As part of a regular exercise, we scan the NFA register for new and closed managers. The below report will be developed over time and will be a recurring feature. We would like to highlight that some of the closures and registrations are due to corporate (re)structuring. March featured a deceleration in the prior trends, and while we observed a net decline in the number of managers, the decline was a relatively small decline of only seven managers. This compares to the prior decline of 31 managers per month.
Among the manager that closed, we would like to highlight Red Oak and Portfolio Concept. Managers with long-term track records that pulled away from the US market.

If we are optimistic, the trend may have started to change in March as the curve flattens out considerably. We do not know if the Coronavirus changed the speed or if change reflect slightly better business opportunities for managers. Noteworthy is that the number of closed managers declined the most while the number of closed manager stayed at similar levels. A positive fact, is that the number of CPOs increased by one manager compared to the prior month.

In March, 25 managers applied for a new registrations with the NFA. As usual, most of them are located in the USA. Hong Kong was the second most popular location to start a new CTA. This largely follows the distribution of managers. Not all of the managers are new, but have decided to register a specific entity or may have decided not to market to US clients anymore.

Name | State | Country | Date |
Ravinia Investment Management Llc | California | United States | 3/5/2020 |
Asset Management Exchange Ireland Limited The | Ireland | 3/5/2020 | |
Blocktower Capital Advisors lp | New York | United States | 3/6/2020 |
Smart Contracts Ca Llc | Florida | United States | 3/7/2020 |
Motion Capital Group Llc | New York | United States | 3/8/2020 |
Macrowaters Global Cayman Islands | Hong Kong | 3/8/2020 | |
Rathod Capital Management Llc | New Jersey | United States | 3/10/2020 |
Adara Asset Management Llc | New York | United States | 3/11/2020 |
Millennium Global Treasury Services Limited | United Kingdom | 3/11/2020 | |
Vanda Asset Management Limited | United Kingdom | 3/12/2020 | |
Hfr Investments Llc | Illinois | United States | 3/13/2020 |
Millennium Global Americas Llc | California | United States | 3/13/2020 |
Predictive Rift Llc | Virginia | United States | 3/14/2020 |
Infini Capital Management Limited | Hong Kong | 3/15/2020 | |
1 Main Capital Partners lp | New York | United States | 3/19/2020 |
Dymon Asia Capital Hk Limited | Hong Kong | 3/19/2020 | |
Goodlight Capital Group Llc | Massachusetts | United States | 3/19/2020 |
Mi International Group Limited | Virgin Islands | 3/22/2020 | |
Aspro Exchange Limited | Colorado | United States | 3/22/2020 |
Saeg Capital Limited | Delaware | United States | 3/22/2020 |
New Traders Of America Llc | Florida | United States | 3/27/2020 |
Evast Prime Limited | Hong Kong | 3/27/2020 | |
Tyche Asset Management Llc | Illinois | United States | 3/27/2020 |
Standard Normal Energy Llc | Massachusetts | United States | 3/29/2020 |
Pointstate One Llc | New York | United States | 3/29/2020 |
Funds withdrawing registrations was slightly higher in March, with a total of 32 managers handing back their regulatory status. The same applies for closed managers, a particular manager may have elected to close a specific local entity and may still be actively trading. 27 of the 32 managers were located in the US.

Name | State | Country | Date |
Bb&t Securities Llc | Virginia | United States | 3/1/2020 |
Zweig Dimenna Associates Inc | New York | United States | 3/27/2020 |
Red Oak Commodity Advisors Inc | New Jersey | United States | 3/27/2020 |
Jfw Capital Management Inc | Minnesota | United States | 3/8/2020 |
Mroczek, Nancy Stephanie | Massachusetts | United States | 3/8/2020 |
Zweig Dimenna International Managers Inc | New York | United States | 3/29/2020 |
Zweig Dimenna Associates Llc | New York | United States | 3/29/2020 |
Qvt Financial lp | New York | United States | 3/22/2020 |
Caz Investments lp | Texas | United States | 3/29/2020 |
Convexity Capital Management lp | Massachusetts | United States | 3/4/2020 |
Jaramillo Zuluaga, Marcela | Valle | Colombia | 3/8/2020 |
Symmetry Global Advisors Llc | Florida | United States | 3/8/2020 |
Portfolio Concept Vermoegensmanagement Gmbh | Germany | 3/11/2020 | |
Predictwallstreet Inc | California | United States | 3/22/2020 |
Northmark Financial Corporation | Minnesota | United States | 3/4/2020 |
Drei Schwestern Investment Group Llc | Georgia | United States | 3/8/2020 |
Revilo Strategic Investments Llc | Illinois | United States | 3/8/2020 |
Noor Capital Llc | Texas | United States | 3/22/2020 |
Gp Energy Management Llc | New York | United States | 3/8/2020 |
Lake Point Capital Llc | Connecticut | United States | 3/8/2020 |
One World Financial Partners lp | Texas | United States | 3/25/2020 |
Forecast Capital Advisors Llc | California | United States | 3/6/2020 |
Strategix Capital Management Llc | Georgia | United States | 3/15/2020 |
Johnson Capital Wealth Management Llc | Illinois | United States | 3/15/2020 |
Third Group Fz Lle | United Arab Emirates | 3/19/2020 | |
Dracaena Capital Management Llc | Virginia | United States | 3/8/2020 |
Spx Managed Futures Inc | New York | United States | 3/15/2020 |
Imbue Capital Management Llc | New York | United States | 3/11/2020 |
Econtra Llc | Puerto Rico | 3/28/2020 | |
Goldbridge Capital Llc | California | United States | 3/19/2020 |
Max Gain Capital Sarl | Luxembourg | 3/12/2020 | |
Chesaw Trading Llc | Washington | United States | 3/20/2020 |