New’n’Closed – 2020 November


As part of a regular exercise, we scan the NFA register for new and closed managers. This 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 necessarily indicate that the manager has shut down their trading program. In particular, we note that Sunrise seems to have withdrawn their CTA registration. This was a firm that pioneered systematic trading but have transformed themselves into a multi-family office.

The number of managers registered with the NFA declined by 9, which is in line with prior months. The number of managers continued to decrease at approximately the average speed since we started to track the business climate for Managed Futures. The trend is now pretty consistent, in a regular month, some 20 entities withdraw their NFA status. On average, we have 23.0 new entities looking to do business. We also have 43.1 entities that decide to withdraw their registration.


November, featured a decrease in the number of managers seeking or doing business under the CTA registration. We observed a decrease in the number of active CTAs, in line with earlier estimates, with a net loss of 9 managers. We observed 20 new managers and 29 managers closed throughout November.

In total, we have 2572 managers either as registered managers or pending registration with the NFA. We have 2083 managers as properly under the NFA’s control. Most of the new managers are “Pending” registration with the NFA. In terms of CTAs, our count is 1402, and for CPOs it is 1271. One of the key components of our methodology is having a clear view of the industry. We believe this is particularly important in this environment, given the fact that asset raising is more difficult and assets gravitate towards the larger managers.

We observed new managers in the following countries: Canada [1], Hong Kong [1], United Kingdom [3], United States [15]

The following managers applied for registration in November:
Agile Investment Management Llc, United States, California, NFA ID 527741 [2020-11-05]
Sona Asset Management Us Llc, United States, New York, NFA ID 528056 [2020-11-01]
1020 Capital Management Limited, Hong Kong, , NFA ID 532711 [2020-11-20]
Godwin, Andrew, United Kingdom, , NFA ID 533007 [2020-11-17]
Sona Asset Management Uk Llp, United Kingdom, , NFA ID 533406 [2020-11-01]
Galilean Electric Gp Llc, United States, New Jersey, NFA ID 533972 [2020-11-05]
Akwa Fund lp, Canada, Qu+bec, NFA ID 533996 [2020-11-07]
Hill Country Asset Management lp, United States, Texas, NFA ID 534260 [2020-11-25]
Clear Sky Advisers Llc, United States, Texas, NFA ID 534290 [2020-11-08]
Adaptive Alpha Management Llc, United States, Florida, NFA ID 534337 [2020-11-05]
J Ganes Consulting Llc, United States, New York, NFA ID 534338 [2020-11-12]
Deep Grey Markets Llc, United States, Connecticut, NFA ID 534387 [2020-11-13]
Angry Traders lp, United States, Illinois, NFA ID 534450 [2020-11-08]
Cerus Digital Asset Management Llc, United States, Illinois, NFA ID 534541 [2020-11-13]
Badmos Group Ltd, United Kingdom, , NFA ID 534546 [2020-11-27]
Qtx Capital Llc, United States, Michigan, NFA ID 534630 [2020-11-19]
Messineo, Sabrina, United States, California, NFA ID 534669 [2020-11-18]
Cubed Capital Llc, United States, Washington, NFA ID 534804 [2020-11-25]
Eimct Llc, United States, Florida, NFA ID 534844 [2020-11-27]
Thurston Springer Futures Llc, United States, Indiana, NFA ID 534955 [2020-11-29]

We observed closed managers in the following countries: Australia[1], Hong Kong[1], St Vincent[1], Taiwan[1], United States[25]

The following managers withdraw their registration November:
Johnson, Johnny L jr, United States, Illinois, NFA ID 222891 [2019-10-29]
Zimmerman, Frank Louis, United States, Illinois, NFA ID 241593 [2019-10-29]
Sunrise Capital Partners Llc, United States, California, NFA ID 261901 [2019-10-29]
Advanced Market Concepts Inc, United States, Kansas, NFA ID 309897 [2019-10-29]
Equinox Institutional Asset Management lp, United States, New Jersey, NFA ID 331865 [2019-10-29]
Ascendant Asset Advisors Inc, United States, California, NFA ID 355369 [2019-10-29]
Anderson, Andrew G, United States, New Jersey, NFA ID 400539 [2019-10-29]
Fir Tree Capital Management lp, United States, New York, NFA ID 440232 [2019-10-29]
Proprietary Capital Llc, United States, Colorado, NFA ID 445626 [2019-10-29]
Bosworth, Dennis Michael, United States, Texas, NFA ID 447654 [2020-09-11]
Cvf Iii General Llc, United States, Connecticut, NFA ID 464357 [2019-10-29]
Sauma Capital Llc, United States, New York, NFA ID 466945 [2019-10-29]
1209 Capital Gp lp, United States, Texas, NFA ID 472257 [2019-10-29]
Jml Capital Llc, United States, Missouri, NFA ID 490045 [2019-10-29]
White Star Capital Management Llc, United States, Wisconsin, NFA ID 492483 [2019-10-29]
Vanhau Asset Management Limited, Hong Kong, , NFA ID 499175 [2019-10-29]
High Ground Capital Llc, United States, California, NFA ID 504991 [2019-10-29]
Atp Capital Management Llc, United States, Florida, NFA ID 506166 [2019-10-29]
Apollo Structured Credit Recovery Management Iv Llc, United States, New York, NFA ID 506246 [2019-10-29]
Stratagem Fx Llc, United States, Michigan, NFA ID 515479 [2019-10-29]
Jdn Capital Llc, United States, Florida, NFA ID 516653 [2019-10-29]
Software Development 4 The Future Inc, United States, California, NFA ID 517605 [2019-10-29]
Proven Capital Management Llc, United States, Utah, NFA ID 521819 [2019-10-29]
Tides Edge Capital Partners Gp Llc, United States, Virginia, NFA ID 522003 [2019-10-29]
Southpeak Investment Management Pty Limited, Australia, Nsw, NFA ID 523422 [2019-10-29]
North Dune Corporation, United States, Illinois, NFA ID 530146 [2020-08-16]
Temple Honor Asia Fund lp, Taiwan, Taipei County, NFA ID 532322 [2020-08-07]
Turnpoint Foreign Exchange Llc, United States, Utah, NFA ID 532441 [2020-08-14]
Alp Investment Limited, St Vincent, , NFA ID 533378 [2020-09-26]

Additional, continuously updated data can be found here: https://nilssonhedge.com/reports/tracking-the-cta-industry/