 $113,651 $26,385 
Currency forwardsTrading income, net30,547 72,937 77,770 161,964 
OptionsTrading income, net5,987 18,405 51,975 26,987 
Terminated interest rate swaps (2)Financing interest expense on long-term borrowings— (125)— (3,035)
$247,458 $147,833 $243,396 $212,301 
Derivative instruments designated as hedging instruments:
Interest rate swaps (1)Other comprehensive income$— $1,391 $— $1,822 
$— $1,391 $— $1,822 
(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 November 2025, the designation of the interest rate swap as a cash flow hedge was discontinued upon the termination of the December 2023 Swap in accordance with its contractual terms, and no further gains or losses related to this instrument are recorded in Other comprehensive income. 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 previously terminated swaps.