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 and does not indicate that the manager has shut down their trading program. April, featured a resumption of the prior trends, and we observed a decline of the number of active CTAs, in line with earlier estimates, with a net loss of 26 managers. We saw 21 new managers and 47 managers close throughout April. This was despite a relatively friendly market environment for CTAs in general.

Atlantic Cobalt shows up both on the opened and closed manager list, a manager that was in the NFA register for a few days before disappearing.

Our optimistic take on the status of the CTA community was too early (and being early is the same as being wrong), as the net decline in NFA registered managers continued to decline to 2675. This is a loss of 104 entities since the beginning of the year.

In April, 21 managers applied for a new registrations with the NFA. As usual, most of them are located in the USA. Singapore and Switzerland each had one new manager. This largely follows the distribution of managers.

Funds withdrawing registrations was again back to normal levels in April, with a total of 47 managers withdrawing from the NFA register. The same applies for closed managers, a particular manager may have elected to close a specific local entity and may still be actively trading. 38 of the 47 managers were located in the US.